RBI Governor Sanjay Malhotra participated in the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville, North Carolina, where he engaged with international counterparts on key economic and financial priorities. According to IANS, Malhotra met US Federal Reserve Chair Kevin Warsh on the sidelines of the FMCBG conference. The Governor also held meetings with First Deputy Managing Director Dan Katz of the International Monetary Fund (IMF) and Federal Reserve Chairman Kevin Warsh, as reported by an RBI post on X.
Finance Minister Nirmala Sitharaman held key bilateral meetings with international partners during the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville. According to the Ministry of Finance, Sitharaman met Russian Finance Minister Anton Siluanov on the sidelines of the G20 FMCBG Meeting on Tuesday. The two sides exchanged views on strengthening bilateral cooperation, regional and global economic developments, and issues of shared interest in multilateral forums. They discussed cooperation in the New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB), while exploring areas of mutual interest to strengthen both institutions as effective multilateral development banks. The ministers also discussed the establishment of a Shanghai Cooperation Organisation Development Bank. Additionally, Sitharaman met Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance of South Korea, acknowledging that India considers South Korea a very important economic partner and noting that the relationship has been mutually beneficial across several areas.
Finance Minister Nirmala Sitharaman met Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville. According to the Finance Ministry, Georgieva appreciated India's strong economic performance and track record, noting the strength built by the Indian economy. The discussion covered the global economic outlook and India's evolving growth trajectory, with the IMF chief highlighting structural shifts underway in India and the importance of appropriately reflecting these developments in macroeconomic assessments and growth projections. Sitharaman emphasized India's strong macroeconomic fundamentals and the importance of robust, evidence-based surveillance frameworks that adequately reflect structural shifts in Emerging Markets and Developing Economies (EMDEs). Georgieva appreciated India's stellar growth performance and expressed shared resolve to work more closely together, as reported by the Finance Ministry statement.
Finance Minister Nirmala Sitharaman met World Bank President Ajay Banga on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville on Tuesday. According to a Finance Ministry statement, the meeting focused on further strengthening the India-World Bank Group partnership to deepen corporate, infrastructure and municipal bond markets. The discussions covered exploring a larger role for MIGA (Multilateral Investment Guarantee Agency) in India through systematic use of guarantees and greater mobilisation of private capital. Banga appreciated the significant transformation in India's infrastructure and noted the opportunities to further leverage the World Bank Group's instruments to support India's development ambitions, including through MIGA's engagement and political risk insurance for Indian companies investing overseas.
During the meeting, Sitharaman appreciated the World Bank Group's continued engagement with India and acknowledged the speedy processing of the Development Policy Financing (DPF) of $1.5 billion. As reported by the Finance Ministry, the Union Finance Minister also appreciated the International Finance Corporation's (IFC) support to MSMEs through SIDBI, which was processed in record time and has had a positive impact on the MSME sector. The discussions also covered a sector-based, programmatic approach to credit enhancement for infrastructure. Additionally, the discussions covered the IMF's capacity development initiatives, including support for strengthening institutional capacity, macroeconomic policymaking and statistical systems in Emerging Markets Developing Economies (EMDEs).
According to the Ministry of Finance, Sitharaman noted that India and South Korea have enjoyed a Special Strategic Partnership since 2015, with the relationship further strengthened this year through the Joint Strategic Vision for 2026-2030 announced during South Korean President Lee's State Visit to India in April 2026. The Finance Minister said India looks forward to further strengthening cooperation with South Korea in emerging and strategic areas, including critical minerals and resilient supply chains. She emphasised India's commitment to fostering the partnership for the mutual benefit of people and industries in both countries. Sitharaman welcomed greater investment from South Korea in emerging sectors and said Indian companies would further explore investment opportunities in the Republic of Korea to promote mutually beneficial investment flows. The two ministers also discussed strengthening investment cooperation through the National Investment and Infrastructure Fund (NIIF) and advancing the proposed concessional credit line under South Korea's Economic Development Cooperation Fund (EDCF) framework for infrastructure and green-transition investments in India.
According to the Finance Ministry statement, Sitharaman highlighted India's engagement with the World Bank Group on establishing a Global Digital Public Infrastructure Knowledge Hub in India. The discussions included exploring opportunities to leverage technology in areas such as agriculture, with the Union Finance Minister looking forward to early progress towards its launch. The initiative represents a significant step in India's digital infrastructure development with international support. Additionally, Sitharaman and Koo Yun-cheol discussed ongoing efforts to establish interoperability between India's and South Korea's QR-based payment systems. Such interoperability would facilitate easier payments and strengthen economic and people-to-people linkages between the two countries.
Sitharaman also met Valdis Dombrovskis, Commissioner for Economy and Financial Affairs, European Commission on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting. According to a post on X by the Ministry of Finance, the two sides discussed further deepening of the India-EU Economic and Financial Partnership, including through the India-EU macroeconomic dialogue and the Trade and Technology Council (TTC). Sitharaman and Dombrovskis also discussed ongoing India-EU FTA and Investment Protection Agreement negotiations, with a shared commitment to take these engagements forward. The discussions focused on deepening economic partnerships, expanding green and infrastructural investments, accelerating private capital mobilisation, and navigating strategic global technologies and trade initiatives.
