India-UK 2nd Financial Markets Dialogue 2023 held in London

India-UK 2nd Financial Markets Dialogue: India-UK Financial Markets Dialogue is a platform for India and the UK to discuss issues related to financial markets and bilateral cooperation in this sector. India-UK 2nd Financial Markets Dialogue is also important for UPSC Prelims Exam 2023 and UPSC Mains Exam (GS Paper 2- international relations- bilateral relations b/w India and U.K).

India-UK 2nd Financial Markets Dialogue 2023 in News

Recently, India and the UK convened the second meeting of the India-UK Financial Markets Dialogue in London, with both parties expressing their pleasure in holding the first face-to-face financial dialogue in four years, since 2017.

India-UK 2nd Financial Markets Dialogue Details

The India-UK Financial Markets Dialogue is a platform for India and the UK to discuss issues related to financial markets and bilateral cooperation in this sector. During the 2021 meeting between the Prime Ministers of India and the UK, they adopted the 2030 Roadmap which includes Financial Cooperation as a crucial component.

• The leaders acknowledged the considerable potential for enhanced financial services collaboration between the two nations and agreed to conduct the next Financial Markets Dialogue in India in 2024.
• This decision reflects the shared commitment to strengthening the financial ties between India and the UK.
• The India-UK Financial Markets Dialogue focused on six themes:
  • Banking
  • Payments and Cryptoassets,
  • Insurance and reinsurance,
  • Capital Markets
  • Asset Management, and
  • Sustainable Finance.

2^nd India-UK Financial Markets Dialogue Participation

Senior officials from the Indian Ministry of Finance and HM Treasury led the Dialogue, which involved the participation of independent regulatory agencies from India and the UK, including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), International Financial Services Centre Authority (IFSCA), Insurance Regulatory and Development Authority of India (IRDAI), Bank of England, and Financial Conduct Authority.

• During the meeting, representatives from both nations discussed matters related to their areas of responsibility and explored potential opportunities for cooperation in emerging areas of financial regulation.
• Following the government-to-government discussion, private sector partners were invited to the discussion, led by the co-chairs of the India-UK Financial Partnership (IUKFP), MrBill Winters and MrUdayKotak.

2^nd India-UK Financial Markets Dialogue Outcomes

During the meeting, representatives from the UK and India shared updates on recent developments in their respective banking sectors. They discussed various banking trends, emerging vulnerabilities, and risks in the sector.

• The participants explored opportunities for mutual learning to enhance their understanding of Central Banking Digital Currency (CBDC).
• They also exchanged views on global developments in cryptoassets and emphasized the need for robust global approaches.
• Furthermore, the participants assessed the progress made in delivering the G20 Roadmap for Enhancing Cross-border Payments.
• The participants recognized the emerging areas for collaboration, which included the exchange of knowledge on regulatory frameworks for pension funds (PFs) in their respective countries.
• They also discussed potential investment opportunities for PFs and the development of ecosystems, including technology-based solutions for the Social Stock Exchange.
• Additionally, both parties explored the possibility of holding further technical discussions on the effective regulation of ESG rating providers.
• They reiterated their commitment to continue collaborating on opportunities offered by GIFT-IFSC across various verticals, such as capital markets for dual listing, sustainable finance, fund management, and re-insurance.

India-France Business Summit 2023, Celebrating 25 Years of India-France Friendship

India-France Business Summit 2023, Celebrating 25 Years of India-France Friendship

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