India, UK discuss sustainable finance, crypto assets
NEW DELHI : India and the UK held the second India-UK financial markets dialogue in London on Wednesday, where senior officials from both nations, including representatives from regulatory agencies, discussed key areas of cooperation in financial markets, a joint statement from the countries said.
The dialogue focused on six themes: banking, payments and crypto assets, insurance and reinsurance, capital markets, asset management, and sustainable finance. The next Financial Markets Dialogue is scheduled to be held in India in 2024.
Representatives of the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), International Financial Services Centre Authority (IFSCA), Insurance Regulatory and Development Authority of India (IRDAI), the Bank of England, and the Financial Conduct Authority participated in the meeting.
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), Bill Winters and Uday Kotak, the statement said.
Offiials discussed banking trends and emerging vulnerabilities and risks in the sector. Scope for augmenting knowledge on Central Banking Digital Currency (CBDC) through mutual learning was explored. Participants discussed international developments regarding cryptoassets, and the importance of robust global approaches, and progress in delivering the G20 roadmap for enhancing cross-border payments, the statement said.
Participants identified emerging areas for collaboration including knowledge sharing on regulatory frameworks for pension funds (PFs) in respective countries, potential investment opportunities by PFs and the development of ecosystems including technology-based solutions for social stock exchange. Both sides discussed the possibility for further technical discussion on effective regulation of ESG rating providers.
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Updated: 19 Apr 2023, 11:59 PM IST
