USIBC Welcomes Reserve Bank of India Governor Raghuram Rajan
Reconfirms commitment to long-term investment and stable financial markets in India
April 14, 2014 – New York, NY - The U.S.-India Business Council (USIBC) today hosted the Governor of the Reserve Bank of India (RBI), Dr. Raghuram Rajan, for a private meeting of top executives from global financial services companies and institutional investors. The industry representatives, including several CEOs, heard from the Governor the challenges RBI faces in taming inflation while promoting the growth necessary to keep the engine of India’s economy thriving, all in the midst of factors beyond the respected institution’s control. USIBC reaffirmed U.S. companies’ commitment to India’s growth and focused on reviving investor sentiment and cross-border collaboration in the first year post-elections.
In the meeting of industry heavyweights including KKR Co-Chairman Henry Kravis, Harold "Terry" McGraw, Chairman, McGraw Hill Financial, and chaired by Charles “Chip” Kaye, Co-CEO of leading private equity firm Warburg Pincus, USIBC members noted their strong support for RBI’s financial sector reforms including actions to further deepen India’s debt capital markets toward long-term infrastructure development and manage risk. In addition to continued banking reforms, the contributions of non-bank financial companies (NBFCs) to the real economy – including those wholly-owned by foreign direct investment (FDI) – were raised. USIBC also discussed with Governor Rajan the importance of a vibrant payments industry with competition and dialogue spurring further innovations in mobile banking, prepaid, and cash transfer remittances for SME businesses and individuals.
USIBC members welcomed the Governor’s insight on opportunities for meaningful U.S.-India collaboration in the financial sector. CME Group’s Senior Managing Director for Foreign Exchange and Metals, Derek Sammann, introduced Governor Rajan. “The past year saw unprecedented volatility for Indian markets – and under Governor Rajan’s able stewardship – the Rupee has been one of the most stable currencies in emerging markets and globally,” Sammann said in his remarks. CME Group is the world's leading and most diverse derivatives marketplace, headquartered in Chicago.
"American investors are grateful for the Reserve Bank of India's leadership of the Indian economy. USIBC looks forward to continuing industry's dialogue with the RBI across capital markets, banking, payments and asset management," said USIBC Director for Financial Policy Melissa Frakman.
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, headquartered in Washington, DC, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of more than 350 of the top-tier U.S. and Indian companies. Ajay Banga, President & CEO of MasterCard, is USIBC’s Chairman.

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