"The Partnership will strengthen links between the Financial Services industries of both countries and deepen cooperation between London and Mumbai, two of the World's leading Financial Centres," the Finance Ministry said in a statement.
The Partnership will initially focus on the collaboration to develop the corporate bond market, mutual sharing of expertise on banking regulation and capitalisation.
It will also focus on enhancing financial training and qualification, financial inclusion and developing programme around the opportunities to improve cross border provision of financial and insurance services.
It may be recalled that at the seventh UK-India Economic and Financial Dialogue held in Delhi on July 8, 2014, Finance Minister Arun Jaitley and Chancellor of the Exchequer George Osborne had welcomed the deepening of Financial Services links between the two countries.