India will soon have a full time treasury representative of the US to understand in a better way the regulatory and financial developments in the country, US Under Secretary for International Affairs Timothy Adams said in Mumbai on Tuesday.
Though he did not elaborate on where the treasury representative would be appointed, he hinted that it will be at a key financial centre.
"We will have a full time treasury representative in India. The appointment will be in a couple of months," Adams told reporters at a press conference.
Notably, the US has already appointed treasury representatives at Tokyo and Beijing and the Indian attache is likely to be in Mumbai.
On his second trip to the country, Adams will also be visiting Kolkata and Hyderabad.
During his visit to Mumbai, he met senior officials of the Reserve Bank of India and other development banks and discussed issues including rupee convertibility, micro finance, financial service sectors and the likes.
Stressing on the challenges of infrastructure development in the country, the Under Secretary emphasised on developing the financial services sector as it was the infrastructure of the economy.
{{/usCountry}}Stressing on the challenges of infrastructure development in the country, the Under Secretary emphasised on developing the financial services sector as it was the infrastructure of the economy.
{{/usCountry}}"It is not just banking but also pension and insurance which has immense opportunity," he said elaborating that competition and foreign investment will bring benefits to people.
The Indian government has said it was committed to its development and they should implement it quickly, he said.