India hosts First Meeting of BRICS Finance and Central Bank Deputies

Last updated: 24 February 2021

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India has hosted the inaugural BRICS Finance and Central Bank Deputies meeting for 2021, co-chaired by officials from the Ministry of Finance and the Reserve Bank of India. The meeting, held virtually, included deputies from Brazil, Russia, China, and South Africa. As India holds the BRICS Chairship this year, marking the bloc's 15th anniversary, the focus is on strengthening cooperation through continuity, consolidation, and consensus. Discussions covered critical topics like the global economic outlook, COVID-19 response, social infrastructure financing, digital technologies, and the activities of the New Development Bank.

India hosted a Meeting of BRICS Finance and Central Bank Deputies virtually here today and was co-Chaired by Shri. Tarun Bajaj, Secretary Economic Affairs, Ministry of Finance, and Dr. Michael Patra, Deputy Governor, Reserve Bank of India. Other participants included BRICS Finance and Central Bank Deputies of Brazil, Russia, China and South Africa.

India assumed the BRICS Chairship in 2021, at a time when BRICS is celebrating its 15^th anniversary. Under the theme BRICS@15: Intra-BRICS Cooperation, India’s approach is focused on strengthening collaboration through Continuity, Consolidation and Consensus.

India Hosts First BRICS Finance and Central Bank Deputies Meeting

This was the first meeting on the BRICS Financial Cooperation under India Chairship in 2021. During the meeting, India shared priorities under financial cooperation agenda and issues for discussion during 2021 such as Global Economic Outlook and Response to COVID-19, Social Infrastructure Financing and Use of Digital Technologies, New Development Bank (NDB) Activities, Fintech for SME and Financial Inclusion, BRICS Contingent Reserve Arrangement (CRA), among others.

FAQ :

The meeting was co-chaired by Shri. Tarun Bajaj, Secretary Economic Affairs, Ministry of Finance, and Dr. Michael Patra, Deputy Governor, Reserve Bank of India.

Participants included BRICS Finance and Central Bank Deputies from Brazil, Russia, China, South Africa, and the host, India.

The theme is BRICS@15: Intra-BRICS Cooperation, with India's approach focused on strengthening collaboration through Continuity, Consolidation and Consensus.

Key issues included the Global Economic Outlook and Response to COVID-19, Social Infrastructure Financing and Use of Digital Technologies, New Development Bank (NDB) Activities, Fintech for SME and Financial Inclusion, and the BRICS Contingent Reserve Arrangement (CRA).

India assumed the BRICS Chairship in 2021.

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