G20 2023: Need to expand mandate of multilateral development banks, says PM Modi

Prime Minister Narendra Modi addressing the G20 leaders at the opening session of the G20 Summit on September 9.

There is a need to expand the mandate of multilateral development banks and develop global standards to regulate cryptocurrencies, Indian Prime Minister Narendra Modi told G20 leaders during a summit of the bloc today.

The group of 20 major economies has pledged in a declaration at the New Delhi meeting to strengthen and reform the banks and has accepted a proposal for tighter regulation of cryptocurrencies.

Catch up on the latest highlights of the G20 Summit 2023.

"We need to expand the mandate of multilateral development banks. Our decisions should be immediate and effective in this direction," the prime minister said during a G20 leaders' session.