USIBC Convenes Financial Services Executive Delegation to India
December 4, 2014 - New Delhi, India – The U.S.-India Business Council (USIBC) financial sector member companies and investment funds concluded their delegation today that included a meeting with the Honorable Minister of Finance Arun Jaitley to discuss opportunities for deeper collaboration in capital markets, banking, payments, insurance, and asset management. In the meeting, USIBC reconfirmed its commitment to further strengthening the India-U.S. investment corridor.
The interaction was part of a three-day Financial Services Executive Delegation which also included interfaces with key officials in New Delhi and Mumbai, including the Reserve Bank of India, Securities and Exchange Board of India (SEBI) Chairman U.K. Sinha, Pensions Fund Regulatory and Development Authority Chairman, Financial Sector Legislative Reforms Commission Chairman, and Indian corporate CEOs.
Delegation chair and USIBC Board member Jaspal Bindra, CEO-Asia, Standard Chartered, noted, “as global financial institutions, we remain committed to India as we continue to provide a variety of long-term resources, including capital and expertise, which align with the Prime Minister’s goals of financial stability, economic growth, and financial inclusion.”
The Financial Services Executive Delegation thanked the Government of India for its strong commitment to passage of the long-pending Insurance Bill without new provisions which could deter additional investment. They highlighted some recommendations of global financial investors in India, including details on the development of a deeper bond market via strengthened asset reconstruction and corporate governance rules as well as opportunities for increased global company participation in the Government of India’s important financial inclusion effort, the Jan Dhan Yojana National Mission. The group of senior investors, many from New York and San Francisco, also emphasized opportunities for India to bring in new capital by raising the current 10% limitation on Foreign Institutional Investment (FII) holdings in listed high-growth Indian companies. Additional measures to improve India’s overall ease of doing business remained top-line priorities.
The high-level delegation represented a cross-section of Fund Managers, Insurance, Banking, and Electronic Payments companies representing over $80 billion in assets under management.
Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of 310 of the top-tier U.S. and Indian companies. The Chairman of USIBC is Ajay Banga, President and CEO, MasterCard.