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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