Indian Banking & Financial Industry currently worth $1.31 trillion and insurance industry recorded a new premium income of $20.54 billion, indicating a growth rate of 22.5 percent. Prime Minister Narendra Modi’s Pradhan Mantri Jan DhanYojana for financial inclusion to ensure access to financial services, namely banking savings & deposit accounts, remittance, credit, insurance, pension and others has made its mark even in the Guinness World Records that recognized the achievements made under PMJDY. Various other initiatives by the Indian government like crop insurance, pension schemes and more have further

fuelled the BFSI industry growth.Digitalization of banking services has also enabled the industry to penetrate further among its target audience residing in the far flung areas.

Many financial companies have jumped into the bandwagon to offer various services catering to different groups and needs of people. The industry has opened its door wider for SMEs and MSMEs, while farmers too are getting the much needed fuel for their agriculture. But to our dismay, only a handful of financial institutions have opted to serve this needy segment of the society. However, this number will see considerable rise in the near future considering various programs and initiatives launched by the Indian government, which will surely bring more transparency into the system.

This transparency will result in enhanced positive business sentiments and improved customer confidence, ultimately leading to the economy’s growth. BFSI sector will further play a key role in meeting credit needs of various sectors of the economy. Understanding these developments which are projected for the coming years, siliconindia brings to you the story of ‘10 Most Promising BFSI Service Providers’ who cater to various segments of the society, be it education or agriculture or industry. We hope the list will help you get your financial partner who takes you and your business miles without any flinging issues.

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