MBA Aspirants are expected to have sensitization for the job markets too in various sectors. Following general awareness article will help you in WAT/Essay/GD and PI also.
Read: BFSI Sector in India
Those companies who provide product mix of financial products or services are termed as Banking, Financial services and Insurance (BFSI).
Their services include core banking, retail, private, corporate, investment, credit /debit cards and also stock-broking, payment gateways, mutual funds, insurance covers etc.
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
However BFSI sector is facing challenges also. One of the most challenges is of demand and supply and services are not reaching to the certain fraction of the population which is rural and doesn’t have access to banking thus hindering the growth of BFSI sector.
Report from NABARD says that out of 46 million farmer households only 28 % are getting loans for farming sector and rest are not getting access even and this poor population is dependent on traditional barrowings from bhomidars and unorganized sector which exploits them at their maximum.
RBI has taken many steps to rectify and restore reach in unbanked areas. This sector is maneuvering it’s strategy and is trying to reach masses with the help of technology so that consumer are benefited. Usage of mobile banking is seen as transparency and faster delivery to consumers.
Recent Banking Laws amendment bill which was passed in parliament is likely to change the overall BFSI sector and since RBI is issuing new license to newcomers in banking, more banks will be opening shortly and hopefully each bank will open 5000 vacancies.
Report from Dun and Bradstreet ( D & B ) says that Indian economy is likely to get a steady growth trajectory with reforms coming in future and with the likelihood of government changing, new face of finance minister will have to perform.
With the help of investor awareness environment and strict regulations and plenty of positive measures, unlimited opportunities will come on way to BFSI sector and now with just providing a vanilla banking services the entire BFSI sector will transform to ‘anytime anywhere banking’.