UK-India Financial Partnership (UIFP) launched
Updated: Oct 11, 2014 11:51:14am
New Delhi, Oct 11 (KNN) In a move which will strengthen links between the financial services industries of both UK and India, UK-India Financial Partnership (UIFP) was launched here.
Union Finance Minister, Arun Jaitley and Chancellor of the Exchequer, UK, George Osborne launched the partnership here yesterday.
“The Partnership will strengthen links between the Financial Services industries of both countries and deepen cooperation between London and Mumbai, two of the World’s leading Financial Centres,” an official release said yesterday.
The Ministry of Finance, India and HM Treasury also announced names of industry leaders who will direct this partnership. While Executive Vice Chairman and Managing Director of Kotak Mahindra Bank, Uday Kotak will represent the Indian Financial Services industry, Chairman of Standard Life and The City, UK, Sir Gerry Grimstone will represent the UK, it said.
The Partnership will initially focus on - collaboration to develop the corporate bond market; mutual sharing of expertise on banking regulation and capitalisation; enhancing financial training and qualification; financial inclusion and developing programme around the opportunities to improve cross border provision of financial and insurance services.
Both the industry leaders will convene working groups of professionals to examine key areas of common interest and will report the progress and make recommendations to the Minister of Finance, India and the Chancellor of the Exchequer, UK ahead of the next UK–India Economic and Financial Dialogue in 2015.
Earlier, at the seventh UK-India Economic and Financial Dialogue held in Delhi on July 8, 2014, the Finance Minister Arun Jaitley and Chancellor of the Exchequer George Osborne welcomed the deepening of Financial Services links between the two countries and decided to launch the UK-India Financial Partnership. (KNN/ES)
Union Finance Minister, Arun Jaitley and Chancellor of the Exchequer, UK, George Osborne launched the partnership here yesterday.
“The Partnership will strengthen links between the Financial Services industries of both countries and deepen cooperation between London and Mumbai, two of the World’s leading Financial Centres,” an official release said yesterday.
The Ministry of Finance, India and HM Treasury also announced names of industry leaders who will direct this partnership. While Executive Vice Chairman and Managing Director of Kotak Mahindra Bank, Uday Kotak will represent the Indian Financial Services industry, Chairman of Standard Life and The City, UK, Sir Gerry Grimstone will represent the UK, it said.
The Partnership will initially focus on - collaboration to develop the corporate bond market; mutual sharing of expertise on banking regulation and capitalisation; enhancing financial training and qualification; financial inclusion and developing programme around the opportunities to improve cross border provision of financial and insurance services.
Both the industry leaders will convene working groups of professionals to examine key areas of common interest and will report the progress and make recommendations to the Minister of Finance, India and the Chancellor of the Exchequer, UK ahead of the next UK–India Economic and Financial Dialogue in 2015.
Earlier, at the seventh UK-India Economic and Financial Dialogue held in Delhi on July 8, 2014, the Finance Minister Arun Jaitley and Chancellor of the Exchequer George Osborne welcomed the deepening of Financial Services links between the two countries and decided to launch the UK-India Financial Partnership. (KNN/ES)
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