USIBC Offers Full Support to Visiting Indian Reserve Bank Chief

Governor D. Subbarao, (C) Reserve Bank of India addressing the meeting (on his right is USIBC Chairman Ajay Banga)/Credit: Photo by Ian Wagreich

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Washington, DC – Visiting Reserve Bank of India (RBI) Governor D. Subbarao was recently showered with praise for steering Indian economic policies safely and pragmatically through the turbulent climate of the world financial sector, as the US-India Business Council (USIBC) hosted the governor in Washington, DC for a private meeting of top executives from global financial, manufacturing, and other influential corporations.

Commenting on his visit, Diane Farrell, Executive Vice President of USBIC, told India America Today, “USIBC was delighted to host Dr. Subbarao in Washington to meet with top executives of global companies. We commend the RBI for their stewardship of India’s economy during challenging times and fully support policy actions which promote dynamic growth of the Indian economy.”

USIBC reaffirmed US companies’ commitment to India’s growth and focused on positive examples of successful cross-border investments, and its members welcomed the governor’s insight on opportunities for meaningful collaboration in the financial sector.

In a statement, USIBC cited collaborations such as Genworth, a US Fortune 500 company with operations in 25 countries, which has made an investment in India’s financial inclusion and housing opportunity via a joint venture toward India’s first ever mortgage guarantee company, India Mortgage Guarantee Corporation Pvt. Ltd.

At the meeting, chaired by USIBC Chairman Ajay Banga, President & CEO of MasterCard Worldwide, USIBC noted their strong support for the recently implemented Infrastructure Debt Fund structures, as well as moves to further deepen India’s debt capital markets toward long-term infrastructure development.

USIBC elaborated on the discussions, saying the participants discussed with Governor Subbarao the importance of a bank oversight framework in India that mobilizes the deep expertise and capital of global financial institutions, including maintaining 100 percent foreign ownership allowance of wholly-owned subsidiaries, as well as transparent priority sector lending requirements.

The US-India Business Council (USIBC), a premier business advocacy organization formed by the US and Indian governments in 1975, has a defined purpose to deepen two-way trade and strengthen commercial ties. USIBC is comprised of 350 top-tier US and Indian companies. (IATNS)

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