On August 31^st, AMCHAM members representing the Banking & Financial Services (BFS) Committee had a productive and constructive introductory meeting with Mr. Sanjay Lohiya, Secretary, Department of Financial Services, Ministry of Finance, Government of India, to discuss key issues, challenges and priorities impacting the financial services sector. The discussions focused on strengthening India’s technology-enabled financial services ecosystem, with particular emphasis on harmonizing cyber security and regulatory compliance requirements across RBI, SEBI, IRDAI and CCI, enhancing regulatory coherence, and further advancing ease of doing business for the sector. Members shared key concerns and challenges faced by industry. The Secretary invited AMCHAM to compile and submit a detailed note outlining key challenges, issues and recommendations from industry, with a view to facilitating a larger stakeholder consultation with relevant government authorities.

AMCHAM appreciated the opportunity for this meaningful engagement and looks forward to continued collaboration with the Government of India towards fostering a secure, resilient, innovative and globally competitive financial services ecosystem, supporting India’s growth and its emergence as a trusted global hub for technology and financial innovation.