Banking and Financial Services

Robust banking and insurance sectors back the Indian economy. The Indian banking sector has public sector banks, private sector banks, foreign banks, rural banks, urban cooperative banks, and rural cooperative banks.

India has a diversified banking and financial industry in terms of established financial services businesses' and new arrivals into the market. The Indian commercial banks account for 64% of the total financial system assets.

Reasons for Investing

In the next decade, India is expected to be the world's fourth-largest private wealth market.
More than 425.5 million of bank accounts opened under the government's 'Pradhan Mantri Jan Dhan Yojana (PMJDY)' financial inclusion scheme
Increase in bank credits at a CAGR of 3.57% and deposits grew at a CAGR of 13.93%
Merger and Acquisition activities worth US$ 1.72 billion were witnessed in the recent times
Increase in insurance sector FDI limit from 46% to 74%
WhatsApp has recently introduced UPI payments in the Indian market. Google Pay has partnered with digital lending platforms for MSMEs to allow small business owners to access credits through the FlexiLoans
A record high of 3.25 billion Unified Payments Interface (UPI) transactions worth US$ 81.48 billion was registered

Industry Growth Factors

Increase in demand for financial services across all working classes as disposable income increases
Better credit, insurance, and investment penetration in rural markets with innovative banking models like payment and small finance banks
Increased operational efficiency with mobile internet banking and ATM add on services
Significant boost in the number of digital transactions owing to Reserve Bank of India's (RBI) 'Payment Systems Vision 2021.'
Growth in wealth management segment with increased HNWI participation (High Net Worth Individual)
Retail investors granted access to the government securities market
Systematic Investment Plans (SIP) increases cash inflow in India's mutual fund schemes
Technology infrastructure upgrade to enhance the overall banking experience
Vast population without access to bank accounts provides innovation scope in delivery
Policies supporting private sector participation and liquidity infusion

What we can do for you?

Step 1

Business Registration

Choose a suitable business structure
Register your business with the Ministry of Corporate Affairs (MCA).
Obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN).

Step 2

Compliance and Licensing

• Apply for necessary licenses and permits based on your consultancy services (e.g., GST registration, Professional Tax registration).
• Ensure compliance with local, state, and national regulations.
• Set up a business bank account and maintain proper financial records.

Step 3

Operational Setup

Establish a physical or virtual office space.
Hire skilled professionals and build a competent team.
Develop a marketing strategy to attract clients and grow your business.

Would you like more detailed information on any of these steps?

Have any questions?

info@teamindiaglobal.com

Call us

+91 11 4987 6020

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