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DFS Secretary Chairs Meeting to Address Banking and Insurance Challenges in International Trade

New Delhi: In a recent development, Dr. Vivek Joshi, Secretary of the Department of Financial Services within the Ministry of Finance, presided over a comprehensive meeting in New Delhi. The gathering, attended by high-ranking officials from the Ministry of External Affairs, Department of Commerce, Ministry of Finance, Reserve Bank of India (RBI), Insurance Regulatory and Development Authority (IRDAI), and senior executives from major commercial banks, focused on tackling issues within the banking and insurance sectors affecting exporters and importers. 

The discussions encompassed crucial elements such as trade finance, banking, and insurance, recognizing their integral role in facilitating Indian trade collaborations. Specific operational challenges, including delays in e-bank realization certificates and overdue letters of credit, were addressed, with banks assuring continued support and proactive engagement to resolve issues. Dr. Joshi proposed categorizing issues and seeking regulatory guidance from RBI, advocating the development of a standard operating procedure through the Indian Banks Association (IBA). 

Furthermore, insurance-related matters were discussed with IRDAI, underscoring the importance of coordinated efforts between banks, the Department of Commerce, and export promotion councils for streamlined trade facilitation and prompt issue resolution.

Tags: BFSI