PRESS RELEASE
Feb. 29, 2012, 2:16 p.m. EST
NEW DELHI, Feb 29, 2012 (BUSINESS WIRE) -- Today senior financial services executives from the U.S.-India Business Council (USIBC) were hosted by Mr. Nandan Nilekani, Chairman of the Unique Identification Authority of India (UIDAI), and former Chairman of Infosys Technologies, to explore avenues for deeper collaboration in new technologies to expand access to financial services for all Indian citizens. The high-level delegation reaffirmed industry support for the ambitious program and commended the open, competitive principles upon which the UID platform is continuing to be developed. The group discussed with the Chairman the current roll-out of 200 million ID numbers as well as impressive possibilities for game-changing UID applications in payments, savings, and other tools for driving efficiency and transparency in the Indian economy.
Executive delegation co-leaders VISA Inc. and MasterCard Worldwide stated, "The work that Chairman Nilekani is leading at the UIDAI has already created one of the world's largest platforms for transforming not only authentication but also everything from government payments to financial inclusion. We look forward to continuing our dialogue with the Chairman and his staff to explore ways that the financial sector can support this important initiative."
The USIBC delegation represents a cross-section of insurance, banking, electronic payments, investment and asset management companies, focusing on supporting India's goals of financial inclusion and capital markets development. The delegation is comprised of senior global executives from Bank of America, BNY Mellon, Citi, CME Group, Franklin Templeton, Goldman Sachs, MasterCard, MetLife, NYSE Euronext, State Street Bank & Trust, VISA, and Western Union.
The U.S.-India Business Council (USIBC) was formed in 1975 at the request of the United States and Indian governments to advance two-way trade and deepen commercial ties. Today, USIBC is the premier business advocacy association comprised of nearly 400 of America's and India's top companies dedicated to enhancing the U.S.-India commercial relationship. Harold McGraw III, Chairman, President, and CEO of The McGraw-Hill Companies serves as chairman of USIBC.
www.usibc.com
SOURCE: U.S.-India Business Council (USIBC)