India and the UK held the inaugural meeting of the India-UK Financial Markets Dialogue that was established at the 10thEconomic and Financial Dialogue (EFD)in October 2020 to deepen bilateral ties in the financial sector, the ministry of Finance stated. Financial Cooperation is one of the key pillars of the 2030 Roadmap adopted by the two countries during the recent meeting of the two Prime Ministers and the India-UK Financial Market Dialogue is one of the key elements of this Financial Cooperation. As two services driven economies, both sides agreed there is significant scope for strengthened financial services cooperation between India and the UK.
The Dialogue was led by senior officials from the Indian Ministry of Finance and HM Treasury, with participation from Indian and UK independent regulatory agencies, including the Reserve Bank of India, the Securities and Exchange Board of India, International Financial Services Centre Authority, Insurance Regulatory and Development Authority of India, the Bank of England, and the Financial Conduct Authority. Indian and UK participants shared views on issues in their respective areas of responsibility.
The Dialogue between the government focused on four themes: (1) GIFT (Gujarat International Finance Tec-City)City, India's flagship international financial centre, (2) banking and payments, (3) insurance, and (4) capital markets. Following the government-to-government discussion, private sector partners were invited to the discussion. The City of London Corporation's Capital Markets Working Group presented their work on the Indian corporate bond market, and the India-UK Financial Partnership presented their recommendations on the UK-India financial services relationship.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
