BFSI

13Aug

BFSI : An Overview

BFSI – Banking, Financial Services and Insurance sector

What is BFSI Sector ?

BFSI: The sector encompasses banking, financial services, and insurance products tailored to meet customer requirements. Within this industry, one can find universal banks and various firms that deliver a diverse array of financial products and services. Essentially, the BFSI sector includes insurance providers, commercial banks, cooperatives, non-banking financial institutions, and other smaller financial organizations. In the past 15 years, BFSI has seen massive growth and is the top priority industry for Indian economic development based on inclusive growth. With InHire, you can learn the professional BFSI skills that boost your employment opportunities.

Functional Opportunities in BFSI

The BFSI sector is anticipated to experience substantial growth in the forthcoming years, driven by India’s economic development and an increasing public awareness of financial products and services.

The introduction of new and enhanced product offerings will create significant opportunities for the establishment of niche markets.

RSM is strategically positioned to deliver a range of services on these IT platforms, as the industry has integrated IT into its core business strategies.

Intensive regulatory scrutiny will require ongoing vigilance and the implementation of risk-mitigation strategies, which will include various control measures such as ‘Risk-Based Audits’ (RBA) as outlined by:

The Reserve Bank of India in its RBA guidelines for banks,
The Insurance Regulatory and Development Authority of India (IRDA) oversees the insurance sector, while the Securities and Exchange Board of India (SEBI) governs the mutual fund industry.

Major Services in BFSI