NEW DELHI - 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 on Sunday.

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.

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

(Reporting by Shivam Patel in New Delhi; Editing by Jacqueline Wong)