India Ministry of Finance, Central Bank and Others Attend
The Financial Supervisory Service (FSS) announced on the 8th that it held a 'Financial Companies India Entry Briefing' on the 6th in collaboration with the Embassy of India in Korea and financial associations.
At this briefing, representatives from the Indian Ministry of Finance, the central bank, and others introduced India's financial licensing system and investment environment outlook, followed by a Q&A session with domestic financial companies interested in entering the Indian market. About 140 participants from over 50 domestic financial companies, including CEOs and executives in charge of overseas business, actively discussed key issues, demonstrating strong recent interest in India.
In his opening remarks, Lee Bok-hyun, Governor of the FSS, projected that if India's abundant resources and workforce combine with Korea's competitive financial services, it would become a new growth foundation for both countries. He emphasized that synergy with Korean companies operating in India would not only drive real economic growth in Korea and India but also contribute to balanced and robust development of the Asian financial market.
Cho Yong-byeong, Chairman of the Korea Federation of Banks, mentioned in his welcoming speech that India's rapidly growing mobile banking market presents a new leap forward opportunity for the Korean financial industry. He stated that all financial associations would actively support their member companies' entry into India and strive to strengthen financial cooperation between the two countries.
In response, Amit Kumar, Ambassador of India to Korea, expressed in his congratulatory remarks that with the Modi government's economic policies driving continuous growth in India's digital and information technology (IT) industries, he hoped for cooperation and development in the financial industries of both countries.
Following this, presentations were made by Indian financial authorities and a state-owned fund regarding entry into the Indian financial market, financial industry, and investment environment. Mohamed Ashraf, Secretary of the Indian Ministry of Finance, introduced the current status of India's financial industry and the overall licensing system. He showed growth rates by major financial sectors such as banking and insurance, the status of foreign financial institutions' entry, and explained the characteristics and requirements of market entry routes such as opening local branches and equity investments in India.
Manoranjan Padi, Head of the Reserve Bank of India (RBI), introduced the bank licensing approval process and supervisory system, providing information on entry criteria such as foreign investment ratios and capital requirements for banks and non-bank financial companies, as well as licensing procedures and the time required.
Lucie Choujer, Commissioner of the Securities and Exchange Board of India (SEBI), introduced detailed registration procedures and regulations related to Foreign Portfolio Investment (FPI), a major investment route for foreigners in India. She also explained regulatory improvements introduced by Indian financial authorities to ease disclosure requirements and improve the foreign investment environment.
Rajiv Dhar, Chief Investment Officer (CIO) of the National Investment and Infrastructure Fund (NIIF) of India, reviewed the current status and outlook of India's infrastructure industry and introduced recent investment attraction cases. He emphasized that India is experiencing high-speed growth with inflation managed within target ranges, low debt levels, and a significantly expanded capital market. He particularly highlighted that infrastructure investment is expanding as a national policy and that the market is especially attractive to investors seeking diverse portfolios.
An FSS official explained, "We will continue to cooperate with Indian supervisory authorities to support the successful entry of domestic financial companies into India. Additionally, for other emerging countries with high entry demand, we plan to continuously support smooth licensing and business activities of domestic financial companies by strengthening cooperation and communication with local financial supervisory authorities and embassies in Korea."
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