With the advancement of Technology and aided by a decent performing economy, the BFSI sector has seen quite a growth in India. India’s service sector accounts for 57% of the GDP and the BFSI sector plays a noteworthy role here.
The size of banking assets in India totalled US$ 1.8 trillion in FY 13 and is expected to touch US$ 28.5 trillion in FY 25.Bank deposits have grown at a compound annual growth rate (CAGR) of 21.2 per cent over FY 06-13. In FY 13, total deposits were US$ 1,274.3 billion. The revenue of Indian banks increased from US$ 11.8 billion to US$ 46.9 billion over the period 2001-2010. Profit after tax also reached US$ 12 billion from US$ 1.4 billion in the period. Credit to housing sector grew at a CAGR of 11.1 per cent during the period FY 08-13. Total banking sector credit is anticipated to grow at a CAGR of 18.1 per cent (in terms of INR) to reach US$ 2.4 trillion by 2017. In FY 14, private sector lenders experienced significant growth in credit cards and personal loan businesses. ICICI Bank saw 141.6 per cent growth in personal loan disbursement in FY 14, as per a report by Emkay Global Financial Services. The bank also experienced healthy growth of 20.8 per cent in credit card dues, according to the report. Axis Bank's personal loan business also grew 49.8 per cent, with its credit card business expanding by 31.1 per cent.
With 36 crore policies, India's life insurance sector is the world’s largest. The life insurance industry in the country is forecasted to increase at a compound annual growth rate (CAGR) of 12–15 per cent in the next five years. The industry aims to hike penetration levels to five per cent by 2020, and has the potential to touch US$ 1 trillion over the next seven years. During FY 14, foreign institutional investors (FIIs) invested a net amount of about Rs 80,000 crore (US$ 13.31 billion) in India's equity market, according to data by Securities and Exchange Board of India (SEBI). Insurance companies in India will spend about Rs 12,100 crore (US$ 2.01 billion) on IT products and services in 2014, a 12 per cent increase over the previous year, according to Gartner Inc. The forecast includes spending by insurers on segments such as internal IT (including personnel), telecommunications, hardware, software, and external IT services. The Rs 1200 crore (US$ 202.47 million) software segment is predicted to be the fastest growing external segment, with overall growth of 18 per cent in 2014.
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