India and the European Union (EU) have completed negotiations on financial services under the India-EU Free Trade Agreement (FTA). The talks conclude against a backdrop of strong services trade. India exported about $700m in financial services to the EU in 2024 and imported around $600m in financial services from the bloc in the same year. India and the EU plan to support fintech initiatives and work together on “innovative” financial services. Three Indian banks operate in the EU- State Bank of India, Bank of Baroda, and Bank of India.