India and the UK held the second meeting of the India-UK Financial Markets Dialogue in London today 19 April. Both sides welcomed holding the first in-person financial dialogue since 2017.
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 (RBI), the Securities and Exchange Board of India (SEBI), International Financial Services Centre Authority (IFSCA), Insurance Regulatory and Development Authority of India (IRDAI), the Bank of England, and the Financial Conduct Authority. Delegates from India and the UK shared views on issues in their respective areas of responsibility and possibilities of collaboration in evolving fields of financial regulation.
The Dialogue focused on six themes: (1) Banking; (2) Payments and Cryptoassets, (3) Insurance and reinsurance, (4) Capital Markets (5) Asset Management, and (6) Sustainable Finance.
Following the government-to-government discussion, private sector partners were invited to the discussion, led by the co-chairs of the India-UK Financial Partnership (IUKFP), MrBill Winters and MrUdayKotak.
Participants identified emerging areas for collaboration including knowledge exchange on regulatory frameworks for pension funds (PFs) in respective countries…
Following the government-to-government discussion, business leaders from the India-UK Financial Partnership (IUKFP) were invited to the discussion. Both governments welcomed the appointment of MrBill Winters CBE, Group Chief Executive of Standard Chartered, as the new UK Chair of the IUKFP alongside MrUdayKotak, Managing Director & CEO Kotak Mahindra Bank, as India Chair. Participants also thanked M rDavid Craig for his role as UK Chair from 2020-2023.
Participants then welcomed leaders of the IUKFP to present their recommendations on the UK-India financial services relationship.
Financial Cooperation is one of the key elements of the 2030 Roadmap adopted during the 2021 meeting of the two Prime Ministers. Both countries agreed there is significant scope for strengthened financial services cooperation between India and the UK, and agreed to hold the next Financial Markets Dialogue in India in 2024.