In order to promote cross-border engagement, the members presented updates on the respective banking and payment traffic landscapes
India has invited UK companies to get involved in the insurance industry while the UK has offered its London market to Indian companies for direct listing. India raised the cap on foreign direct investment from 49 percent to 74 percent this year. Previously, the government allowed companies to list on foreign stock exchanges without also listing on the home market.
According to a statement from the Treasury Department, the opening meeting of the India-UK financial markets conversation was held on Thursday evening to improve bilateral ties in the financial sector, adding that the dialogue at the 10th Economic and Financial Dialogue (EVS) was held in. was formed October 2020.
The government-government conversation focused on four topics: GIFT City, India’s premier international financial center, banking and payments, insurance and capital markets, the statement said. Partners from the private sector were invited to the meeting after the government meeting, the statement said.
Participants from India and the UK discussed topics in the insurance business, including domestic updates on the impact of Covid-19, ways to encourage UK investment in the Indian market, and the UK Solvency II Call for Evidence. Attendees also discussed capital markets cooperation, with the UK outlining progress on regulatory changes, including the Wholesale Markets Review and Lord Hill Listings Review, the statement said.
There was also a fruitful discussion on the prospects for expanded cross-border business, including an update from India on the implementation of the direct listing policy. “Both sides agreed to continue to engage bilaterally in these areas in the coming months in the run-up to the next EVS and the start of negotiations on a future free trade agreement between India and Great Britain, both of which are expected to take place this year,” said it said in it. Both parties agreed that according to the report, there is a tremendous opportunity for the development of financial services cooperation between India and the UK as two service-oriented economies.
In order to promote cross-border engagement in this sector, according to the declaration, the participants presented updates on their different banking and payment traffic landscapes. The Bank of England highlighted its cyber resilience efforts, and both parties recognized the crucial role of the banking sector in maintaining stability during the Covid-19 epidemic.
Senior Treasury and Treasury officials led the discussion, including representatives from the Indian Reserve Bank, Indian Securities and Exchange Committee, International Financial Services Center Authority, India’s Insurance Supervision and Development Authority, Bank of England and, the Financial Regulator.