A vibrant asset management industry and an under tapped mutual fund market should push India to traverse newer paths in the BFSI stratum. Non-banking financial companies (NBFCs) are a significant part of the Indian financial system, the growth drivers namely being mortgages, unsecured loans and microfinance providers. India has the fifteenth largest insurance industry in the world waiting to explore further territories. It is estimated that credit growth in India’s banking sector would go up to 11-13 per cent in FY 17. Private sector banks control more than 20 per cent of the market and the value of mobile banking transactions has increased four times year-on-year.
Innovative banking models like payments and small finance banks will go a long way in reconstituting the Indian banking industry.
With a sufficiently capitalized and well-regulated banking sector, India has withstood the global turndown and has proven to be resilient enough on the face of it.
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