U.S. Industry Welcomes Reserve Bank of India Governor

Reconfirms commitment to long-term investment and stable financial markets in India

WASHINGTON--(BUSINESS WIRE)--The U.S.-India Business Council (USIBC) today hosted the Governor of the Reserve Bank of India (RBI), Dr. D. Subbarao, for a private meeting of top executives from global financial, manufacturing, and other corporations. The industry representatives, including several CEO-level, heard from the Governor the challenges RBI faces in managing inflation while promoting the growth necessary to keep the engine of India’s economy thriving, all in the midst of many factors beyond the respected institution’s control. USIBC reaffirmed U.S. companies’ commitment to India’s growth and focused on positive examples of successful cross-border investments.

In the meeting, chaired by USIBC Chairman Ajay Banga, President & CEO of MasterCard Worldwide, USIBC noted their strong support for the recently implemented Infrastructure Debt Fund structures as well as moves to further deepen India’s debt capital markets toward long-term infrastructure development. USIBC also discussed with Governor Subbarao the importance of a bank oversight framework in India that mobilizes the deep expertise and capital of global financial institutions, including maintaining 100% foreign ownership allowance of wholly-owned subsidiaries, as well as transparent priority sector lending requirements.

USIBC members welcomed the Governor’s insight on opportunities for meaningful collaboration in the financial sector. An example of such collaboration is Genworth, a U.S. Fortune 500 company with operations in 25 countries, who have made an investment in India’s financial inclusion and housing opportunity vis a vis a joint venture toward India’s first ever mortgage guarantee company, India Mortgage Guarantee Corporation Pvt. Ltd.

The U.S.-India Business Council (USIBC) is the premier business advocacy organization formed by the U.S. and Indian governments in 1975 whose purpose is to deepen two-way trade and strengthen commercial ties. Today, USIBC is comprised of 350 top-tier U.S. and Indian companies. Ajay Banga, President & CEO of MasterCard Worldwide, serves as chairman of USIBC.

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