Banking & Insurance

  As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalised and well-regulated.

• Indian banking industry has recently witnessed the roll out of innovative banking models like payments and small finance banks.
• Internet Banking, Mobile Banking and various extensions of facilities at the ATM improve the operational efficiency.
• India’s digital lending stood at US$ 75 billion in FY18 and is estimated to reach US$ 1 trillion by FY2023 driven by the five-fold increase in the digital disbursements.

 The insurance industry of India consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers.

• Insurance Industry in India is expected to reach US$ 280 Billion by 2020, driven by increased awareness, innovative products and more distribution channels.
• Life insurance industry in the country is expected grow by 12-15 per cent annually for the next three to five years.
• Demographic factors such as growing middle class, young insurable population and growing awareness of the need for protection and retirement planning will support the growth of Indian life insurance