10 Types of Financial Services Available in India

10 Types of Financial Services Available in India

Since 1990, the Indian financial services industry has undergone a transformation. Commercial banks and other financial institutions dominated the field prior to its emergence, meeting the financial needs of the Indian industry. Only after economic liberalization did the financial services sector gain prominence. This sector has now evolved into an industry. In fact, the financial services industry is now one of the world's largest. Financial services are an important component of the financial system. A modern economy is built on financial services.

The Definition of Financial Services

In general, all financial-related activities can be classified as financial services. Financial services, in a broad sense, refer to the mobilization and allocation of savings. As a result, it encompasses all activities involved in the conversion of savings into investments. Financial services are those offered by the finance industry. The finance industry includes a wide range of organizations that deal with money management. Banks, credit card companies, insurance companies, consumer finance companies, stock brokers, investment funds, and some government-sponsored enterprises are among these organizations

The Indian financial services industry is divided into several key segments. Mutual funds, pension funds, insurance companies, stockbrokers, wealth managers, financial advisory firms, and commercial banks, among others, ranging from small domestic players to large multinational corporations. Individuals, private businesses, and public organizations are among those who benefit from the services.

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