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Bank Indonesia and Reserve Bank of India Partner to Boost Financial Cooperation

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 During the recent G20 Finance Ministers and Central Bank Governors Meeting, the Bank Indonesia (BI) and the Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) to improve cooperation between the two central banks. In the presence of BI Governor Perry Warjiyo and RBI Governor Shaktikanta Das, it was signed by BI Deputy Governor Dody Budi Waluyo and RBI Deputy Governor Michael Debabrata Patra.

“This MoU serves as a significant milestone in the relation between Bank Indonesia and Reserve Bank of India. It has been a long period of time since we began cooperating productively, and this MoU will only ensure a more solid collaboration in the future. Going forward, I am convinced that such excellent partnership will result in fruitful outcomes that benefit both central banks and the people of both nations,” says BI Governor Perry.

With this MoU, BI and RBI agreed to strengthen the exchange of information and cooperation around central banking, including payment systems, digital innovation in payments services, and a regulatory and supervisory framework for Anti-Money Laundering and Fighting the Financing of Terrorism (AML-CFT).

The MoU will be carried out by talking about policy, working together on technical issues, sharing information, and doing work together. It will also help people understand each other better, create more efficient payment systems, and connect payment systems across borders.

Such initiatives will be carried out through regular interaction on recent economic and financial developments and issues, technical cooperation through training and joint seminars, and collaborative work to investigate the establishment of cross-border retail payment linkages.

Meanwhile, Indonesia’s Finance Minister, Sri Mulyani Indrawati, and BI Governor Perry expressed gratitude to G20 members, invitees, and international organisations for their broad support. He also stated that, despite the difficult circumstances, the G20, as the premier forum for coordinating global economic issues, is committed to delivering concrete actions to support strong, sustainable, balanced, and inclusive growth and recovery.

As G20 Presidency, Indonesia upholds G20 integrity in this difficult time by prioritising open dialogues and focusing more on concrete actions. The country is also committed to continuing discussions on the macro-financial implications of Central Bank Digital Currencies (CBDCs), which may be designed to facilitate cross-border payments while maintaining the global monetary and financial system’s stability.

Through TechSprint 2022, a joint initiative of the Indonesia G20 Presidency and the BIS Innovation Hub aims to contribute to the debate on practical and feasible solutions for CBDC implementation.

Members discussed the COVID-19 exit strategies to support equitable recovery for financial stability and scarring effects in the financial sector. It also discussed efforts to address non-bank financial institution (NBFI) vulnerabilities, climate-related financial risks, crypto assets, financial inclusion and digitalisation, and new data gaps initiatives.

Members support efforts to strengthen global financial system resilience and have asked the Financial Stability Board (FSB) to step up monitoring. G20 Finance Ministers and Central Bank Governors pledge to maintain global financial steadiness, including through continued policy coordination and implementation of international standards.

The G20 continues to deliberate on payment systems in the digital era to achieve faster, cheaper, more transparent, and more inclusive cross-border payments, which would benefit economies worldwide. Hence, the G20 Roadmap for Improving Cross-Border Payments aims to make cross-border payments faster, cheaper, safer, and more inclusive.

The Indonesian G20 Presidency reiterates that they must send a clear message to the international community that all members are working together to ensure they have a concrete strategy to address the current global challenges.


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