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Banking & Financial Services Industry Overview

The life Insurance industry in India is estimated to grow at a compounded annual growth rate (CAGR) of 14.1 per cent, according to a report by BRIC data. This would make India the third-largest market for life insurance in the world by 2018. In the non-life insurance industry, health insurance is the second largest segment in India; with players in both the public and private sectors playing an active role. The Indian health insurance industry has seen major growth in the past 6 years. The Indian health insurance industry is expected to grow at a CAGR of 37.2% over the next few years.

As per the KPMG-CII report, India’s Banking and Financial sector is expanding rapidly. Indian economy has the potential to become the fifth largest banking industry in the world by 2020 and third largest by 2025. The Indian Banking industry is currently worth US $ 1.31 trillion. The Indian Banking sector consists of 27 Public Sector Banks, 25 Private Sector Banks and 46 Foreign Banks along with 56 Regional Rural Banks (RRBs) and more than 90,000 credit cooperatives.
In 2012 parliament passed the Banking laws (amendment) bill which empowers RBI to take final call on issuing new bank licenses. It is expected that a more proactive role of RBI will lead to an exceptional growth in this sector. India will see a rise in number of banks in the country, a shift in the style of operation, a banking industry more integrated with technology. The Banking and Financial Services Industry is expected to recruit about 8.4 million people as per the growth rate each year.

BFSI workforce requirement between 2016 to 2022 is expected to be about 4.2 million and sector may create up to 20 lakh new jobs in the next 5-10 years.
According to ‘Human Resource and Skill Requirements in the Banking, Financial Services & Insurance Sector (2022) report, apart from the on-rolls employment there is significant contractual employment across all the above segments through various financial positions such as Direct Selling Agents (DSA’s), Insurance agents, Mutual Fund Advisors, etc.

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