India on April 26 appealed to the members of the Shanghai Cooperation Organisation Interbank Consortium (SCO IBC) to increase interplay and cooperation amongst themselves.
Addressing the nineteenth SCO IBC assembly in South Goa district, Managing Director of the India Infrastructure Finance Company Limited (IIFCL) Padmanabhan Raja Jaishankar stated the large potential for cooperation between the banks of the member nations nonetheless stays untapped.
IIFCL assumed one-year presidency of the SCO IBC from October 26, 2022.
“We have gathered here today to take our mutual interest forward towards greater collaboration and united efforts in making the engagements under SCO-IBC a success,” Mr. Jaishankar stated.
He thanked the groups of all Member Banks for making important efforts in furthering the widespread goal of accelerating interplay and cooperation amongst one another.
“However, huge potential for cooperation between our banks still remains untapped. Therefore, taking this opportunity, as the first area of cooperation, I propose to my colleagues to make efforts towards taking initiatives in the area of expansion of cooperation,” he added.
As a second space of cooperation, he proposed change of expertise and expertise in addition to personnel coaching of the SCO IBC Member Banks.
“The SCO forum is already making positive strides in this direction. For the third area of cooperation, I support the initiative to form an Electronic Collection of the SCO IBC signed documents for the 20th anniversary of the Consortium,” he stated.
He additionally proposed member banks to elect the Development Bank of Kazakhstan because the Chair for SCO IBC 2023-24.
The SCO IBC is a multilateral monetary group established by the member states of the Shanghai Cooperation Organisation.
