Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds and some government-sponsored enterprises.
In India, the financial services market is highly underpenetrated compared to most developed countries across the globe. This highlights the potential for the growth of this sector in India in the coming years. The data below will help understand how underpenetrated the market us and how much scope for growth could unleash.
|Credit as a % of GDP|
|Housing Loans as a % of Loan portfolio|
|Rising share of housing loans as % of GDP at market prices|
|Mutual Fund Market|
|AUM to GDP Ratio|
|Net Equity Inflows in India|
|in Rs bn|
|Indian Life Insurance Industry|
|Life Insurance premium density per capita (USD) |
|% of medical expenditure funded through Insurance|