India appeals to SCO Interbank Consortium members to increase cooperation

IIFCL assumed one-year presidency of the SCO IBC from October 26, 2022

April 26, 2023 03:36 pm | Updated 03:36 pm IST - Panaji

India on April 26 appealed to the members of the Shanghai Cooperation Organisation Interbank Consortium (SCO IBC) to increase interaction and cooperation among themselves.

Addressing the 19th SCO IBC meeting in South Goa district, Managing Director of the India Infrastructure Finance Company Limited (IIFCL) Padmanabhan Raja Jaishankar said the huge potential for cooperation between the banks of the member countries still remains 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 said.

He thanked the teams of all Member Banks for making significant efforts in furthering the common objective of increasing interaction and cooperation amongst each other.

“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 area of cooperation, he proposed exchange of experience and skills as well as personnel training 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 said.

He also proposed member banks to elect the Development Bank of Kazakhstan as the Chair for SCO IBC 2023-24.

The SCO IBC is a multilateral financial organization established by the member states of the Shanghai Cooperation Organisation.

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