The COVID-19 pandemic has significantly impacted the financial services sector in India. Banks face increased credit risk due to debt moratoriums and potential non-performing assets. Non-banking financial corporations face similar asset challenges as banks as well as liquidity and capital issues. Insurers' balance sheets are affected with potential impacts on assets, liabilities, business continuity, and future growth. Mortality claims, loss of profit clauses, and cash flow issues also threaten insurers.