Banking and Financial Services Industry ( BFSI )
Banking, Financial Services, and Insurance (BFSI) sector in India comprises of many segments such as Banking, Insurance, Mutual Funds, Non Banking Financial Companies (NBFC), etc. Banking and Insurance are the two single largest segments of BFSI contributing approximately 6% to GDP for the year ended 2007-08. Its contribution to GDP has grown at a CAGR of 11.5% over the period 2000 to 2008. Various studies have indicated that the penetration level of banking and financial services in India is low compared to other developed/developing countries and there is significant potential for the expansion of financial services.
Scope In BFSI
The BFSI sector employs approximately 4 to 4.5 million people in the four major segments, namely Banking, Insurance, Mutual Funds, and NBFCs. Out of the total people employed in the sector, approximately 2.5 to 3 million people are employed through various financial intermediaries such as Direct Selling Agents (DSAs), Insurance agents, Mutual Fund Advisors, etc. These are also known as ‘Feet-on-street’ profiles. Given the expected growth in the financial sector, it is expected that about 8.4 million persons would be employed in the BFSI sector by 2022. The incremental human resource requirement between 2008 and 2022 is expected to be about 4.2 million.
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