Banking Financial Services And Insurance (Bfsi) Industry Growth Analysis Report, Share, Trends, Forecast to 2026

BFSI sector of India is historically regarded as one of the most stable systems across the globe, even with global upheavals, as quoted by the Invest India. The Government of India is continuously striving in the promotion of financial annexation in the banking sector through initiatives that are targeted primarily to bring the India’s underbanked population under the banking array. The banking sector of India is broadly fragmented into public sector banks, private sector banks, foreign banks, and regional rural banks. As per Invest India, the Indian banking industry comprises 27 public sector banks, 21 private sector banks, 49 foreign banks, and 56 regional rural banks. Along with these, the country consists of 1,562 urban cooperative banks and 94,384 rural cooperative banks.

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In fiscal year 2019, the public and private banking sector were $1422.9 billion and $741.8 billion, respectively. During April 2000-December 2019, around $80.7 billion of FDI inflows were attracted under the service sector (finance, banking, insurance, non-fin/business, outsourcing, others).

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Banking Sector

Indian banking industry is envisaging a growth with few industry trends in the market, which includes mobile banking, blockchain, cloud banking, and banktech. As per Invest India, the digital payments are expected to get doubled to $135.2 billion by 2023. In addition, around 11 banks in India have joined a blockchain-based trade financing network in 2019. These trends are supported by the Government of India through subsidies tax incentives to the fintech players to encourage the adoption of digital solutions in their banking systems. The fintech sector is considering India a potential market for expansion due to the availability of large untapped region and the favorable government support for digital banking.

In May 2019, Niti Aayog, a policy think tank of the Government of India, calls for an open banking approach in India to end data monopoly. The competition in the banking industry has been reported owing to the significant presence of both local and foreign banks. According to CFA Institute, Paytm had raised $1,400 million and PhonePe funding amount to $500 million in 2017 in India for the development of fintech platforms. Around 29 startups out of 78 are currently working in fintech space in the country.

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This release was published on openPR.