with innovative solutions to deal with this major risk to the international financial system. the second problem statement seeks to encourage the participants to come up with technology solutions in forex and liquidity to enable settlement in more number of emerging market and developing economy ( emde ) currencies. the use of local currencies in cross - border payments can help to shield the emdes from global shocks, protect against exchange rate fluctuations and encourage the development of local forex and capital markets. multilateral payment platforms that support multiple currencies would offer a way to promote such local - currency payments. as things stand today, fx and liquidity risks associated with emde currencies can make the operation of multilateral platforms with emde currencies more challenging. it is in this backdrop that effective liquidity mechanisms need to be developed. the third problem statement which was intentionally kept broad, calls for technology solutions for multilateral cross - border cbdc platforms. it invited solutions and technologies for multilateral cross - border cbdc platforms which can contribute to interoperability across multi - cbdc platforms or domestic payment systems ; reduce operational cost ; and increase efficiency, while ensuring consistency in standards across multiple jurisdictions. i strongly believe, cross - border payments can be made more efficient through adoption of cbdcs and this is an area which should receive close attention. as all of us are starting on a clean slate on the cbdc front. the adoption of right technology platform, which is inter - operable, would be a great benefit to the future of cross - border payments ecosystem. i am happy to share that this g20 techsprint 2023 has witnessed encouraging participation from around the world with 93 proposals submitted across the three problem statements. in collaboration with the bis, 21 proposals in total ( 7 each for the three problem statements ) were shortlisted. these proposals have the potential to bring transformation in the cross - border payments ecosystem in line with the g20 priority. they have the power to provide solutions to maintain the integrity of the financial system, empower the underserved, reduce frictions in cross - border payments and amplify the resilience of financial systems. these proposals were evaluated by an eminent jury and three best submissions ( one for each problem statement ) have been chosen as winners. my congratulations to the winning teams. i would also like to thank all the participants for their efforts and encourage them to continue their innovative endeavours. i extend my gratitude to every participant, mentor,

##entation in indian banking it is now commonplace to say that the 21st century will be the “ knowledge century ” and we are transiting from product - based to knowledge - based economy. the knowledge economy – an economy in which wealth is based upon the ownership of knowledge and the ability to use that knowledge to create or improve goods and services – presents significant challenges. all the more so due to the demographic transition underway now in our country, since knowledge resources such as know - how and expertise are as critical as other economic resources in this economy. india will probably have the world ’ s largest set of young people. even as other countries begin to age, india will remain a country of young people, potentially to our great advantage. the transformation of banking caused by the rapid development of information and communication technologies has provided banking entities with new ways of bringing their products to the customers. the banks would now have to increasingly deal with knowledge workers i. e. one who works primarily with information and uses knowledge in the work place. traditional banking has thus changed into electronic banking, and therefore the standard form of contact – personal contact – is taking a back seat to new, faster, more conformable, and cheaper means of communication. the introduction of electronic banking services also creates new tasks to be faced, such as the optimization of distribution channels and the security of data transfer. the customer will not purchase a service that fails to meet his requirements or a service that does not guarantee the required privacy and security. that is why banks are trying to devote enough attention to all aspects of the modernization of traditional banking. basic electronic banking includes services provided through self - service zones, internet banking, e - mail banking and phone banking etc. a new product is the electronic purse, sometimes called a " multipurpose payment card ", which is a payment instrument for making non - cash payments. the e - shop represents a specific form of electronic banking. electronic commerce comes in three basic forms : the e - shop, e - store, and e - exchange. india ’ s banking industry must strengthen itself significantly if it has to support the modern and vibrant economy which india aspires to be. focusing on enriching human capital will help the banking sector competitive. the banking sector needs to fundamentally strengthen institutional skill levels especially in sales and marketing, service operations, risk management and the overall organisational performance ethic. the last, i. e., strengthening human capital will be the single biggest challenge. old private sector banks also have