Banking, Insurance and Financial Institutions

This sector has been a vital contributor to the country’s GDP accounting for over 6 per cent share in 2014-15. The sector comprises of commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities. The financial sector in India is predominantly a banking sector with commercial banks accounting for over 64 per cent of the total assets held by the financial systems in India.