India and the US have held wide-ranging discussions on cross-border payments issues, including G20 payments roadmap, India’s United Payments Interface (UPI) platform, and the Federal Reserve’s implementation of the FedNow payments system. The meeting was held on August 3 between senior Finance Ministry officials led by Chief Economic Adviser V. Anantha Nageswaran and the US Treasury Department representatives in New Delhi as part of their second sub-ministerial meeting following the 9th ministerial meeting of the Indian-US Economic and Financial Partnership (EFP) held in November 2022.
The US delegation was led by Assistant Secretary for International Finance Brent Neiman, while representatives from the Reserve Bank of India and the US Federal Reserve in Washington DC participated virtually. During the meeting, issues related to Indian and US priorities in addressing global debt challenges, joint efforts to advance the clean energy transition and mobilide climate finance, and the progress on creating innovative investment platforms to accelerate deployment of renewable energy projects were also discussed, official sources said.
Both sides agreed to continue their collaboration and build on successful meetings that took place between Prime Minister Narendra Modi and US President Joe Biden during the former's US visit in June this year.