India is today one of the most vibrant global economies, on the back of robust banking,
finance and insurance sectors.
India has a diversified financial sector undergoing rapid expansion and growth. The BFSI
sector comprises commercial banks, Financial and Non-banking Financial Companies, Stock
Market, Mutual Fund and insurance companies and other smaller financial entities.
The financial sector in India is predominantly a banking sector with commercial banks
accounting for more than 64 per cent of the total assets held by the financial system.
The MF industry’s Assets under Management (AUM) has grown from Rs 10.96 trillion (US$ 156.82
billion) in October 2014 to Rs 28.18 trillion (US$ 403.32 billion) in January 2020.
Another crucial component of India’s financial industry is the insurance industry. The
insurance industry has been expanding at a fast pace.