The U.S. – India Business Council (USIBC) and Confederation of Indian Industry (CII) are bringing together 80 leaders in the financial services sector and government officials to discuss issues relating to payment mechanisms for financial inclusion, opportunities for collaboration in delivering financial services to the bottom of the pyramid, and best practices in service delivery. Such initiatives would enhance India’s current programmes in mobile banking, electronic payments, and its new biometric ID program.

The U.S.-India Business Council (USIBC) and Confederation of Indian Industry (CII) today convene 80 leaders of the financial services sector and several senior U.S. government officials to collaborate on critical issues including combating illicit financing and new payment technologies for financial inclusion. The two-day program will highlight opportunities for collaboration in progressive technologies in financial services for the bottom of the pyramid, including mobile banking, electronic payments, correspondent banking, and India’s game-changing biometric Unique ID program. The dialogue will also provide a forum for banking leaders from both countries to share best practices on combating terrorist financing and money laundering, a matter close to the national security goals of both India and the US, the world’s largest and oldest free market democracies.

U.S. Treasury Assistant Secretary for Financial Crimes Daniel Glaser will tomorrow address the meeting, where he is anticipated to reinforce the commitment of the U.S. government to work with the financial sectors of both countries to combat illicit financing throughout the world. Assistant Secretary Glaser is joined by a prestigious delegation from the Treasury Department. The gathering includes two days of interactive, candid discussions on a host of topics. It serves as an industry follow-up to the U.S.-India Financial and Economic Partnership meeting, where U.S. Treasury Secretary Timothy Geithner hosted India’s Finance Minister Pranab Mukherjee in Washington for high-level talks. The dialogue also follows U.S. Secretary of State Hillary Clinton’s visit to New Delhi to discuss the ever-strengthening bilateral partnership under the aegis of the Strategic Dialogue.

“Now more than ever, we must work together to develop and deploy cutting-edge technologies that promote secure, transparent, and inclusive financial markets. Technology collaboration is key,” said USIBC President Ron Somers. “As our economic partnership grows, U.S. and Indian financial services providers have demonstrated the need to not only work together, but to work with regulators to keep our relationship on track.”

The dialogue includes senior-most compliance experts and other business leaders from companies such as Morgan Stanley, State Bank of India, Visa, Kotak Mahindra Bank, Bharti Airtel, BNY Mellon, Western Union, Citi, Eko India Financial Services, Goldman Sachs, Obopay, and Bank of America.

The U.S.-India Business Council (USIBC) was founded in 1975 at the request of the Indian and U.S. governments to advance U.S.-India commercial ties. USIBC is the premier business advocacy organization comprised of nearly 400 of the top U.S. and Indian companies, led by its Chairman, Harold “Terry” McGraw III, Chairman, President & CEO of The McGraw-Hill Companies.