Banking & Finance
The segments in this sector are: core banking, retail, private, corporate, investment, cards, (Banking) stock-broking, payment gateways, mutual funds (Financial Services) and Insurance covers Life and Non-life insurances.
India has the potential to become the fifth largest Banking Industry in the world by 2020, according to KPMG-CII report. According to IBEF, at present, there are 26 public sector banks, 56 private sector banks and 43 foreign banks along with 61 regional rural banks (RRBs) and more than 90,000 credit cooperatives. The insurance industry is also thriving in India. It recorded a 12% growth early this year.
According to data available from IBEF, India’s life insurance sector is the biggest in the world with about 360 million policies, which are expected to increase at a Compounded Annual Growth Rate (CAGR) of 12-15 per cent over the next five years. The insurance industry is planning to hike penetration levels to five per cent by 2020, and could top the US$ 1 trillion mark in the next seven years. The total market size of India’s insurance sector is projected to touch US$ 350-400 billion by 2020.