Dubai: A senior delegation from Dubai, led by the Chairman of the Dubai Financial Services Authority (DFSA), Saeb Eigner, met with the Governor of the Reserve Bank of India (RBI), Dr Raghuram Rajan, in Mumbai, to enhance cooperation and to discuss initiatives to promote further growth in these two leading financial centres.
Eigner was joined by Apurv Bagri, a board member of the DFSA, Ian Johnston, the Chief Executive and Mark McGinness, the director of International relations. The delegation also met with the Deputy Governor of the RBI, S.S. Mundra, and representatives from financial services and other leading industries in India.
The DFSA has in place memorandums of understanding (MoUs) with the Securities and Exchange Board of India (SEBI) and the RBI. The DFSA has entered into regulatory agreements with the RBI in 2011. Indian banks have become well-established at the DIFC and their business and banking assets have been increasing significantly. Combined assets of Indian banks in the Centre have almost tripled since 2011. There are currently eight of India’s largest banks in the Centre, with increasing interest from banks to enter the DIFC.
This month, Essa Kazim, the Governor of the DIFC, together with officials from the DFSA and DIFC Courts, welcomed an Indian delegation led by The Indian Union Minister of State for Finance, Jayant Sinha.
