India wants substantial progress on multilateral development bank (MDB) reform, cryptocurrency framework, debt relief and digital public infrastructure as priority areas during the country's G20 Presidency. "There is very clear recognition among G20 members that India's G20 agenda points are credible and well thought out," said a source requesting anonymity.

Sources said that India's G20 Presidency has ensured a comfort level among members on MDB reforms and multilateral banks and financial institutions must be ready for 21st century and have the ability to deal with challenges from future pandemics.

On Sunday, US Treasury Secretary Janet Yellen said that common principles in Zambia's debt restructuring should be applied in other cases. "We cannot have a one size fits all approach. While there can be a common framework, individual needs of countries must be looked at," said a source.

CNBC-TV18 has learnt that India has managed to bring all lenders, nations including China on the table to discuss debt restructuring.

Sources say that the response from China on debt restructuring has not been encouraging so far. China wants MDB's to also take a haircut on loans even though it does not give grants in aid or do preferential lending.

"India's G20 Presidency aims to ensure that all lenders come together for timely loans to affected nations and the principles of lending should not infringe on sovereignty of nations," said another source.

Climate financing is another area where China is yet to actively participate in the debate for increasing lending to save the environment.

India hopes that its G20 Presidency will deliver some kind of roadmap for regulating the cryptocurrency sector. The Financial Stability Board, Bank for International Settlements and the IMF are preparing a synthesis paper on cryptocurrencies which will be circulated among G20 members just before the leaders summit in September.

India as the G20 President will also be circulating a note among members on what different countries and global agencies are doing on regulating and assessing the risks in the cryptocurrency sector.

During G20 deliberations there has been a lot of confidence shown in India's digital public infrastructure or the India stack. "We are proving that more and more nations are working with India on adopting some aspect of our digital public infra," said a source.

India is holding talks with Indonesia on real time settlements and trading in local currencies and the negotiations should be concluded soon.

(Edited by : Pradeep John)