G20 Summit: World looks to Kolkata to end financial disparity, eyes on G20 summit – mssewb.org

G20 Summit: Kolkata is set to lead the world in digital and financial signatures. This is the guess of some experts. Because, the G20’s first ever ‘Global Partnership for Financial Inclusion’ is being held in Kolkata from today, Monday. One of the hot topics there is digital literacy and financial literacy. Statistics show that there is a stark disparity in digital and financial literacy in the world. Experts believe that Calcutta’s soil can make a difference, or at least give a direction as to what steps need to be taken to make that difference. They have brought up the subject of several surveys in this regard.
For example, if only India is considered, then an international organization reports that the percentage of citizens of the country using net banking is 26%. Another 12% citizens are considering opening a net banking account.

Overall net banking user base in India is going to be around 38%. This number is expected to reach 46% in 2027. A report by another international organization paints a different picture. They report that the rate of ‘Digital Literacy and Financial Literacy’ (literally known as DFL) in the country is only 24%. Although the enrollment rate in India is around 78%, only 38% of households report being aware of DFL. Again, the United Nations report says that half of the world’s 788 million people, or 394 million, are still not connected to the online world. They have no idea what this world is about, let alone use it. As a result, there is a stark disparity in digital signatures, and this is where the G20’s ‘Global Partnership for Financial Inclusion (GPFI)’ starting today in Kolkata is expected to show a different path.

Because, the working group will discuss financial literacy and consumer protection, digital financial literacy and what can be done to eliminate the digital divide. Along with this, several issues including financial system infrastructure, remittance flow, reduction of cost for remittance transfer will be discussed.
The official Twitter handle of the G20 wrote on Sunday, Kolkata is the hotbed of Indian modern sensibility and artistic thought.
Experts expect that the cradle of modern signatures will become the motherland of digital and financial signatures as well.

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