Amitabh Kant boosts India's Payments System being faster than US, Europe and China

At the inaugural session of G20 first inception meet in Hyderabad, Amitabh Kant has compared the central government's efforts in making possible for people to open bank accounts within minutes using the biometric system. He also said that India in the last 4 years is able to make payments faster than US, Europe and China

G20 Sherpa, Amitabh Kant, said, "Earlier, opening a bank a/c in India took 8-9 months whereas today, it's possible within a minute using biometrics. Since the last 4 years, we have made fast payments compared to the US, Europe & China.”

Previously Kant also said that India's G20 presidency will be decisive, inclusive and outcome-oriented. He also highlighted the importance of the G20 and said that it comprises 85 percent of the global GDP, 78 percent of global trade and 2/3rds of the world's population.

According to an official release of Startup20 PRO, a new Engagement Group - Startup20 - has been established as part of the G20 India Presidency to develop a global narrative for supporting startups and facilitating synergies among startups, corporations, investors, innovation agencies, and other key ecosystem stakeholders.

The Inception Meet of Startup20 is a two-day event that will be held in Hyderabad till January 29. The summit event will happen in July 2023 in Gurugram with three intervening events that have been planned in different parts of India. The participating countries include the G20 countries as well as 9 observer countries from overseas. About 80 delegates are expected to take part in the vent.