Banking and Financial
Banking and Financial Services
Banking and Financial Services is an industry term used for organizations which provide financial products or services. Banks in India can be classified into two categories: commercial banks and co-operative banks. The banking sector contributes about 7.7% of the total GDP of the country. The Ministry of Finance is the governmental regulatory body for this sector in India and the Reserve Bank of India(RBI) is India’s central banking institution. The RBI controls the monetary and banking policies of the government. India ranks sixth and seventh in the banking sector globally with regard to cost ratios and profitability respectively.
The Indian banking system consists of 12 public sector banks, 21 private sector banks,56 regional rural banks,49 foreign banks, 1562 urban co-operative banks besides co-operative credit institutions (FY17 data).In FY07-18, the total deposits increased at a CAGR of 11.66% and total lending increased by 10.94% CAGR. India ranks fourth in emerging countries in the retail credit market. It increased to USD 281 billion in December 2017 from USD 181 billion in December 2014. The budget 2019 allocation for this sector in the Union Budget presented by the government is Rs. 1,005,985.08 crores. Finance Minister Nirmala Sitharaman announced a Rs. 70,000 crore capital insertion into public sector banks in an effort to uplift credit.
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We have vast experience with clients in the banking and finance sector, which enables us to devise your financial, tax, entry strategy, entity strategy, foreign direct investment strategy and regulatory strategies in an informed manner to enable your banking and finance business to derive the desired value and results.
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