With a sufficiently capitalized and well-regulated banking sector, India has withstood the global turndown and has proven to be resilient enough on the face of it. Innovative banking models like payments and small finance banks will go a long way in reconstituting the Indian banking industry. Private sector banks control more than 20 per cent of the market and the value of mobile banking transactions has increased four times year-on-year. It is estimated that credit growth in India’s banking sector would go up to 11-13 per cent in FY 17.
India has the fifteenth largest insurance industry in the world waiting to explore further territories. Non-banking financial companies (NBFCs) are a significant part of the Indian financial system, the growth drivers namely being mortgages, unsecured loans and microfinance providers. A vibrant asset management industry and an under tapped mutual fund market should push India to traverse newer paths in the BFSI stratum. Manpower requirement in the BFSI sector is gauged to be 8.5 million by 2022.
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