Here, you’ve arrived at the most comprehensive list of financial services.
As of right now, the financial service sector in India is at a growing pace and expected to boom in the upcoming years. This specific point has made people interested in this sector, but then some people are confused or have no idea regarding the categories of financial services existing in India.
If you’re one of those people, don’t you worry because we’ve got the perfect solution. Here, we put out a complete list of financial services in India.
The primary reasons behind flourishing financial services in India are the increasing demands, supportive policies, Innovation, and expanded market penetration.
There are several types of financial services that one can opt for. But if you wish to save your hard-earned money and also await an amazing return on the same, then you should definitely choose Wealth management.
This bit of financial services facilitates people with managing & investing their wealth into several financial instruments. These financial instruments consist of insurance products, mutual funds, equity, debt, and financial goals of an individual.
The Indian banking sector has always stood the test of time and come out as a sure shot winner no matter the situation. RBI governs this particular sector and looks after this sector’s capitalization, liquidity, and financial health. It is also taking various steps to reconstruct the domestic banking industry.
Currently, the banking industry in India has opted for innovative models of banking, such as payment and small finance banks. As of now, India has a total of 21 private sectors, 27 public sectors, 56 regional rural, 49 foreign, and more than 95,000 urban/rural cooperative banks.
This sector offers various types of financial services like Individual Banking, Business Banking, and Loans. Recently, India made it to level 5 in the Faster Payments Innovation Index (FPII).
Insurance is one of the essential categories of financial services that evaluate the risk in insuring any client. It further acts as an advisor for investment banks and advises on risks involved in a loan. In India, this service is looked upon by IRDAI.
This service is available in two categories, like General Insurance and Life Insurance. It provides much-needed safety to people against any unseen situations. Currently, there are several companies offering insurance in India under 24 life insurance and 39 general insurance categories.
While talking about types of financial services, one thing that holds utter importance is Tax and Accounting services. This particular service is classified into two sections, such as Individual Tax and Business Tax.
Here the accountants look after the financial statements like cash flow statement, balance sheet, Income statement following the guidelines of GAAP. Not only that, but they also scrutinize the incomes, liabilities, and expected expenses.
In accounting, there is an additional section of auditing which is performed by accountants. It consists of various services like internal audit, statutory audit, tax audit, stock audit, and risk audits. These particular services maintain the smooth running of a business.
Mutual Funds are included in the categories of financial services as they provide investment services that cover the divergent debts, assets, and equity-linked assets. This particular investment is divided into several groups and is led by professionals.
Mutual Funds are considered to be the best options for people who wish to invest only a little amount and not a huge one. The degree of risk is lesser here when compared to other investments due to multiple partners.
Portfolio Management Services comprise generating and further maintaining an investment account. These portfolios are managed by professional portfolio managers on behalf of other individuals. An individual can also opt for building and maintaining their own portfolio account.
The particular service aims to amplify the returns expected from the invested amount while keeping in mind the risk attached herewith. Basically, it is a long-term strategy that enables people to reach their financial goals.
The portfolio managers analyze various types of assets such as debt, insurance, real estate, and equity and are focused on HNIs.
The Stock Market is considered to be an integral category of financial services. Basically, it encompasses several activities like buying, selling, and insurance of companies held by the public.
This activity can be performed from several stock trading places in a country where business takes place in the form of stock and securities. Talking about India, its stock market is governed by the Securities and Exchange Board of India.
This particular component has all possible investment solutions of the Indian stock market for individuals residing in India. While investing everyone expects returns, here the individuals are entitled to profit/benefits on the basis of capital appreciation.
We hope this list of financial services in India will help you in making further financial decisions. Let us know in the comments which of these financial services is the apt one. If we have missed any, please write in the comment section.