PROJECT

FINANCIAL SERVICE INDUSTRY

Submitted by:
Arunima Viswanath
HR Intern
Batch ID: 21HR30B12
FINANCIAL SERVICE SECTORS

The financial services sector provides financial services to people and corporations.
This segment of the economy is made up of a variety of financial firms
including banks, investment houses, lenders, finance companies, real estate brokers,
and insurance companies. As noted above, the financial services industry is probably
the most important sector of the economy, leading the world in terms of earnings and
equity market capitalization. Large conglomerates dominate this sector, but it also
includes a diverse range of smaller companies. Companies in the financial services
industry manage money. For instance, a financial advisor manages assets and offers
advice on behalf of a client. The advisor does not directly provide investments or any
other product, rather, they facilitate the movement of funds between savers and the
issuers of securities and other instruments. This service is a temporary task rather than
a tangible asset. Financial goods, on the other hand, are not tasks. They are things.
A mortgage loan may seem like a service, but it's actually a product that lasts beyond
the initial provision. Stocks, bonds, loans, commodity assets, real estate, and insurance
policies are examples of financial goods.

 Importance of financial service sector

The financial services sector is the primary driver of a nation's economy. It provides
the free flow of capital and liquidity in the marketplace. When the sector is strong, the
economy grows, and companies in this industry are better able to manage risk. The
strength of the financial services sector is also important to the prosperity of a
country's population. When the sector and economy are strong, consumers generally
earn more. This boosts their confidence and purchasing power. When they need access
to credit for large purchases, they turn to the financial services sector to borrow. If the
financial services sector fails, though, it can drag a country's economy down. This can
lead to a recession. When the financial system starts to break down, the economy
starts to suffer. Capital begins to dry up as lenders tighten the reins on
lending. Unemployment rises, and wages may even drop, leading consumers to stop
spending. In order to compensate, central banks lower interest rates to try to boost
economic growth. This is primarily what happened during the financial crisis that led
to the great recession.

Role of financial service sector

Financial services help in the development of businesses by giving them the
required financial assistance, guaranteeing losses, etc. The loans issued by
companies are used for buying fixed assets and/or investing in other fundraising
sources. Both working and fixed capital growth are led by financial services
system in an economy by promoting the issue of debentures, shares, short-term
loans, etc. Financial services are also available for entrepreneurs looking for
funding and investors for their business. Banks do not easily give loans to new
entrepreneurs, but other players in the market specialize in this field. Angel
investors, Venture capitals, loan services, counselling services, etc. assist play a
key role in the growth of entrepreneurship in India.

A vast and expanded financial service sector and market gives the choice of
investing their money in the investors’ hands. Better the services, more the
customers for a service and the company. This ensures competition among the
firms which benefits the investors—the public and businesses of a
country. Availability of choices to investors and the public ensures trade without
barriers, mediation by trusted banks and companies. It also helps in the
development of domestic and foreign trade of goods and services. 

Banking Financial Services

The banking industry is the foundation of the financial services group. It is most
concerned with direct saving and lending, while the financial services sector
incorporates investments, insurance, the redistribution of risk, and other financial
activities. Banking services are provided by large commercial banks, community
banks, credit unions, and other entities.

Banks earn revenue primarily on the difference in the interest rates charged for credit
accounts and the rates paid to depositors. Financial services like these primarily earn
revenue through fees, commissions, and other methods like the spread on interest rates
between loans and deposits.

Financial Intermediaries
 Financial intermediary is the organization which acts as a link between the
investor and the borrower, to meet the financial objectives of both the parties.
These can be seen as business entities which accept deposits from the depositors
or investors (lenders) by allowing them low interest on their sum. Further, these
organizations, lend this amount to the individuals and firms (borrowers) at a
comparatively high rate of interest to make their margin. There are several
financial intermediaries formed to serve the different aims and objectives of the
customers or members or lenders and borrowers. These entities are explained in
detail below:

Banks: The central and commercial banks are the most well-known financial

intermediaries simplifying the lending and borrowing process, along with
providing various other services to its customers on a large scale.

Credit Unions: These are the cooperative financial units which facilitate
lending and borrowing of funds to provide financial assistance to its members.
Non-Banking Finance Companies: A NBFC is a financial company engaged
in activities such as advancing loans to its clients at a very high rate of interest.

Stock Exchanges: The stock exchange facilitate the trading of securities and
stocks, and in every trading activity, it charges the brokerage from each party
which is its profit.

Mutual Fund Companies: The mutual fund organizations club the amount

collected from various investors. These investors have identical investment
objectives and risk-taking ability. The funds are then collectively invested in the
securities, bonds, and other investment options, to ensure a capital gain in the
long run.

Insurance Companies: These companies provide insurance policies to the

individuals and business entities to secure them against accident, death, risk,
uncertainties and default. For this purpose, they accept deposits in the form of
premium, which is pooled into profitable investments to gain returns. The
insured person can claim the money in case of any mishap as per the agreement.

Financial Advisers or Brokers: The investment brokers also collect the funds
from various investors to invest it in the securities, bonds, equities, etc. The
financial advisers even provide guidance and expert opinions to the investors.

Investment Bankers: These banks specialize in services like initial public

offerings (IPO), other equity offerings, proving for mergers and acquisitions,
institutional client’s broker services, underwriting debts, etc. As a result of
constant mediation, between the investor or public and the companies issuing
securities.

Escrow Companies: It is a third party acting as an intermediary and responsible

for getting all the conditions fulfilled at the time of loan provided by one party
to the other for the real estate mortgage.

Pension Funds: The government entities initiate a pension fund. A certain

amount is deducted from the salary of the employees each month. This collected
sum is then invested in different schemes to gain profits. The investor’s fund is
returned with interest after their retirement.

Building Societies: These financial intermediaries are similar to the credit

unions, owned and facilitating mortgage loans and demand deposits to its
members.

Collective Investment Schemes: Under this scheme, the various investors with
common investment objective come together to pool their funds and collectively
invest this amount into a profitable investment option. Later they distribute the
interest among themselves as per the agreement.

 Financial Institutions
A financial institution (FI) is a company engaged in the business of dealing with
financial and monetary transactions such as deposits, loans, investments, and currency
exchange. Financial institutions encompass a broad range of business operations
within the financial services sector including banks, trust companies, insurance
companies, brokerage firms, and investment dealers. Virtually everyone living in a
developed economy has an ongoing or at least periodic need for the services of
financial institutions. Financial institutions serve most people in some way, as
financial operations are a critical part of any economy, with individuals and
companies relying on financial institutions for transactions
and investing. Governments consider it imperative to oversee and regulate banks and
financial institutions because they do play such an integral part of the economy.
Historically, bankruptcies of financial institutions can create panic.

Types of Financial Institutions:

Financial institutions offer a wide range of products and services for individual and
commercial clients. The specific services offered vary widely between different types
of financial institutions.

Commercial Banks
A commercial bank is a type of financial institution that accepts deposits, offers
checking account services, makes business, personal, and mortgage loans, and offers
basic financial products like certificates of deposit (CDs) and savings accounts to
individuals and small businesses. A commercial bank is where most people do their
banking, as opposed to an investment bank. 

Banks and similar business entities, such as thrifts or credit unions, offer the most
commonly recognized and frequently used financial services: checking and savings
accounts, home mortgages, and other types of loans for retail and commercial
customers. Banks also act as payment agents via credit cards, wire transfers, and
currency exchange.

Investment Banks
Investment banks specialize in providing services designed to facilitate business
operations, such as capital expenditure financing and equity offerings, including initial
public offerings (IPOs). They also commonly offer brokerage services for investors,
act as market makers for trading exchanges, and manage mergers, acquisitions, and
other corporate restructurings.
Insurance Companies
Among the most familiar non-bank financial institutions are insurance companies.
Providing insurance, whether for individuals or corporations, is one of the oldest
financial services. Protection of assets and protection against financial risk, secured
through insurance products, is an essential service that facilitates individual and
corporate investments that fuel economic growth.

Brokerage Firms
Investment companies and brokerages, such as mutual fund and exchange-traded fund
(ETF) provider Fidelity Investments, specialize in providing investment services that
include wealth management and financial advisory services. They also provide access
to investment products that may range from stocks and bonds all the way to lesser-
known alternative investments, such as hedge funds and private equity investments.

FINANCIAL MARKETS

Financial markets refer broadly to any marketplace where the trading of securities
occurs, including the stock market, bond market, forex market, and derivatives
market, among others. Financial markets are vital to the smooth operation of capitalist
economies. Financial markets play a vital role in facilitating the smooth operation
of capitalist economies by allocating resources and creating liquidity for businesses
and entrepreneurs. The markets make it easy for buyers and sellers to trade their
financial holdings. Financial markets create securities products that provide a return
for those who have excess funds (Investors/lenders) and make these funds available to
those who need additional money (borrowers).
 
Types of Financial Markets:

Stock Markets
 These are venues where companies list their shares and they are bought and sold by
traders and investors. Stock markets, or equities markets, are used by companies to
raise capital via an initial public offering (IPO), with shares subsequently traded
among various buyers and sellers in what is known as a secondary market.
Over-the-Counter Markets
An over-the-counter (OTC) market is a decentralized market—meaning it does not
have physical locations, and trading is conducted electronically—in which market
participant’s trade securities directly between two parties without a broker. While
OTC markets may handle trading in certain stocks (e.g., smaller or riskier companies
that do not meet the listing criteria of exchanges), most stock trading is done via
exchanges. Certain derivatives markets, however, are exclusively OTC, and so make
up an important segment of the financial markets.

Bond Markets
A bond is a security in which an investor loans money for a defined period at a pre-
established interest rate. You may think of a bond as an agreement between
the lender and borrower that contains the details of the loan and its payments. Bonds
are issued by corporations as well as by municipalities, states, and sovereign
governments to finance projects and operations. The bond market sells securities such
as notes and bills issued by the United States Treasury, for example. The bond market
also is called the debt, credit, or fixed-income market.

Money Markets
Typically the money markets trade in products with highly liquid short-term
maturities (of less than one year) and are characterized by a high degree of safety and
a relatively low return in interest. At the wholesale level, the money markets involve
large-volume trades between institutions and traders. At the retail level, they include
money market mutual funds bought by individual investors and money market
accounts opened by bank customers. Individuals may also invest in the money
markets by buying short-term certificates of deposit (CDs), municipal notes, or U.S.
Treasury bills, among other examples.

Derivatives Markets
A derivative is a contract between two or more parties whose value is based on an
agreed-upon underlying financial asset (like a security) or set of assets (like an index).
Derivatives are secondary securities whose value is solely derived from the value of
the primary security that they are linked to. In and of itself a derivative is worthless.
Rather than trading stocks directly, a derivatives market trades in futures
and options contracts, and other advanced financial products, that derive their value
from underlying instruments like bonds, commodities, currencies, interest rates,
market indexes, and stocks. 

Forex Market
The forex (foreign exchange) market is the market in which participants can buy, sell,
hedge, and speculate on the exchange rates between currency pairs. The forex market
is the most liquid market in the world, as cash is the most liquid of assets. The
currency market handles more than $5 trillion in daily transactions, which is more
than the futures and equity markets combined. As with the OTC markets, the forex
market is also decentralized and consists of a global network of computers and
brokers from around the world. The forex market is made up of banks, commercial
companies, central banks, investment management firms, hedge funds, and retail forex
brokers and investors. 

Commodities Markets
Commodities markets are venues where producers and consumers meet to exchange
physical commodities such as agricultural products (e.g., corn, livestock, soybeans),
energy products (oil, gas, carbon credits), precious metals (gold, silver, platinum),
or "soft" commodities (such as cotton, coffee, and sugar). These are known as spot
commodity markets, where physical goods are exchanged for money.

Cryptocurrency Markets
The past several years have seen the introduction and rise of crypto currencies such
as Bitcoin and Ethereum, decentralized digital assets that are based on block
chain technology. Today, hundreds of crypto currency tokens are available and trade
globally across a patchwork of independent online crypto exchanges. These exchanges
host digital wallets for traders to swap one crypto currency for another, or for fiat
monies such as dollars or euros.

Because the majority of crypto exchanges are centralized platforms, users are

susceptible to hacks or fraud. Decentralized exchanges are also available that operate
without any central authority. These exchanges allow direct peer-to-peer (P2P) trading
of digital currencies without the need for an actual exchange authority to facilitate the
transactions. Futures and options trading are also available on major crypto currencies.

Role of Financial Markets

Financial markets play many important economic roles. They enable individuals to achieve a
better balance between current and future consumption. For example, entrepreneurs with good
investment projects may be in need of financing while individuals wanting to provide for their
retirement may be looking for avenues in which to invest their savings. Financial markets bring
the borrowers in contact with the lenders and in the process make both better off. Financial
markets also allow efficient risk sharing among investors. As we will see later, risks are of two
types: diversifiable and non-diversifiable. Diversifiable risk can be eliminated by holding assets
the returns of which are not perfectly correlated. Financial markets not only help investors in
diversifying some of the risk, but also offer a wide array of financial instruments with very
different risk-return relationships. This enables individuals to choose the risk profile of their
investments according to their risk-tolerance levels. Investors who are extremely risk averse, for
example, may choose to invest a large fraction of their wealth in risk-free securities (such as
gilts), whereas more risk-tolerant investors may elect to invest in speculative stocks.

Furthermore, the presence of derivatives markets means that individuals can choose which non-
diversifiable risks they want to bear and which they want to lay off via the futures or options
markets. A non-diversifiable risk, by definition, cannot be eliminated through diversification.
However, the presence of futures and options markets allows the transfer of risk from more risk-
averse to less risk-averse individuals and from those who cannot manage risk to those who can.
Thus, financial markets enable efficient risk sharing among investors.

INDIAN FINANCIAL MARKET

 India Financial market, it happens to be one of the oldest across the globe and is definitely
the fastest growing and best among all the financial markets of the emerging economies. The
history of Indian capital markets spans back 200 years, around the end of the 18th century. It
was at this time that India was under the rule of the East India Company. The capital market
of India initially developed around Mumbai; with around 200 to 250 securities brokers
participating in active trade during the second half of the 19th century. The financial market
in India at present is more advanced than many other sectors as it became organized as early
as the 19th century with the securities exchanges in Mumbai, Ahmedabad and Kolkata. In the
early 1960s, the number of securities exchanges in India became eight - including Mumbai,
Ahmedabad and Kolkata. Apart from these three exchanges, there was the Madras, Kanpur,
Delhi, Bangalore and Pune exchanges as well. Today there are 23 regional securities
exchanges in India.
The Indian stock markets till date have remained stagnant due to the rigid economic controls.
It was only in 1991, after the liberalization process that the India securities market witnessed
a flurry of IPOs serially. The market saw many new companies spanning across different
industry segments and business began to flourish.

The launch of the NSE (National Stock Exchange) and the OTCEI (Over the Counter
Exchange of India) in the mid-1990s helped in regulating a smooth and transparent form of
securities trading.

The regulatory body for the Indian capital markets was the SEBI (Securities and Exchange
Board of India). The capital markets in India experienced turbulence after which the SEBI
came into prominence. The market loopholes had to be bridged by taking drastic measures.

 
MONEY MARKET

The money market refers to trading in very short-term debt investments. At the

wholesale level, it involves large-volume trades between institutions and traders. At
the retail level, it includes money market mutual funds bought by individual investors
and money market accounts opened by bank customers.

In all of these cases, the money market is characterized by a high degree of safety and
relatively low rates of return.

Types of Money Market Instruments

Money Market Funds

The wholesale money market is limited to companies and financial institutions that
lend and borrow in amounts ranging from $5 million to well over $1 billion per
transaction. Mutual funds offer baskets of these products to individual investors.
The net asset value (NAV) of such funds is intended to stay at $1. During the 2008
financial crisis, one fund fell below that level. That triggered market panic and a mass
exodus from the funds, which ultimately led to additional restrictions on their access
to riskier investments.

Money Market Accounts 

Money market accounts are a type of savings account. They pay interest, but some
issuers offer account holders limited rights to occasionally withdraw money or write
checks against the account. (Withdrawals are limited by federal regulations. If they are
exceeded, the bank promptly converts it to a checking account.) Banks typically
calculate interest on a money market account on a daily basis and make a monthly
credit to the account.

In general, money market accounts offer slightly higher interest rates than standard
savings accounts. But the difference in rates between savings and money market
accounts has narrowed considerably since the 2008 financial crisis. Average interest
rates for money market accounts vary based on the amount deposited. As of August
2020, the best-paying money market account with no minimum deposit offered 0.99%
annualized interest.

Certificates of Deposit (CDs)

Most certificates of deposit (CDs) are not strictly money market funds because they
are sold with terms of up to 10 years. However, CDs with terms as short as three
months to six months are available.

As with money market accounts, bigger deposits and longer terms yield better interest
rates. Rates in August 2020 for twelve-month CDs ranged from about 0.5% to 1.5%
depending on the size of the deposit. Unlike a money market account, the rates offered
with a CD remain constant for the deposit period. There is a penalty associated with
any early withdrawal of funds deposited in a CD.

Commercial Paper
The commercial paper market is for buying and selling unsecured loans for
corporations in need of a short-term cash infusion. Only highly creditworthy
companies participate, so the risks are low.

Banker's Acceptances
The banker's acceptance is a short-term loan that is guaranteed by a bank. Used
extensively in foreign trade, a banker's acceptance is like a post-dated check and
serves as a guarantee that an importer can pay for the goods. There is a secondary
market for buying and selling banker's acceptances at a discount.

Eurodollars
Eurodollars are dollar-denominated deposits held in foreign banks, and are thus, not
subject to Federal Reserve regulations. Very large deposits of eurodollars are held in
banks in the Cayman Islands and the Bahamas. Money market funds, foreign banks,
and large corporations invest in them because they pay a slightly higher interest rate
than U.S. government debt.

Repos
The repo, or repurchase agreement (repo), is part of the overnight lending money
market. Treasury bills or other government securities are sold to another party with an
agreement to repurchase them at a set price on a set date.

Capital Market

Capital markets are venues where savings and investments are channelled between the
suppliers who have capital and those who are in need of capital. The entities that have
capital include retail and institutional investors while those who seek capital are
businesses, governments, and people.
Capital markets are composed of primary and secondary markets. The most common
capital markets are the stock market and the bond market.

Capital markets seek to improve transactional efficiencies. These markets bring those
who hold capital and those seeking capital together and provide a place where entities
can exchange securities.

PRIMARY MARKET

A primary market is a source of new securities. Often on an exchange, it's where

companies, governments, and other groups go to obtain financing through debt-based
or equity-based securities. Primary markets are facilitated by underwriting
groups consisting of investment banks that set a beginning price range for a given
security and oversee its sale to investors.

Once the initial sale is complete, further trading is conducted on the secondary market,
where the bulk of exchange trading occurs each day.

Prior to an IPO, a company is considered private. As a private company, the business

has grown with a relatively small number of shareholders including early investors
like the founders, family, and friends along with professional investors such as venture
capitalists or angel investors.

When a company reaches a stage in its growth process where it believes it is mature
enough for the rigors of SEC regulations along with the benefits and responsibilities to
public shareholders, it will begin to advertise its interest in going public.

Typically, this stage of growth will occur when a company has reached a private
valuation of approximately $1 billion, also known as unicorn status. However, private
companies at various valuations with strong fundamentals and proven profitability
potential can also qualify for an IPO, depending on the market competition and their
ability to meet listing requirements.

An IPO is a big step for a company as it provides the company with access to raising a
lot of money. This gives the company a greater ability to grow and expand. The
increased transparency and share listing credibility can also be a factor in helping it
obtain better terms when seeking borrowed funds as well.

IPO shares of a company are priced through underwriting due diligence. When a

company goes public, the previously owned private share ownership converts to
public ownership, and the existing private shareholders’ shares become worth the
public trading price.

Share underwriting can also include special provisions for private to public share
ownership. Generally, the transition from private to public is a key time for private
investors to cash in and earn the returns they were expecting. Private shareholders
may hold onto their shares in the public market or sell a portion or all of them for
gains.

Meanwhile, the public market opens up a huge opportunity for millions of investors to
buy shares in the company and contribute capital to a company’s shareholders' equity.
The public consists of any individual or institutional investor who is interested in
investing in the company.

Overall, the number of shares the company sells and the price for which shares sell are
the generating factors for the company’s new shareholders' equity value. Shareholders'
equity still represents shares owned by investors when it is both private and public,
but with an IPO the shareholders' equity increases significantly with cash from the
primary issuance.

SECONDARY MARKET 

The secondary market is where investors buy and sell securities they already own. It is
what most people typically think of as the "stock market," though stocks are also sold
on the primary market when they are first issued. The national exchanges, such as
the New York Stock Exchange (NYSE) and the NASDAQ, are secondary markets.
Though stocks are one of the most commonly traded securities, there are also other
types of secondary markets. For example, investment banks and corporate and
individual investors buy and sell mutual funds and bonds on secondary markets.
Entities such as Fannie Mae and Freddie Mac also purchase mortgages on a secondary
market.

Transactions that occur on the secondary market are termed secondary simply because
they are one step removed from the transaction that originally created the securities in
question. For example, a financial institution writes a mortgage for a consumer,
creating the mortgage security. The bank can then sell it to Fannie Mae on the
secondary market in a secondary transaction.

CORPORATE ACTIONS

A corporate action is any activity that brings material change to an organization and
impacts its stakeholders, including shareholders, both common and preferred, as well
as bondholders. These events are generally approved by the company's board of
directors; shareholders may be permitted to vote on some events as well. Some
corporate actions require shareholders to submit a response.

Common Corporate Actions:

Corporate actions include stock splits, dividends, mergers and acquisitions, rights
issues and spin-offs. All of these are major decisions that typically need to be
approved by the company's board of directors and authorized by its shareholders.
  A cash dividend is a common corporate action that alters a company's stock
price. A cash dividend is subject to approval by a company's board of directors,
and it is a distribution of a company's earnings to a specified class of its
shareholders. For example, assume company ABC's board of directors
approves a $2 cash dividend. On the ex-dividend date, company ABC's stock
price would reflect the corporate action and would be $2 less than its previous
closing price.
 A stock split is another common corporate action that alters a company's
existing shares. In a stock split, the number of outstanding shares is increased
by a specified multiple, while the share price is decreased by the same factor as
the multiple..
 A reverse split would be implemented by a company that wants to force up the
price of its shares.. A reverse split can be a sign that the company's stock has
sunk so low that its executives want to shore up the price, or at least make it
appear that the stock is stronger. The company may even need to avoid getting
categorized as a penny stock. In other cases, a company may be using a reverse
split to drive out small investors
 Mergers and acquisitions (M&A) are a third type of corporate action that
bring about material changes to companies. In a merger, two or more
companies synergize to form a new company. The existing shareholders of
merging companies maintain a shared interest in the new company. Contrary to
a merger, an acquisition involves a transaction in which one company, the
acquirer, takes over another company, the target company. In an acquisition,
the target company ceases to exist, but the acquirer assumes the target
company's business, and the acquirer's stock continues to be traded.
 A spin-off occurs when an existing public company sells a part of its assets or
distributes new shares in order to create a new independent company. Often the
new shares will be offered through a rights issue to existing shareholders before
they are offered to new investors. A spin-off could indicate a company ready to
take on a new challenge or one that is refocusing the activities of the main
business.
 A company implementing a rights issue is offering additional or new shares
only to current shareholders. The existing shareholders are given the right to
purchase or receive these shares before they are offered to the public. A rights
issue regularly takes place in the form of a stock split, and in any case can
indicate that existing shareholders are being offered a chance to take advantage
of a promising new development.

BROKING FIRMS VS. WEALTH MANAGEMENT FIRMS VS. AMCS

Asset management refers to the management of assets that could involve

investments like equity, fixed income securities, real estate, global investments,
etc. Asset management firms are concerned with maximizing returns of client’s
assets. Wealth management refers to overseeing all the financial aspects of the
client and may include management of assets, taxes, estate, cash flows, and all
other possible uses of money. Wealth management thus encompasses asset
management and takes a holistic view of the client’s finances. Based on their
requirements, investors need to decide whether they require the services of an
asset management firm or a wealth management firm or both.

GROWTH OF FINANCIAL SERVICES INDUSTRY

The growth of financial sector in India at present is nearly 8.5% per year. The
rise in the growth rate suggests the growth of the economy. The financial
policies and the monetary policies are able to sustain a stable growth rate.

The reforms pertaining to the monetary policies and the macroeconomic

policies over the last few years has influenced the Indian economy to the core.
The major step towards opening up of the financial market further was the
nullification of the regulations restricting the growth of the financial sector in
India. To maintain such a growth for a long term the inflation has to come down
further.

The financial sector in India had an overall growth of 15%, which has exhibited
stability over the last few years although several other markets across the Asian
region were going through a turmoil. The development of the system pertaining
to the financial sector was the key to the growth of the same. With the opening
of the financial market variety of products and services were introduced to suit
the need of the customer. The Reserve Bank of India (RBI) played a dynamic
role in the growth of the financial sector of India.