Introduction

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India has a diversified financial sector, which is undergoing rapid expansion. The sector comprises commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities.

India's services sector has always served the country’s economy well, accounting for about 57 per cent of the gross domestic product (GDP). In this regard, the financial services sector has been an important contributor.

The banking industry in India has the potential to become the fifth largest banking industry in the world by 2020 and third largest by 2025 according to a KPMG-CII report. Over the next decade, the banking sector is projected to create up to two million new jobs, driven by the efforts of the RBI and the Government of India to integrate financial services into rural areas. The advent of technology has also aided the growth of the industry. The report also expects bank credit to grow at a compound annual growth rate (CAGR) of 17 per cent in the medium term leading to better credit penetration. Life Insurance Council, the industry body of life insurers in the country also projects a CAGR of 12–15 per cent over the next few years for the financial services segment.

Source of Information: http://ibef.org

BFSA

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BFSA at TASK evolved through the different phases of transformation in Indian Financial Industry. As the Indian Financial sector grew with the turning points like extensive reach, Technological developments, improved customer service and a complete financial shop, we at Task have managed to leverage these changes in the industry. BFSA team at TASK have managed to sense the employability and people's skills in different functions of financial industry. With our adaptability towards change and forecasting skills we have always revisited the client mix that we cater to and have been able to penetrate on the situations like boom in retail credit, Mergers and Acquisitions, Private banking & Wealth Management, SME and Rural Finance etc. This penetration made BFSA evolve as a leading practice at TASK, with the growth of 37% in the year 2007-08, where in the Indian Financial Sector had registered growth of 26.35% in employment opportunities.

BFSA Basket

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• Banking
• Financial Services - NBFCs, Asset Management Cos & Securities
• Analytics
• Consulting
• KPO