The US would closely work with India to promote greater and more balanced economic cooperation between the two nations, visiting US Treasury Secretary Timothy Geithner told Indian business leaders at a lunch meeting in Mumbai today.
He also discussed ways to increase financial collaboration between the countries.
Geithner, who is on a two-day visit to India, had met Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee in New Delhi yesterday.
“The entire focus (of the meeting) was to find ways to enhance economic cooperation between the two countries and growth opportunities here,” said ICICI Bank Managing Director and Chief Executive Chanda Kochhar.
The lunch was co-hosted by Reliance Industries Chairman and MD Mukesh Ambani and Mahindra & Mahindra Vice-Chairman & MD Anand Mahindra. Among others present were State Bank of India Chairman OP Bhatt and TCS Vice-Chairman S Ramadorai.
Kochhar said the Indian participants shared their views on infrastructure development and microfinance with Geithner.
In a separate interaction at the University of Mumbai, Geithner told a gathering of bankers and financial entrepreneurs that the task is to make sure the two countries continue to support and encourage advances in expanding financial inclusion.
“India has been remarkably effective at extending the reach of the financial sector to people living without access to traditional forms of banking,” Geithner said.
Participants discussed how both countries can work together to advance financial inclusion using new technology, such as mobile or card-based ‘branchless banking’ pilots in India that have attracted more than 10 million customers over the last five years.
The US and Indian governments’ policy of promoting financial inclusion drew praise from the participants. In the case of India, policies such as priority sector lending, interest deregulation for NBFCs and business correspondent regulations that promote mobile banking for the poor were appreciated by the participants.
