The finance sector is one of the most prominent sectors of any economy and has become
intrinsically strong and market oriented with IT sophistication and competencies. With
the economic and financial reforms, India has witnessed a new horizon of financial
industry that has brought multi fold effect on the financial institutional services, range of
financial products, digitalization of financial sector, amendment in the existing financial
structure and changes in various mechanisms and policies. The diversified financial
sector of India is rapidly expanding in terms of financial institution, services and
products, with commercial banks accounting for 64% of total assets hold by the
financial system. The Mutual fund industry is also accelerating a rise of 40% in the total
Assets Under Management (AUM) and the Association of Mutual Fund in India (AMFI)
is targeting 5 fold growth in the AUM by 2025. The Indian mobile wallet industry is
expected to have a CAGR of 150% by 2022. However, Indian Financial sector is
underpenetrated and there is wide opportunity for higher growth and expansion in the
market size with global integration and its strong collaboration capabilities. To
accelerate the growth of Indian economy and reach to the ultimate state of developed
nation, India needs a large base of financially literate and competent investor who flows
their saving towards the economic development and promotes optimization of financial
resource and financial well-being of people.
