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Indian Financial Sector – an Evolution
Indian Financial Services today has transformed into a technology intensive and customer friendly model with a focus on convenience. The sector is set to witness the emergence of financial supermarkets in the form of universal banks providing a suite of services from retail to corporate banking and industrial lending to investment banking. |
Triggers for employment opportunities in India
The banking and finance sector has witnessed a turn around in last five years and likely to grow exponentially in next 3 decades. The emergence of retail banking, new finance products, Eco. Growth of India, emergence of private sector players in finance and overall economic growth need good quality trained finance people, for all levels of operations for every corporate, bank, financial or non-financial institutions.
Indian pharmaceutical industry is well positioned for sustainable growth and expansion and is expected to grow at a cumulative annual growth rate (CAGR) of 16 per cent over 2007-11 according to a KPMG-Confederation of Indian Industry (CII) study entitled `Indian Pharma Inc. – A continuing success story.’ The industry has grown at a CAGR of 13 per cent during 2002-07 and over the last couple of years, the industry has grown at about 1.5-1.6 times the growth of the economy. |
Road Ahead
According to a report by Boston Consultancy Group, the profit pool of the Indian banking industry is estimated to increase from US$ 4.8 billion in 2005 to US$ 20 billion in 2010 and further to US$ 40 billion by 2015.
Simultaneously, driven by the expansion of the middle class population, increase in private banks and the burgeoning national economy, the domestic credit market of India is estimated to grow from US$ 0.4 trillion in 2004 to US$ 23 trillion by 2050. With such a favorable scenario, India is likely to emerge as the third largest banking hub in the world by 2040, says a Pricewaterhouse Coopers report. |
Source of Information: http://ibef.org |
BFSI
BFSI 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. Finbank at Task have managed to sense the employability and people's skills in different functions of financial industry. With our adaptibility towards change and d 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 Finbank 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. |
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