Banking, Wealth Mgt & Financial Services
India's banking sector is constantly growing also India's services sector has always served the country's economy well, accounting for about 57 per cent of the gross domestic product (GDP). In this regard, the financial services sector has been an important contributor. Following the passing of the Banking Laws (Amendment) Bill by the Indian Parliament in 2012, the landscape of the banking industry began to change. The bill allows the Reserve Bank of India (RBI) to make final guidelines on issuing new licenses, which could lead to a bigger number of banks in the country. Some banks have already received licences from R.B.I.
The Government of India has introduced reforms to liberalise, regulate and enhance this industry. At present, India is undoubtedly one of the world's most vibrant capital markets. Challenges remain, but the future of the sector looks good. The advent of technology has also aided the growth of the industry. About 75 per cent of the insurance policies sold by 2020 would, in one way or another, be influenced by digital channels during the pre-purchase, purchase or renewal stages, as per a report by Boston Consulting Group (BCG) and Google India.
Over the next decade, the banking sector is projected to create up to two million new jobs, driven by the efforts of the RBI and the Government of India to integrate financial services into rural areas. Also, the traditional way of operations will slowly give way to modern technology.
Total banking assets in India touched US$ 1.8 trillion in FY13 and are anticipated to cross US$ 28.5 trillion in FY25. Bank deposits have grown at a compound annual growth rate (CAGR) of 21.2 per cent over FY06–13. Total deposits in FY13 were US$ 1,274.3 billion. Total banking sector credit is anticipated to grow at a CAGR of 18.1 per cent (in terms of INR) to reach US$ 2.4 trillion by 2017.
India is yet to tap into the potential of mobile banking and digital financial services. Forty-seven per cent of the populace have bank accounts, of which half lie dormant due to reliance on cash transactions, as per a report. Still, the industry holds a lot of promise. India's banking sector could become the fifth largest banking sector in the world by 2020 and the third largest by 2025.
Our Expertise in Banking, Wealth Management & Financial Services include-
- Wealth Management
- Retail Banking Roles
- Commercial Banking
- Private Banking
- Roles in Asset Management Companies(AMC's)
- Insurance(Life & Non Life)