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India and the UK have agreed to launch a UK-India Financial Partnership that will aim to promote closer ties between Mumbai and London as financial centres.
The strategic partnership — to be supported by both the Governments and the respective financial services industries — will be set up over the next three months, according to a joint statement issued by Finance Minister Arun Jaitley and UK Chancellor of the Exchequer George Osborne.
This followed the seventh round of UK-India Economic and Financial Dialogue held here on Tuesday.
In the first year, the deal will cover the following work-streams: collaboration to develop the Indian corporate bond market; mutual sharing of expertise on banking regulation and capitalisation; enhancing financial training and qualification; financial inclusion; (v) and developing a programme around the opportunities to improve cross-border provision of financial and insurance services.
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