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What is ‘BFSI’, and why is it important?
BFSI: Banking, Financial Services, and Insurance; an umbrella term for many companies that offer financial products and services that keep the economy running.
Here are some details on the big players in BFSI as well as their importance:
Banks: These are companies that always come to mind when carrying out, mostly, any financial transaction. They are the ones that hold your deposits, grant loans, and allow you to transfer money. Banks come in various flavours; there are commercial banks for business, retail banks for the man on the street, and investment banks that raise capital for corporations.
Here are a few of the leading Indian banks offering these services: State Bank of India (SBI), HDFC Bank, IndusInd Bank, Kotak Mahindra Bank, and Axis Bank.
Financial Services: It encompasses general companies that perform as middlemen or offer advice in the financial sector. Investment companies assist in the growth of your wealth through shares, bonds, and other investment products. Brokers link you to the stock market and carry out transactions for purchasing and selling shares. Payment gateways enable secure online operations, along with offering personal financial planning advice from firms…
