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FINANCIAL SERVICES IN INDIA


THE ASSETS UNDER MANAGEMENT GROWTH IS EXPECTED TO DOUBLE TO US$ 1,207 BILLION
(RS. 100 TRILLION) BY 2030 IMPLYING A CAGR OF 14% FROM FY24 TO FY30.

Explore Other Industries Agriculture and Allied Industries Auto Components
Automobiles Aviation Ayush Banking Biotechnology Cement Chemicals Consumer
Durables Defence Manufacturing E-Commerce Education and Training Electric
Vehicle Electronics System Design & Manufacturing Engineering and Capital Goods
Financial Services FMCG Food Processing Gems and Jewellery Healthcare
Infrastructure Insurance IT & BPM Manufacturing Media and Entertainment Medical
Devices Metals and Mining MSME Oil and Gas Paper & Packaging Pharmaceuticals
Ports Power Railways Real Estate Renewable Energy Retail Roads Science and
Technology Services Steel Telecommunications Textiles Tourism and Hospitality


ADVANTAGE INDIA


GROWING
DEMAND

*The AUM of the Indian MF Industry has grown from Rs. 9.16 trillion (US$ 110.63
billion) in 2014, to Rs. 54.54 trillion (US$ 658.72 billion) in 2024, growing
~6x in a span of 10 years.

*Investment corpus in Indian insurance sector might rise to US$ 1 trillion by
2025.

*With >2,100 fintechs operating currently, India is positioned to become one of
the largest digital markets with rapid expansion of mobile and internet.




INNOVATION

*India benefits from a large cross-utilization of channels to expand reach of
financial services.

*Emerging digital gold investment options.

*In the Union Budget 2022-23 India announced plans for a central bank digital
currency (CBDC) which will be known as Digital Rupee.




POLICY
SUPPORT

*The government has approved 100% FDI for insurance intermediaries and increased
FDI limit in the insurance sector to 74% from 49% under the Union Budget
2021-22.




GROWING
PENETRATION

*Credit, insurance and investment penetration is rising in rural areas.

*HNWI participation is growing in the wealth management segment.

*Lower mutual fund penetration of 5-6% reflects latent growth opportunities.



Snapshot Showcase Infographics Reports Related News
Last updated: Jul, 2024

FINANCIAL SERVICES INDUSTRY REPORT

May, 2024


INTRODUCTION

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 payment banks to be created recently, thereby adding to the type 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% 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 MSMEs, issuing guidelines to banks regarding collateral
requirements and setting up a Micro Units Development and Refinance Agency
(MUDRA). With a combined push by Government and private sector, India is
undoubtedly one of the world's most vibrant capital markets.




MARKET SIZE

As of March 2024, AUM managed by the mutual funds industry stood at Rs. 53.40
lakh crore (US$ 641.75 billion) Inflow in India's mutual fund schemes via
systematic investment plans (SIP) from April 2023 to March 2024 stood at Rs. 2
lakh crore (US$ 24.04 billion).

Equity mutual funds registered a net inflow of Rs. 22.16 trillion (US$ 294.15
billion) by end of December 2021. The net inflows were Rs. 7,303.39 crore (US$
888 million) in December as compared to a 21-month low of Rs. 2,258.35 crore
(US$ 274.8 million) in November 2022.

Another crucial component of India’s financial industry is the insurance
industry. The insurance industry has been expanding at a fast pace. The total
first-year premium of life insurance companies reached US$ 32.04 billion in
FY23. In FY23 (until December 2022) non-life insurance sector premiums reached
Rs. 1.87 lakh crore (US$ 22.5 billion).



Furthermore, India’s leading bourse, the Bombay Stock Exchange (BSE), will set
up a joint venture with Ebix Inc to build a robust insurance distribution
network in the country through a new distribution exchange platform. In FY23,
US$ 7.17 billion was raised across 40 initial public offerings (IPOs). The
number of companies listed on the BSE increased from 135 in 1995 to 5,357 as of
March 2024.

According to the statistics by the Futures Industry Association (FIA), a
derivatives trade association, the National Stock Exchange of India Ltd. (NSE)
emerged as the world’s largest derivatives exchange in 2020 in terms number of
contracts traded. NSE was ranked 4th worldwide in cash equities by number of
trades as per the statistics maintained by the World Federation of Exchanges
(WFE) for CY20.


INVESTMENTS/DEVELOPMENTS

The Financial Services Industry has seen major achievements in the recent past:

 * In February 2024, Unified Payments Interface (UPI) recorded 12.10 billion
   transactions worth Rs. 18.28 lakh crore (US$ 220.77 billion).
 * The number of transactions through immediate payment service (IMPS) reached
   534.6 million (by volume) and amounted to Rs. 5.58 trillion (US$ 68.61
   billion) in February 2024.
 * India’s PE/VC investments were at US$ 77 billion in 2021, which was 62%
   higher than in 2020.
 * In 2021, Prosus acquired Indian payments giant BillDesk for US$ 4.7 billion.
 * In September 2021, eight Indian banks announced that they are rolling out—or
   about to roll out—a system called ‘Account Aggregator’ to enable consumers to
   consolidate all their financial data in one place.
 * In September 2021, Piramal Group concluded a payment of Rs. 34,250 crore (US$
   4.7 billion) to acquire Dewan Housing Finance Corporation (DHFL).


GOVERNMENT INITIATIVES

Some of the major Government Initiatives are

 * In 2023, the government revamped the credit guarantee scheme. The inflow of
   Rs. 9,000 crore (US$ 1,080.97 million) into the corpus of the Credit
   Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) will give MSMEs
   more access to collateral-free loans.
 * In September 2021, the international branch of the National Payments
   Corporation of India (NPCI), NPCI International Payments (NIPL), has teamed
   with Liquid Group, a cross-border digital payments provider, to enable
   QR-based UPI payments to be accepted in 10 countries in north and southeast
   Asia.
 * On September 30, 2021, the Reserve Bank of India communicated that the
   applicable average base rate to be charged by non-banking financial companies
   – micro-finance institutions (NBFC-MFIs) to their borrowers for the quarter
   beginning October 1, 2021, will be 7.95%.
 * On September 30, 2021, the IFSC Authority constituted an expert committee to
   recommend an approach towards the development of a sustainable finance hub
   and provide a road map for the same.
 * In August 2021, Prime Minister Mr. Narendra Modi launched e-RUPI, a person
   and purpose-specific digital payment solution. e-RUPI is a QR code or SMS
   string-based e-voucher that is sent to the beneficiary’s cell phone. Users of
   this one-time payment mechanism will be able to redeem the voucher at the
   service provider without the usage of a card, digital payments app, or
   Internet banking access.


ROAD AHEAD

India’s financial services industry has experienced huge growth in the past few
years. This momentum is expected to continue. India’s private wealth management
Industry shows huge potential. India is expected to have 16.57 lakh HNWIs in
2027. This will indeed lead India to be the fourth-largest private wealth market
globally by 2028. India’s insurance market is also expected to reach US$ 250
billion by 2025. This will further offer India an opportunity of US$ 78 billion
in additional life insurance premiums from 2020-30.

India is today one of the most vibrant global economies on the back of robust
banking and insurance sectors. The relaxation of foreign investment rules has
received a positive response from the insurance sector, with many companies
announcing plans to increase their stakes in joint ventures with Indian
companies. Over the coming quarters, there could be a series of joint venture
deals between global insurance giants and local players.

The Association of Mutual Funds in India (AMFI) is targeting a nearly five-fold
growth in AUM to Rs. 95 lakh crore (US$ 1.15 trillion) and more than three times
growth in investor accounts to 130 million by 2025.



India's mobile wallet industry is estimated to grow at a CAGR of 23.9% between
2023 and 2027 to reach US$ 5.7 trillion.

According to Goldman Sachs, investors have been pouring money into India’s stock
market, which is likely to reach >US$ 5 trillion, surpassing the UK, and become
the fifth-largest stock market worldwide by 2024.

Note: The conversion rate used for April 2024 is Rs. 1 = US$ 0.012

References: Media Reports, Press Releases, IRDAI, General Insurance Council,
Reserve Bank of India, Union Budget 2023-24

FINANCIAL SERVICES INDUSTRY REPORT

May, 2024


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LEADING ASSET MANAGEMENT COMPANIES (AMCS) IN INDIA
(AS OF Q4 FY22)


INDUSTRY CONTACTS

 * Ministry of Finance
 * Securities and Exchange Board of India (SEBI)
 * Insurance Regulatory and Development Authority (IRDA)
 * Reserve bank of India (RBI)
 * Association of Mutual Funds In India
 * Institute for Development and Research in Banking Technology
 * India Banks Association


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