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LogoutDue to increasing discretionary incomes, personalized financial solutions, and supply drivers, India’s diversified and comprehensive financial services business is quickly expanding. The Indian financial services industry is divided into several distinct divisions. They include mutual funds, pension funds, insurance companies, stockbrokers, wealth managers, financial consulting organisations, and commercial banks, and they range in size from small domestic players to big multinational businesses. Individuals, businesses, and government agencies are among the clients who profit from the services.
Banking: The banking industry is India’s financial services industry’s backbone. In the country, there are 27 state banks, 21 commercial banks, 49 foreign banks, 56 regional rural banks, and over 95,000 urban and rural cooperative banks. This section provides the following financial services:
- Banking on an individual basis (checking and savings accounts, debit and credit cards, and so on)
- Banking for Businesses (merchant services, checking accounts and savings accounts for businesses, treasury services, etc.)
- Taking out loans (business loans, personal loans, home loans, automobile loans, working-capital loans, etc.)
The Reserve Bank of India (RBI) oversees and maintains the banking sector’s liquidity, capitalization, and financial health.
Professional Consultation: Professional financial advice service providers are well-represented in India, and they offer a wide range of services to individuals and businesses, including investment due diligence, mergers and acquisitions counselling, valuation, real estate consulting, risk consulting, and taxation consulting. These services are provided by a wide range of businesses, from small domestic consultants to large multinational organisations.
Money Management: Wealth is managed and invested across a variety of financial instruments, including debt, equities, mutual funds, insurance products, derivatives, structured goods, commodities, and real estate, based on the clients’ financial goals, risk appetite and time zones.
Mutual Funds (MFs): Mutual fund service providers offer professional investment services for funds comprised of a variety of asset classes, including debt and equity-linked assets. Mutual fund solutions have a lower buy-in than the stock market and debt goods. These products are very popular in India because they offer lower risks, tax benefits, consistent returns, and diversity. The mutual funds sector has enjoyed double-digit growth in assets under management over the previous five years.
Insurance: Insurance financial services are generally classified into two areas in this category: Automobile, home, medical, fire, travel, and other types of insurance Life insurance is a type of insurance that protects (term-life, money-back, unit-linked, pension plans, etc.)
Individuals and organisations can protect themselves from unforeseeable occurrences and accidents by purchasing insurance. Payouts are influenced by the type of product, time horizons, customer risk assessment, premiums, and a number of other important qualitative and quantitative factors. The life insurance (24) and general insurance (39) industries in India are both well-represented by insurance companies. India’s Insurance Regulatory and Development Authority oversees the insurance industry (IRDAI).