5 days ago
India and Canada Seek Deeper Financial and Investment Cooperation
India and Canada are discussing ways to work more closely on money and investments.
Nirmala Sitharaman said the two countries have different strengths that fit together.
India offers a large economy, growth and many opportunities.
Canada offers investment money, financial expertise and strong institutions.
India has also made reforms to strengthen its banks.
The share of bad loans at Indian banks fell from 11.18% in 2018 to 2.31% in 2025.
Both countries are considering easier digital payments and international money transfers.
Sitharaman also encouraged Canadian companies to explore financial opportunities in India.
Nirmala Sitharaman said India and Canada can deepen financial-sector cooperation and develop long-term investment partnerships.
She described India as offering scale, growth and opportunity, while Canada provides long-term capital, institutional depth and expertise.
Sitharaman highlighted reforms that helped reduce Indian banks’ gross non-performing asset ratio from 11.18% in March 2018 to 2.31% in March 2025.
The two countries are exploring digital cooperation involving easier payments, cross-border remittances and expanded digital payment choices.
Sitharaman invited Canadian financial institutions to consider opportunities in GIFT IFSC, banking, fund management, reinsurance and other sectors.
- Who
- India’s Finance Minister Nirmala Sitharaman and Canada’s Finance and National Revenue Minister François-Philippe Champagne attended the discussions.
- What
- The countries discussed deeper financial cooperation, long-term investment partnerships and digital-payment collaboration.
- Where
- A high-level India-Canada Business Roundtable in Toronto.
- When
- Friday; the articles do not provide a specific date.
- Why
- The ministers identified complementary economic strengths and scope to expand investment and economic cooperation.
Key facts
- India’s banking reform
- Sitharaman cited the Asset Quality Review, Insolvency and Bankruptcy Code, the 4R approach and EASE reforms.
- Gross non-performing assets
- The ratio for Scheduled Commercial Banks fell from 11.18% in March 2018 to 2.31% in March 2025.
- Digital cooperation
- Discussions included easier payments, cross-border remittances and greater digital payment choices.
- India’s financial ecosystem
- Sitharaman highlighted capital markets, insurance, fintech and Digital Public Infrastructure.
- Investment venue
- Canadian financial institutions were invited to explore GIFT IFSC.
- Potential sectors
- Opportunities mentioned included banking, fund management, reinsurance, sustainable finance, Global Capability Centres, and aircraft and ship leasing.
Quotes
Nirmala Sitharaman
Union Finance Minister of India
“Our discussions centred around three broad categories. The first one is macroeconomic developments, which we have to assess for ourselves and domestic policy priorities for both countries, each for its own. So India has demonstrated remarkable macroeconomic resilience,”
thehansindia.com
“India and Canada are now exploring how digital technologies can further strengthen our financial cooperation, including easier payments, cross-border remittances and greater digital payment choices for citizens.”
thehansindia.com
Sources
Related news
India, Canada Deepen Economic Partnership Beyond Traditional Trade
Sitharaman Seeks Canadian Investment, Highlights India’s Growth Potential
Sitharaman Pitches India as Global Growth and Production Hub
Sitharaman Pitches India’s Fintech and GIFT City Opportunities
Sitharaman Seeks Deeper Canadian Investment Across India’s Growth Sectors
Sitharaman Pitches India Investment Opportunities to Canadian Financial Giants
UPI Accepted in 11 Countries, But Payments Vary
Axis Bank Adds Separate UPI Limits for Payment Categories
Credit Card Transactions Surge as Average Spending Falls in July
India Plans Agentic AI Payments Through Popular UPI Network
India’s Banking Summit Maps AI’s Responsible Financial Frontier
