BFSI stands for Banking, Finance, Security and Insurance. Services of companies in the BFSI sector include core banking (CASA), retail banking, private, corporate banking, investment banker, credit /debit cards, stock-broking, payment gateways, mutual funds, insurance covers which is regulated by IRDA.
BFSI sector in India is likely to become fifth-largest by 2020 and third-largest by 2025 in the world, which means, more BFSI & Banking Jobs. Today we will throw a light on some facts on the Indian BFSI Sector.
Indian Market Size of BFSI Sector
The Indian banking system consists of 12 public sector banks after merger. There are 21 private sector banks, 49 foreign banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural cooperative banks, in addition to cooperative credit institutions (FY17 data).
The banking in India is currently worth INR 81 trillion and is expected to grow further.
#List of 12 Public Sector Banks after Merger in 2019
|Anchor Bank||Amalgamating Bank(s)||Business Size (In lakh cr.)|
|Punjab National Bank (PNB Jobs)||Oriental Bank of Commerce +United Bank of India||₹ 17.94|
|Canara Bank (Canara Bank Jobs)||Syndicate Bank||₹ 15.20|
|Union Bank of India (Union Bank Jobs)||Andhra Bank + Corporation Bank||₹ 14.59|
|Indian Bank (Indian Bank Jobs)||Allahabad Bank||₹ 8.08|
|State Bank of India (SBI Jobs)||Amalgamated Earlier||₹ 52.05|
|Bank of Baroda (Bank of Baroda Jobs)||Amalgamated Earlier||₹ 16.13|
|Bank of India (Bank of India Jobs)||NA||₹ 9.03|
|Central Bank of India (Central Bank Jobs)||NA||₹ 4.68|
|Indian Overseas Bank (Indian Overseas Bank Jobs)||NA||₹ 3.75|
|UCO Bank (UCO Bank Jobs)||NA||₹ 3.17|
|Bank of Maharashtra (Bank of Maharashtra Jobs)||NA||₹ 2.34|
|Punjab and Sind Bank (Punjab & Sind Bank Jobs)||NA||₹ 1.71|
#List of Top 5 Private Sector Banks
- HDFC Bank (HDFC Bank Jobs)
- ICICI Bank (ICICI Bank Jobs)
- Axis Bank (Axis Bank Jobs)
- Kotak Mahindra Bank (Kotak Bank Jobs)
- YES Bank (Yes Bank Jobs)
Share in GDP and Approximate No. of Employees in BFSI Sector
The BFSI sector contributes to the GDP many areas such as Services Revenue, Facilitating Financial transactions, circulation of money, stock exchange, underwriting investments, and foreign trade. All these elements of BFSI conclusively contribute about 7.7% of Indian GDP.
While talking about the employment, sectorial division of jobs suggests that banks were seen to employ the highest number of employees in FY17, roughly around 21% and finance sector recorded the second-highest growth of 11.2%. Public Sector banks in India employs more than 7 lakh people currently, and PSU Banks have employee strength of 8,50,000 in year 2018.
BFSI sector in India will need an additional 42 lakh skilled workforce/ BFSI Jobs from year 2008 to 2022 as per estimates by the National Skill Development Corporation (NSDC).
Job Roles & Average Salary
As India is one of the fastest-growing economies in the world, the potential of growth for the BFSI industry is stronger and broader. This high potential will boost BFSI Sector- Banking Jobs, Finance Jobs, and Insurance Jobs in many different BFSI job roles. We at Gweka Consulting Services help job seekers to find a suitable career in BFSI Sector and below is the list of few job roles from BFSI Sector we hire for-
|JOB ROLES||AVG. ANNUAL SALARY (INR)||CLICK TO APPLY|
|Relationship Manager Jobs||6,30,000||APPLY NOW|
|Branch Manager Jobs||6,00,000||APPLY NOW|
|Financial Analyst Jobs||3,50,000||APPLY NOW|
|Insurance Agents Jobs||2,96,000||APPLY NOW|
|Sales Executives Jobs||4,00,000||APPLY NOW|
|Investment Representative Jobs||5,00,000||APPLY NOW|
|Finance Product Manager Jobs||2,61,000||APPLY NOW|
Note: – Salaries are approximate and subject to the level of experience.
BFSI HUB and Top BFSI Companies in India
Mumbai is considered as the top BFSI Hub of India followed by the capital city New Delhi. Every sector or industry has some top players in the game.
The top companies in the BFSI industry are considered as “top” because they produce more BFSI Jobs and revenue than their competitors. With Gweka Consulting Services, you stand a chance to be a part of these.
Latest News & Innovation in BFSI Sector-
AI (Artificial Intelligence) & Block Chain is that newest innovation which really helped the BFSI sector in many ways. Banks have started to see higher ROI, fraud detection is increased, security is enhanced and insurance companies are rapidly picking up AI.