Financial Services

India has a diversified financial sector undergoing rapid expansion, both in terms of strong growth of existing financial services firms and new entities entering the market. The sector comprises commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities. The banking regulator has allowed new entities such as payments banks to be created recently thereby adding to the types of entities operating in the sector. However, the financial sector in India is predominantly a banking sector with commercial banks accounting for more than 64 per cent of the total assets held by the financial system.

The Government of India has introduced several reforms to liberalise, regulate and enhance this industry. The Government and Reserve Bank of India (RBI) have taken various measures to facilitate easy access to finance for Micro, Small and Medium Enterprises (MSMEs). These measures include launching Credit Guarantee Fund Scheme for Micro and Small Enterprises, issuing guideline to banks regarding collateral requirements and setting up a Micro Units Development and Refinance Agency (MUDRA). With a combined push by both government and private sector, India is undoubtedly one of the world’s most vibrant capital markets.

Indian Banking

As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalised and well-regulated. The financial and economic conditions in the country are far superior to any other country in the world. Credit, market and liquidity risk studies suggest that Indian banks are generally resilient and have withstood the global downturn well.

Indian banking industry has recently witnessed the roll out of innovative banking models like payments and small finance banks. RBI’s new measures may go a long way in helping the restructuring of the domestic banking industry.
The digital payments system in India has evolved the most among 25 countries with India’s Immediate Payment Service (IMPS) being the only system at level 5 in the Faster Payments Innovation Index (FPII).

In August 2017, Global rating agency Moody’s announced that its outlook for the Indian banking system was stable. In November 2017, Global rating agency Moody’s upgraded four Indian banks from Baa3 to Baa2.

Insurance

The insurance industry of India consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the non-life insurers there are six public sector insurers. In addition to these, there is sole national reinsurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian Insurance market include agents (individual and corporate), brokers, surveyors and third party administrators servicing health insurance claims.

Out of 33 non-life insurance companies, five private sector insurers are registered to underwrite policies exclusively in health, personal accident and travel insurance segments. They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd, Religare Health Insurance Company Ltd and Cigna TTK Health Insurance Company Ltd. There are two more specialised insurers belonging to public sector, namely, Export Credit Guarantee Corporation of India for Credit Insurance and Agriculture Insurance Company Ltd for crop insurance.

Below are some examples of completed assignments:

• Associates for a Big 4 Management Consulting firm, Mumbai
• Assistant Managers for a Big 4 Management Consulting firm, Mumbai
• Senior Anaylst for a Big 4 Management Consulting firm, Mumbai
• Associates Taxation for a Big 4 Management Consulting firm, Mumbai
• Assistant Manager – Audit for a Big 4 Management Consulting firm, Mumbai
• Senior Consultants for a Big 4 Management Consulting firm, Mumbai
• Sr Associates for a Big 4 Management Consulting firm, Mumbai
• Consultant RAS for a Big 4 Management Consulting firm, Mumbai
• Associate Consultant Automobile for a Management Consulting firm, Mumbai
• Engagement Manager SCM for a Management Consulting firm, Mumbai
• Principal Chemicals for a Management Consulting firm, Mumbai
• Project Lead SCM for a Management Consulting firm, Mumbai
• Associate Consultant Retail for a Management Consulting firm, Mumbai
• Associate Consultant Chemical for a Management Consulting firm, Mumbai
• Practice Head Organisation Effectiveness for a Management Consulting firm, Mumbai
• Sr. Associate – Indirect Tax for a leading Law firm, Delhi
• Sr. Associates for a leading Law Firm, Mumbai
• Associate Litigation for a leading Law Firm, Mumbai
• Associate Real Estate for a leading Law Firm, Mumbai
• Associate Manager for a leading Law Firm, Mumbai
• Associate – Criminal Lawyer for a Law Firm, Mumbai
• Associates for a Law firm, Delhi
• Associates & Sr. Associates for a leading Law Firm, Mumbai
• Head HR Agency Operations for an Insurance company, Gurgaon
• AVP – Java for an Insurance company, Mumbai
• VP Digital Solutions for an Insurance company, Gurgaon
• VP Digital Solutions for an Insurance company, Delhi
• CTO for a Finance Bank, Chennai
• GM – Information Security for a Finance Bank, Chennai
• CTO for a Bank, Nigeria
• VP Operations for a Capital Market Services company, India
• VP Analytics for a Private Sector Bank company, India
• AVP Operations for a Capital Market Services company, India
• Director for a Global Financial Analytics company, India
• Director – AML compliance for a Leading brand in money transfer company, Dubai
• VP Actuaries for a Global Insurance Major, Pune
• AVP Compliance for an Insurance company, Gurgaon
• AVP – Enterprise Accounts for an Insurance company, India
• Associate Director – BFSI Sales for a Global Analytics company, India
• Commercial Finance Advisor for a Bank, Lagos