India and UK government launched UK-India Financial Partnership

India and the UK government launched UK-India Financial Partnership to strengthen Links Between the Financial Services Industries on 10 October 2014 in New Delhi.

The decision to launch the Partnership was taken by the Union Finance Minister Arun Jaitley and Chancellor of the Exchequer George Osborne at the seventh UK-India Economic and Financial Dialogue in New Delhi in July 2014.

The Partnership will strengthen links between the Financial Services industries of both countries and deepen cooperation between London and Mumbai.

Financial Services industry of the two countries will be represented by Uday Kotak, Executive Vice Chairman and Managing Director of Kotak Mahindra Bank and Sir Gerry Grimstone, Chairman of Standard Life and The City.

Both the industry leaders will summon working groups of professionals to examine key areas of common interest and will report the progress.

They will make recommendations to the Minister of Finance of India and the Chancellor of the Exchequer of UK at the eighth UK–India Economic and Financial Dialogue, which will be held in 2015.

The Partnership will initially focus on the following work-streams
• Collaboration to develop the corporate bond market
• Mutual sharing of expertise on banking regulation and capitalisation
• Enhancing financial training and qualification
• Financial inclusion
• Developing programme around the opportunities to improve cross border provision of financial and insurance services