The Co-Chairs of the India UK Financial Partnership (IUKFP), Mr. Uday Kotak and Sir Gerry Grimstone called on the Union Finance Minister Shri Arun Jaitley in his office here yesterday to appraise him on progress of the partnership and presented the two most recent papers on ‘Financial Inclusion’ and ‘Responsible Shareholder Engagement – An Indian Stewardship Code’. This meeting coincided with the maiden visit of the UK Prime Minister Theresa May to India.

The paper on Financial Inclusion presented to the Union Finance Minister provides recommendations on improving credit access for MSMEs and Low Income Housing through improved credit guarantee schemes. The paper on developing Responsible Shareholder Engagement focused on introducing an Indian Stewardship Code that will promote responsible capitalism through increased oversight on small investor savings.

The Co-Chairs expressed their gratitude for the support the IUKFP has received for its recommendations on the corporate bond market and the new insolvency regime in India. The Co-Chairs also briefed the Finance Minister on the continued collaboration between practitioners and regulators in India and the UK as India implements the new Insolvency and Bankruptcy Code 2016.

The Co-Chairs sought the guidance of the Finance Minister Shri Jaitley on the future course of the partnership and additional focus. The Finance Minister expressed his satisfaction on the working of this partnership.

The IUKFP was formed in July 2014 to increase collaboration between the financial sectors in India and the UK and provide policy inputs to both governments. Since then, the IUKFP has been working closely with over 30 CEOs in India and a similar number in the UK as well as with key financial regulators in both countries. The IUKFP had previously published five papers covering (1) Development of India’s Corporate Bond Market (2) India’s New Insolvency Regulations (3) Pensions (4) Infrastructure Funding and (5) Development of the Re-insurance Industry in India.

Financial inclusion policy advances: recommendations to expand credit access for MSMEs and low income housing through guarantee schemes. The India-UK Financial Partnership recommended strengthening credit guarantee schemes to expand credit access for MSMEs and low income housing, and proposed an Indian Stewardship Code to enhance responsible shareholder engagement and oversight of small investor savings, while reporting continued practitioner-regulator collaboration as India implements the Insolvency and Bankruptcy Code 2016.