Co-chairs of India-UK Financial Partnership (IUKFP) Uday Kotak and Gerry Grimstone today briefed Finance Minister Arun Jaitley on collaboration between practitioners and regulators of the two countries as India implements the new Insolvency and Bankruptcy Code 2016.
They called on Jaitley to apprise him of the progress of the partnership and presented the two most recent papers on 'Financial Inclusion' and 'Responsible Shareholder Engagement - An Indian Stewardship Code'.
"The Co-Chairs sought the guidance of Finance Minister Jaitley on the future course of the partnership and additional focus. The finance minister expressed his satisfaction on the working of this partnership," a finance ministry statement said.
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The meeting coincided with the maiden visit of the UK Prime Minister Theresa May to India.
The paper on financial inclusion provides recommendations on improving credit access for MSMEs and low income housing through improved credit guarantee schemes.
The other paper focussed on introducing an Indian Stewardship Code that will promote responsible capitalism through increased oversight on small investor savings.
"The Co-Chairs expressed their gratitude for the support IUKFP has received for its recommendations on the corporate bond market and the new insolvency regime in India," it added.
IUKFP was formed in July 2014 to increase collaboration between the financial sectors in India and the UK and provide policy inputs to both governments.
Since then, IUKFP has been working closely with over 30 CEOs in India and a similar number in the UK as well as with key financial regulators in both countries.
IUKFP had previously published five papers covering Development of India's Corporate Bond Market, India's New Insolvency Regulations, Pensions, Infrastructure Funding and Development of the Re-insurance Industry in India.
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