About BFSI

BFSI sector in India comprises of Banking,

Financial services and Insurance sector. BFSI
sector in India is valued at Rs. 81 trillion
and is likely to become fifth largest in the
world by year 2020 and third largest by year
2025.
The Indian banking system consists of 18
public sector banks, 22 private sector banks,
46 foreign banks, 53 regional rural banks,
1,542 urban cooperative banks and 94,384
rural cooperative banks as of September 2019.
Public sector banks account for 61.21% of the
total banking assets in FY19. In FY19, total
assets in public and private banking sector
were $1,422.97 bn and $741.79 bn,
respectively. India is amongst the fastest
growing FinTech markets in the world. India
ranked the highest globally in the FinTech
adoption rate with China. Digital payments
value of $65 bn in 2019 is expected to grow at
a CAGR of 20% till 2023. The Indian
insurance market had total gross written
premiums of $ 96.9 bn in 2017, representing a
CAGR of 12.3% between 2013 and 2017.
The CAGR of the market during 2017–22 is
predicted to be 4.9%. India accounts for 6.1%
of the Asia-Pacific insurance market value.
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