India and Japan today held their first finance dialogue at which the two countries decided to promote financial cooperation and strengthen bilateral relations.
The Indian side was led by Ajay Seth, Secretary, Department of Economic Affairs while the Japanese side was headed by Masato Kanda, Vice Minister of Finance for International Affairs.
The Japanese delegation included representatives from the Ministry of Finance, Financial Services Agency, and financial institutions. From the Indian side, the representatives from the Ministry of Finance, Reserve Bank of India, Insurance Regulatory and Development Authority of India, Securities and Exchange Board of India, and financial institutions participated in the discussion.
The participants exchanged views on the macroeconomic situation, financial system, financial digitalisation and investment environment in both countries, and confirmed that both sides will continue to work closely together as they hold the presidency of G20 and G7 next year.
The participants including private financial institutions also discussed various financial regulation issues towards further expansion of investment in India.