The document provides an overview of financial services in the Indian context. It discusses various fund-based and non-fund based financial services offered in India such as equipment leasing, hire purchase, bill discounting, venture capital, housing finance, insurance, factoring, forfaiting, and mutual funds. It also discusses the regulatory frameworks and major players involved in different financial services in India.
This document provides an overview of financial services in India. It defines financial services as activities, benefits, and satisfactions connected to the sale of money. The main institutional providers of financial services in India are banks, non-banking financial companies, insurance companies, mutual funds, stock exchanges, housing finance societies, and leasing companies. The document discusses key characteristics of financial services like intangibility, being customer-oriented, and relying on information. It also outlines some problems in the Indian financial services sector like a lack of experience, limited innovations, and inefficient technology. The two broad categories of financial services are asset/fund-based services and fee/advisory-based services. Specific financial services discussed include equipment leasing,
The document discusses the evolution and importance of the financial services industry in India. It begins by explaining how the industry has grown since economic liberalization in the 1990s. It then defines financial services as activities that facilitate financial transactions and the mobilization and allocation of savings. The document outlines key functions of financial services like facilitating transactions, mobilizing savings, allocating capital, and monitoring managers. It also discusses characteristics of financial services like intangibility, inseparability, and perishability. Finally, it examines the importance of financial services for economic growth, promotion of savings, and capital formation.
The document provides an overview of Indian financial services. It begins by defining financial services as services provided in monetary terms that involve mobilizing and allocating savings. It then discusses the characteristics of financial services, noting they involve at least two parties, intermediate funds, are intangible, and must be customer-friendly. The document also covers the importance of financial services for economic development, employment, and ensuring availability of funds. It concludes by outlining the major types of financial services in India including retail, wholesale, money market, and capital market services.
The document provides an overview of Indian financial services. It begins by defining financial services as services provided in monetary terms that involve mobilizing and allocating savings. It then discusses the characteristics of financial services, noting they involve at least two parties, intermediate funds, are intangible, and must be customer-friendly. The document also covers the importance of financial services for economic development, employment, and ensuring availability of funds. It concludes by outlining the major types of financial services in India including retail, wholesale, money market, and capital market services.
The document provides an overview of banking in India. It discusses the history and evolution of banking in India from the 19th century colonial era to modern times. It describes the key functions of banks as accepting deposits, granting loans, and performing other financial services. It also outlines various banking products and services that have emerged over time, from traditional savings and loans to newer investment products. Finally, it discusses the different channels through which banks offer their services, including branches, internet banking, mobile banking, ATMs, and telephone banking.
This document provides an overview of financial services in India. It discusses the concept and scope of financial services, including both traditional and modern activities. Traditional activities include fund-based activities like underwriting shares and non-fund based activities like merchant banking. Modern activities include services like project advisory, M&A advisory, and risk hedging. The regulatory framework for financial services in India involves the RBI and SEBI. One type of modern financial service discussed in detail is leasing, including the concept, process, types (financial, operating, leverage, sale and lease back), advantages, and history of leasing in India.
The document provides an overview of various financial services and concepts:
- It defines financial services and lists examples like banks, insurance companies, and investment funds.
- It also covers concepts like financial markets, instruments, products, and institutions. Specific financial services like leasing, hire purchase, factoring, and venture capital are explained.
- Regulations and types of mutual funds, housing finance, and the insurance industry in India are summarized as well.
The document discusses the evolution and growth of financial services in India. It begins by covering the meaning and definitions of financial services, as well as the major kinds of financial services like leasing, merchant banking, and mutual funds. It then describes how the financial services sector in India transformed after the economic liberalization of the 1990s, which opened the sector to private and foreign players. Finally, it discusses the various constituents of the financial services industry in India like financial instruments, market players, specialized institutions, and regulatory bodies.
This document provides an overview of financial services in India. It defines financial services as activities, benefits, and satisfactions connected to the sale of money. The main institutional providers of financial services in India are banks, non-banking financial companies, insurance companies, mutual funds, stock exchanges, housing finance societies, and leasing companies. The document discusses key characteristics of financial services like intangibility, being customer-oriented, and relying on information. It also outlines some problems in the Indian financial services sector like a lack of experience, limited innovations, and inefficient technology. The two broad categories of financial services are asset/fund-based services and fee/advisory-based services. Specific financial services discussed include equipment leasing,
The document discusses the evolution and importance of the financial services industry in India. It begins by explaining how the industry has grown since economic liberalization in the 1990s. It then defines financial services as activities that facilitate financial transactions and the mobilization and allocation of savings. The document outlines key functions of financial services like facilitating transactions, mobilizing savings, allocating capital, and monitoring managers. It also discusses characteristics of financial services like intangibility, inseparability, and perishability. Finally, it examines the importance of financial services for economic growth, promotion of savings, and capital formation.
The document provides an overview of Indian financial services. It begins by defining financial services as services provided in monetary terms that involve mobilizing and allocating savings. It then discusses the characteristics of financial services, noting they involve at least two parties, intermediate funds, are intangible, and must be customer-friendly. The document also covers the importance of financial services for economic development, employment, and ensuring availability of funds. It concludes by outlining the major types of financial services in India including retail, wholesale, money market, and capital market services.
The document provides an overview of Indian financial services. It begins by defining financial services as services provided in monetary terms that involve mobilizing and allocating savings. It then discusses the characteristics of financial services, noting they involve at least two parties, intermediate funds, are intangible, and must be customer-friendly. The document also covers the importance of financial services for economic development, employment, and ensuring availability of funds. It concludes by outlining the major types of financial services in India including retail, wholesale, money market, and capital market services.
The document provides an overview of banking in India. It discusses the history and evolution of banking in India from the 19th century colonial era to modern times. It describes the key functions of banks as accepting deposits, granting loans, and performing other financial services. It also outlines various banking products and services that have emerged over time, from traditional savings and loans to newer investment products. Finally, it discusses the different channels through which banks offer their services, including branches, internet banking, mobile banking, ATMs, and telephone banking.
This document provides an overview of financial services in India. It discusses the concept and scope of financial services, including both traditional and modern activities. Traditional activities include fund-based activities like underwriting shares and non-fund based activities like merchant banking. Modern activities include services like project advisory, M&A advisory, and risk hedging. The regulatory framework for financial services in India involves the RBI and SEBI. One type of modern financial service discussed in detail is leasing, including the concept, process, types (financial, operating, leverage, sale and lease back), advantages, and history of leasing in India.
The document provides an overview of various financial services and concepts:
- It defines financial services and lists examples like banks, insurance companies, and investment funds.
- It also covers concepts like financial markets, instruments, products, and institutions. Specific financial services like leasing, hire purchase, factoring, and venture capital are explained.
- Regulations and types of mutual funds, housing finance, and the insurance industry in India are summarized as well.
The document discusses the evolution and growth of financial services in India. It begins by covering the meaning and definitions of financial services, as well as the major kinds of financial services like leasing, merchant banking, and mutual funds. It then describes how the financial services sector in India transformed after the economic liberalization of the 1990s, which opened the sector to private and foreign players. Finally, it discusses the various constituents of the financial services industry in India like financial instruments, market players, specialized institutions, and regulatory bodies.
The document provides information on the Banking, Financial Services and Insurance (BFSI) sectors in India. It describes the key components of each sector. The banking sector section explains the functions of banks which include accepting deposits and granting loans. It also discusses the various types of banks operating in India. The financial services sector section covers types of financial services like capital markets, retail banking, and fee-based services. Finally, the insurance sector section defines insurance and describes the structure and key types of insurance products and services available in India. It concludes by highlighting the growing market size of the BFSI sectors in India.
Presentation on non bank financial companiesbhattapankaj
This presentation provides an overview of non-bank financial companies (NBFCs) in India. It defines NBFCs as non-banking institutions that provide banking services without a banking license. It outlines the different types of NBFCs according to the Reserve Bank of India and describes their key functions. These include accepting deposits, providing loans, asset financing, investment services, chit funds, and leasing. The presentation notes that while NBFCs cannot maintain demand deposits like banks, they play an important role in India's financial sector by promoting inclusive growth and contributing to key areas like infrastructure and small business lending.
Non-banking financial companies (NBFCs) provide financial services like banks but do not have a full banking license. In India, NBFCs account for 8% of the financial sector. They provide important functions like financial intermediation between savers and borrowers, inducing savings, promoting growth, and adding stability. The main types of NBFCs in India are insurance companies, mutual funds, market makers, specialized lenders, and financial service providers. The top 10 NBFCs are led by HDFC and include companies focused on sectors like infrastructure, rural electricity, transportation finance, and microfinance. NBFCs offer services such as equipment leasing, housing finance, asset management, and venture capital financing.
This document provides an overview of the evolution and types of financial services in India. It discusses how the sector has undergone liberalization since 1990, allowing private and foreign players to enter. The document defines financial services as services related to mobilizing and allocating savings. It outlines the evolution in three phases from 1960-2002, during which new institutions and instruments were established. The key characteristics of financial services are described, including their intangible nature and role in intermediating funds. The importance of financial services in channeling funds, debt management, and promoting savings is also highlighted. Finally, the document categorizes the main types of financial services in India into money markets, capital markets, retail markets, and wholesale markets.
The document discusses various types of banks and financial institutions in India, including commercial banks, cooperative banks, and non-banking financial companies that provide term lending and working capital financing to industries. It also covers the regulatory framework for banking in India established by the Reserve Bank of India through various acts and policies. The performance of the Indian banking sector is monitored through periodic reports released by the central bank.
A Study on various loans provided by Bajaj Finserv with special reference to ...AMARESHKUMAR KAMBALE
This document summarizes a student's internship project at Arihant agency (ASSC) of Bajaj Finserv. The project involved studying the various loans provided by Bajaj Finserv, with a focus on unsecured loans. The student learned about the loan application and approval process, eligibility criteria, required documents, and interest rates for unsecured loans. Through this project, the student gained valuable insight into the banking industry and debt syndication processes. Bajaj Finserv provides various consumer loans including durable goods financing, lifestyle loans, personal loans, gold loans, and professional loans through its network of branches and business correspondents across India.
The document discusses the components of the Indian financial system, including financial institutions, financial markets, financial instruments, and financial services. It specifically focuses on the debt market as a key component. The debt market can be classified into the government securities market and the bond market. Government securities include instruments issued by central and state governments, while the bond market includes instruments issued by public and private sector entities. The debt market plays an important role in the Indian economy by efficiently mobilizing and allocating resources, financing government development activities, and transmitting monetary policy signals. It also provides greater funding avenues and reduces borrowing costs.
The document provides an overview of various fund based financial services. It discusses topics like leasing, hire purchase, factoring, venture capital, insurance, mutual funds and housing finance. For each topic, it provides definitions, key aspects, types and mechanisms. The summary is as follows:
The document defines and compares various fund based financial services like leasing, hire purchase, factoring and their mechanisms. It also discusses venture capital process, insurance types and regulation in India. Different mutual fund schemes and housing finance products are outlined. Key intermediaries and regulations for different financial sectors are highlighted.
This document discusses the nature and scope of financial services. It begins by defining financial services and intermediation. It then describes the traditional and modern activities of financial services, including fund-based activities like underwriting and non-fund based activities like advisory services. Modern activities include project advisory, M&A assistance, and risk management services. Revenue sources include fund-based income from interest and investments, and fee-based income from services. Financial innovation was necessitated by factors like low profitability, competition, economic liberalization, and improved customer expectations.
Idea Cellular plans to raise between Rs. 1,700-2,000 crore through an initial public offering (IPO) on the stock exchange. It has appointed investment banks like J.P. Morgan and Merrill Lynch to manage the offering, which is expected to be launched by the end of January. Under SEBI rules, a minimum of 10% of shares must be offered to the public. Idea Cellular will sell between 10-12% of shares, expected to be at a 10-20% premium to the most recent private placement valuation of Rs. 15,000 crore. The IPO proceeds will be used to fund Idea Cellular's capital expenditures for expansion. After the IPO, the
Unit 3 (1).pptx financial services , custodian serviceBeastMahi1
The document discusses various types of financial services. It defines financial services as the economic services provided by the finance industry, which includes banks, credit unions, insurance companies, and other businesses that manage money. It then provides details on important financial services like banking, wealth management, mutual funds, insurance, stock markets, treasury instruments, consulting, and portfolio management. It also distinguishes between fund-based financial activities like leasing, hire purchase, and bill discounting, and non-fund-based activities such as merchant banking, credit rating, and loan syndication.
Idea Cellular, the fifth largest telecom operator in India, plans to raise between Rs. 1,700-2,000 crore through an initial public offering (IPO) on the stock market. It has appointed investment banks like J.P. Morgan and Merrill Lynch to manage the IPO, which is expected to be launched by the end of January. Under SEBI rules, the company must float at least 10% of its shares, so it will sell 10-12% of its equity. The company's recent valuation in a private placement was Rs. 15,000 crore, so the IPO shares are expected to be priced at a 10-20% premium to that level. After the
Financial Services -Nature and scope of financial services- introduction-Objective-meaning of financial services - classification of financial service industry- Challenges Facing the Financial Services Sector
Financial innovation - causes of financial innovation - Innovative Financial Instruments
Financial Service Industry- Emergence and developments- Fund based services - Merchant banking - Non-fund based services - Leasing and hire purchasing- Bill discounting and Factoring- Forfaiting- Securitization- Mutual Funds - Venture capital funds - Depository participants.
This document provides information on non-bank financial intermediaries (NBFIs) in India and around the world. It defines NBFIs as financial institutions other than commercial and cooperative banks that raise funds from the public to lend to borrowers. Examples mentioned include insurance firms, venture capitalists, and microloan organizations. The document discusses the role of NBFIs in reducing hoarding, helping the household and business sectors, and providing liquidity. It also outlines some major statutory financial organizations in India that regulate NBFIs, such as NABARD, SIDBI, IRDAI, and SEBI.
This document discusses financial services in India. It defines financial services as activities that mobilize and allocate savings. Financial services can be classified into capital market intermediaries and money market intermediaries. The scope of financial services has expanded and now includes both traditional activities like underwriting shares and modern activities like merchant banking, mutual funds, and derivatives. However, the financial services sector in India faces challenges like a lack of qualified personnel, lack of transparency, and lack of specialized expertise. Overall, the document provides an overview of the classification, activities, products, and challenges of the financial services industry in India.
The document discusses key aspects of money markets including definitions, features, objectives, composition, instruments and structure. It describes money markets as a mechanism for short-term lending and borrowing of less than one year. The key components are commercial banks, acceptance houses and non-banking financial companies. Common instruments include treasury bills, commercial papers, certificates of deposit, repurchase agreements and money market mutual funds. The structure includes organized sectors like the Reserve Bank of India and commercial banks as well as unorganized sectors like money lenders and cooperative banks. Recent developments have integrated the unorganized sector and introduced innovative instruments.
Here are the steps to make a lace wig:
1. Choose your lace wig cap. Lace wig caps come in various sizes and are usually made of an elastic
material. Measure your head to get the proper fit.
2. Cut the lace. Use small scissors to cut the lace around the entire perimeter of the wig cap, leaving
about 1/4-1/2 inch of lace extending past the elastic band.
3. Customize the part. Use a small razor or tweezers to pluck individual hairs from the lace to create a
natural-looking hair part. Pluck slowly in small sections for the most realistic part.
4. Apply hair extensions. Use a weft
My Teacher Essay Essay On My Teacher F. Online assignment writing service.Sherri Cost
1. The document provides instructions for requesting an assignment writing service from HelpWriting.net. It outlines a 5-step process: create an account, complete an order form providing instructions and deadline, review writer bids and qualifications and select one, make a deposit to start the assignment, and review and approve the completed paper.
2. The service offers revisions and refunds for plagiarized work. Customers can request multiple revisions to ensure satisfaction with high-quality, original content.
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The document provides information on the Banking, Financial Services and Insurance (BFSI) sectors in India. It describes the key components of each sector. The banking sector section explains the functions of banks which include accepting deposits and granting loans. It also discusses the various types of banks operating in India. The financial services sector section covers types of financial services like capital markets, retail banking, and fee-based services. Finally, the insurance sector section defines insurance and describes the structure and key types of insurance products and services available in India. It concludes by highlighting the growing market size of the BFSI sectors in India.
Presentation on non bank financial companiesbhattapankaj
This presentation provides an overview of non-bank financial companies (NBFCs) in India. It defines NBFCs as non-banking institutions that provide banking services without a banking license. It outlines the different types of NBFCs according to the Reserve Bank of India and describes their key functions. These include accepting deposits, providing loans, asset financing, investment services, chit funds, and leasing. The presentation notes that while NBFCs cannot maintain demand deposits like banks, they play an important role in India's financial sector by promoting inclusive growth and contributing to key areas like infrastructure and small business lending.
Non-banking financial companies (NBFCs) provide financial services like banks but do not have a full banking license. In India, NBFCs account for 8% of the financial sector. They provide important functions like financial intermediation between savers and borrowers, inducing savings, promoting growth, and adding stability. The main types of NBFCs in India are insurance companies, mutual funds, market makers, specialized lenders, and financial service providers. The top 10 NBFCs are led by HDFC and include companies focused on sectors like infrastructure, rural electricity, transportation finance, and microfinance. NBFCs offer services such as equipment leasing, housing finance, asset management, and venture capital financing.
This document provides an overview of the evolution and types of financial services in India. It discusses how the sector has undergone liberalization since 1990, allowing private and foreign players to enter. The document defines financial services as services related to mobilizing and allocating savings. It outlines the evolution in three phases from 1960-2002, during which new institutions and instruments were established. The key characteristics of financial services are described, including their intangible nature and role in intermediating funds. The importance of financial services in channeling funds, debt management, and promoting savings is also highlighted. Finally, the document categorizes the main types of financial services in India into money markets, capital markets, retail markets, and wholesale markets.
The document discusses various types of banks and financial institutions in India, including commercial banks, cooperative banks, and non-banking financial companies that provide term lending and working capital financing to industries. It also covers the regulatory framework for banking in India established by the Reserve Bank of India through various acts and policies. The performance of the Indian banking sector is monitored through periodic reports released by the central bank.
A Study on various loans provided by Bajaj Finserv with special reference to ...AMARESHKUMAR KAMBALE
This document summarizes a student's internship project at Arihant agency (ASSC) of Bajaj Finserv. The project involved studying the various loans provided by Bajaj Finserv, with a focus on unsecured loans. The student learned about the loan application and approval process, eligibility criteria, required documents, and interest rates for unsecured loans. Through this project, the student gained valuable insight into the banking industry and debt syndication processes. Bajaj Finserv provides various consumer loans including durable goods financing, lifestyle loans, personal loans, gold loans, and professional loans through its network of branches and business correspondents across India.
The document discusses the components of the Indian financial system, including financial institutions, financial markets, financial instruments, and financial services. It specifically focuses on the debt market as a key component. The debt market can be classified into the government securities market and the bond market. Government securities include instruments issued by central and state governments, while the bond market includes instruments issued by public and private sector entities. The debt market plays an important role in the Indian economy by efficiently mobilizing and allocating resources, financing government development activities, and transmitting monetary policy signals. It also provides greater funding avenues and reduces borrowing costs.
The document provides an overview of various fund based financial services. It discusses topics like leasing, hire purchase, factoring, venture capital, insurance, mutual funds and housing finance. For each topic, it provides definitions, key aspects, types and mechanisms. The summary is as follows:
The document defines and compares various fund based financial services like leasing, hire purchase, factoring and their mechanisms. It also discusses venture capital process, insurance types and regulation in India. Different mutual fund schemes and housing finance products are outlined. Key intermediaries and regulations for different financial sectors are highlighted.
This document discusses the nature and scope of financial services. It begins by defining financial services and intermediation. It then describes the traditional and modern activities of financial services, including fund-based activities like underwriting and non-fund based activities like advisory services. Modern activities include project advisory, M&A assistance, and risk management services. Revenue sources include fund-based income from interest and investments, and fee-based income from services. Financial innovation was necessitated by factors like low profitability, competition, economic liberalization, and improved customer expectations.
Idea Cellular plans to raise between Rs. 1,700-2,000 crore through an initial public offering (IPO) on the stock exchange. It has appointed investment banks like J.P. Morgan and Merrill Lynch to manage the offering, which is expected to be launched by the end of January. Under SEBI rules, a minimum of 10% of shares must be offered to the public. Idea Cellular will sell between 10-12% of shares, expected to be at a 10-20% premium to the most recent private placement valuation of Rs. 15,000 crore. The IPO proceeds will be used to fund Idea Cellular's capital expenditures for expansion. After the IPO, the
Unit 3 (1).pptx financial services , custodian serviceBeastMahi1
The document discusses various types of financial services. It defines financial services as the economic services provided by the finance industry, which includes banks, credit unions, insurance companies, and other businesses that manage money. It then provides details on important financial services like banking, wealth management, mutual funds, insurance, stock markets, treasury instruments, consulting, and portfolio management. It also distinguishes between fund-based financial activities like leasing, hire purchase, and bill discounting, and non-fund-based activities such as merchant banking, credit rating, and loan syndication.
Idea Cellular, the fifth largest telecom operator in India, plans to raise between Rs. 1,700-2,000 crore through an initial public offering (IPO) on the stock market. It has appointed investment banks like J.P. Morgan and Merrill Lynch to manage the IPO, which is expected to be launched by the end of January. Under SEBI rules, the company must float at least 10% of its shares, so it will sell 10-12% of its equity. The company's recent valuation in a private placement was Rs. 15,000 crore, so the IPO shares are expected to be priced at a 10-20% premium to that level. After the
Financial Services -Nature and scope of financial services- introduction-Objective-meaning of financial services - classification of financial service industry- Challenges Facing the Financial Services Sector
Financial innovation - causes of financial innovation - Innovative Financial Instruments
Financial Service Industry- Emergence and developments- Fund based services - Merchant banking - Non-fund based services - Leasing and hire purchasing- Bill discounting and Factoring- Forfaiting- Securitization- Mutual Funds - Venture capital funds - Depository participants.
This document provides information on non-bank financial intermediaries (NBFIs) in India and around the world. It defines NBFIs as financial institutions other than commercial and cooperative banks that raise funds from the public to lend to borrowers. Examples mentioned include insurance firms, venture capitalists, and microloan organizations. The document discusses the role of NBFIs in reducing hoarding, helping the household and business sectors, and providing liquidity. It also outlines some major statutory financial organizations in India that regulate NBFIs, such as NABARD, SIDBI, IRDAI, and SEBI.
This document discusses financial services in India. It defines financial services as activities that mobilize and allocate savings. Financial services can be classified into capital market intermediaries and money market intermediaries. The scope of financial services has expanded and now includes both traditional activities like underwriting shares and modern activities like merchant banking, mutual funds, and derivatives. However, the financial services sector in India faces challenges like a lack of qualified personnel, lack of transparency, and lack of specialized expertise. Overall, the document provides an overview of the classification, activities, products, and challenges of the financial services industry in India.
The document discusses key aspects of money markets including definitions, features, objectives, composition, instruments and structure. It describes money markets as a mechanism for short-term lending and borrowing of less than one year. The key components are commercial banks, acceptance houses and non-banking financial companies. Common instruments include treasury bills, commercial papers, certificates of deposit, repurchase agreements and money market mutual funds. The structure includes organized sectors like the Reserve Bank of India and commercial banks as well as unorganized sectors like money lenders and cooperative banks. Recent developments have integrated the unorganized sector and introduced innovative instruments.
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Here are the steps to make a lace wig:
1. Choose your lace wig cap. Lace wig caps come in various sizes and are usually made of an elastic
material. Measure your head to get the proper fit.
2. Cut the lace. Use small scissors to cut the lace around the entire perimeter of the wig cap, leaving
about 1/4-1/2 inch of lace extending past the elastic band.
3. Customize the part. Use a small razor or tweezers to pluck individual hairs from the lace to create a
natural-looking hair part. Pluck slowly in small sections for the most realistic part.
4. Apply hair extensions. Use a weft
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AN OVERVIEW OF FINANCIAL SERVICES IN INDIAN CONTEXT
1. CASIRJ Volume 6 Issue 7 [Year - 2015] ISSN 2319 – 9202
International Research Journal of Commerce Arts and Science
http://www.casirj.com Page 180
AN OVERVIEW OF Financial Services in Indian Context
Parvesh Kumar Goyal
Asssistant Professor, Department of Commerce,
Dayanand Post Graduate College, Hisar
ABSTRACT
Financial services are an essential segment of financial system. Financial services are
the foundation of a modern economy. The financial service sector is indispensable for
the prosperity of a nation. The Indian financial services industry has undergone a
major change since1990. Before its emergence the commercial banks and other
financial institutions dominated the field and they met the financial needs of the Indian
industry. It was only after the economic liberalisation that the financial service sector
gained some prominence. Now this sector has developed into an industry .In fact, one
of the world’s largest industries today is the financial services industry.
Keywords Financial services, Industry, Companies, Finance, Institutions
Introduction
Financial services refer to services provided by the finance industry. The finance industry
consists of a broad range of organisations that deal with the management of money. These
organisations include banks, credit card companies, insurance companies, consumer finance
companies, stock brokers, investment funds and some government sponsored enterprises.
Financial services may be defined as the products and services offered by financial institutions
for the facilitation of various financial transactions and other related activities. Financial services
can also be called financial intermediation. Financial intermediation is a process by which funds
are mobilised from a large number of savers and make them available to all those who are in
need of it and particularly to corporate customers. There are various institutions which render
financial services. Some of the institutions are banks, investment companies, accounting firms,
financial institutions, merchant banks, leasing companies, venture capital companies, factoring
companies, mutual funds etc. These institutions provide variety of services to corporate
enterprises. Such services are called financial services. Thus, services rendered by financial
service organisations to industrial enterprises and to ultimate consumer markets are called
financial services. These are the services and facilities required for the smooth operation of the
financial markets. In short, services provided by financial intermediaries are called financial
services.
2. CASIRJ Volume 6 Issue 7 [Year - 2015] ISSN 2319 – 9202
International Research Journal of Commerce Arts and Science
http://www.casirj.com Page 181
Characteristics
Intangibility: Financial services are intangible. Therefore, they cannot be standardized or
reproduced in the same form.
Perishibility Like other services, financial services also cannot be stored. They have to
be supplied when customers need them.
Variability: In order to cater a variety of financial and related needs of different
customers in different areas, financial service organisations have to offer a wide range of
products and services. This means the financial services have to be tailor-made to the
requirements of customers. The service institutions differentiate their services to develop
their individual identity.
Labour Intensive: Financial services are labour intensive. It requires competent and
skilled personnel to market the quality financial products.
Information based: Financial service industry is an information based industry. It
involves creation, dissemination and use of information. Information is an essential
component in the production of financial services.
Importance of Financial Services for Indian Economy
The successful functioning of any financial system depends upon the range of financial services
offered by financial service organisations. The importance of financial services in Indian
economy may be understood from the following points:
1. Economic growth: The financial service industry mobilises the savings of the people, and
channels them into productive investments by providing various services to people in general
and corporate enterprises in particular. In short, the economic growth of any country depends
upon these savings and investments.
2. Promotion of savings: The financial service industry mobilises the savings of the people by
providing transformation services. It provides liability, asset and size transformation service by
providing huge loan from small deposits collected from a large number of people. In this way
financial service industry promotes savings.
3. Capital formation: Financial service industry facilitates capital formation by rendering
various capital market intermediary services. Capital formation is the very basis for economic
growth.
4. Creation of employment opportunities: The financial service industry creates and provides
employment opportunities to millions of people all over the world.
5. Contribution to GNP: Recently the contribution of financial services to GNP has been
increasing year after year in almost countries.
3. CASIRJ Volume 6 Issue 7 [Year - 2015] ISSN 2319 – 9202
International Research Journal of Commerce Arts and Science
http://www.casirj.com Page 182
6. Provision of liquidity: The financial service industry promotes liquidity in the financial
system by allocating and reallocating savings and investment into various avenues of economic
activity. It facilitates easy conversion of financial assets into liquid cash.
Scope of Financial Services
The scope of financial services is very wide. This is because it covers a wide range of
services. The financial services can be broadly classified into two categories:
(a) Assets/fund based services and
(b)Non-fund services (or fee-based services)
Fund based Services
A. Asset/Fund Based Services
1. Equipment leasing/Lease financing: A lease is an agreement under which a firm acquires a
right to make use of a capital asset like machinery etc. on payment of an agreed fee called lease
rentals. The person (or the company) which acquires the right is known as lessee. He does not
get the ownership of the asset. He acquires only the right to use the asset. The person (or the
company) who gives the right is known as lessor.
Regulatory frame work for Leasing in India
As there is no separate statue for leasing in India, the provisions relating to bailment in the Indian
Contract Act govern equipment leasing agreements as well section 148 of the Indian Contract
Act defines bailment as:
“The delivery of goods by one person to another, for some purpose, upon a contract that they
shall, when the purpose is accomplished, be returned or otherwise disposed off according to the
directions of the person delivering them. The person delivering the goods is called the „bailor‟
and the person to whom they are delivered is called the „bailee‟.
Since an equipment lease transaction is regarded as a contract of bailment, the obligations of the
lessor and the lessee are similar to those of the bailor and the bailee (other than those expressly
specified in the least contract) as defined by the provisions of sections 150 and 168 of the
Indian Contract Act
2. Hire purchase and consumer credit: Hire purchase is a transaction where goods are
purchased and sold on the condition that payment is made in instalments. The buyer gets only
possession of goods. He does not get ownership. He gets ownership only after the payment of the
last instalment. If the buyer fails to pay any instalment, the seller can repossess the goods. Each
instalment includes interest also.
4. CASIRJ Volume 6 Issue 7 [Year - 2015] ISSN 2319 – 9202
International Research Journal of Commerce Arts and Science
http://www.casirj.com Page 183
Legal framework of Hire purchase transactions
The hire purchase system is regulated by the Hire Purchase Act 1972. In a hire-purchase
transaction, assets are let on hire, the price is to be paid in instalments and hirer is allowed an
option to purchase the goods by paying all the instalments. A Hire Purchase agreement usually
requires the customer to pay an initial deposit, with the remainder of the balance, plus interest,
paid over an agreed period of time.
3. Bill discounting: Discounting of bill is an attractive fund based financial service provided by
the finance companies. In the case of time bill (payable after a specified period), the holder need
not wait till maturity or due date. If he is in need of money, he can discount the bill with his
banker. After deducting a certain amount (discount), the banker credits the net amount in the
customer‟s account. Thus, the bank purchases the bill and credits the customer‟s account with the
amount of the bill less discount. On the due date, the drawee makes payment to the banker. If he
fails to make payment, the banker will recover the amount from the customer who has
discounted
The bill. In short, discounting of bill means giving loans on the basis of the security of a bill of
exchange.
4. Venture capital: Venture capital simply refers to capital which is available for financing the
new business ventures. It involves lending finance to the growing companies. It is the investment
in a highly risky project with the objective of earning a high rate of return. In short, venture
capital means long term risk capital in the form of equity finance.
Venture Capital in India
In India, the venture capital plays a vital role in the development and growth of innovative
entrepreneurships. Venture capital activity in the past was possibly done by the developmental
financial institutions like IDBI, ICICI and state financial corporations. These institutions
promoted entities in the private sector with debt as an instrument of funding. For a long time,
funds raised from public were used as a source of venture capital. And with the minimum paid
up capital requirements being raised for listing at the stock exchanges, it became difficult for
smaller firms with viable projects to raise funds from the public. In India, the need for venture
capital was recognised in the 7thfive-year plan and long term fiscal policy of the Government of
India. In 1973, a committee on development of small and medium enterprises highlighted the
need to foster VC as a source of funding new entrepreneurs and technology. VC financing really
started in India in 1988 with the formation of Technology Development and Information
Company of India Ltd. (TDICI) – promoted by ICICI and UTI. The first private VC fund was
sponsored by Credit Capital Finance Corporation (CCFC) and promoted by Bank of India, Asian
Development Bank and the Commonwealth Development Corporation, namely, Credit Capital
Venture Fund. At the same time, Gujarat Venture Finance Ltd. and AFIDC Venture Capital Ltd.
5. CASIRJ Volume 6 Issue 7 [Year - 2015] ISSN 2319 – 9202
International Research Journal of Commerce Arts and Science
http://www.casirj.com Page 184
were started by state-level financial institutions. Sources of these funds were the financial
institutions, foreign institutional investors or pension funds and high net worth individuals.
Venture Capital Companies in India
IDBI Venture Capital Fund, ICICI Venture Funds Management Company, SIDBI Venture
Capital Scheme, IFCI Venture Capital Fund Limited, Venture East, Trident Capital, CANbank
Venture Capital Fund Ltd.
5. Housing Finance: Housing finance simply refers to providing finance for house building. It
emerged as a fund based financial service in India with the establishment of National Housing
Bank (NHB) by the RBI in 1988. It is an apex housing finance institution in the country. Till
now, a number of specialised financial institutions/companies have entered in the filed of
housing finance.
Housing finance institutions
1. National Housing Bank
The National Housing Bank was set up on July 9, 1988 as an apex institution to mobilize
resources for the housing sector and to promote housing finance institutions, both on regional
and local levels. It was established as a subsidiary of the RBI with a view to coordinating and
developing housing finance schemes.
II. Commercial Banks
Name of the Bank Name of the Housing Finance Company (Subsidiary
Companies)
(i) State Bank of India State Bank of India Housing Finance (SBIHF)
(ii) Punjab National Bank Punjab National Bank Housing Finance Ltd. (PNBHFL)
(iii) Andhra Bank Andhra Bank Housing Finance Ltd. (AHFL)
(v) Canara Bank Can Fin Homes Ltd. (CFHL)
(vii) Vijaya Bank Vijaya Bank Housing Finance Ltd. (VHFL)
(viii) Bank of India Indian Bank Housing Finance Ltd. (IBHFL)
III. Cooperative Banks
IV. Housing and Urban Development Corporation Ltd. (HUDCO)
V. Housing Development Finance Corporation (HDFC) and other Private Finance companies
6. CASIRJ Volume 6 Issue 7 [Year - 2015] ISSN 2319 – 9202
International Research Journal of Commerce Arts and Science
http://www.casirj.com Page 185
VI. Insurance companies.
6. Insurance services: Insurance is a contract between two parties. One party is the insured and
the other party is the insurer. Insured is the person whose life or property is insured with the
insurer. That is, the person whose risk is insured is called insured. Insurer is the insurance
company to whom risk is transferred by the insured. That is, the person who insures the risk of
insured is called insurer. Thus insurance is a contract between insurer and insured. It is a contract
in which the insurance company undertakes to indemnify the insured on the happening of certain
event for a payment of consideration. The document which contains all the terms and conditions
of insurance (i.e. the written contract) is called the „insurance policy‟. The amount for which the
insurance policy is taken is called „sum assured‟. The consideration in return for which the
insurer agrees to make good the loss is known as „insurance premium‟. This premium is to be
paid regularly by the insured. It may be paid monthly, quarterly, half yearly or yearly.
Insurance services in India,
The main elements of the framework are the Insurance Act, 1938, Insurance Regulatory and
Development Act, 1999 and the Regulations framed under it by the Insurance Regulatory and
Development Authority (IRDA). The major players in insurance business are LIC(Life Insurance
Corporation of India ), GIC(General Insurance Corporation of India), HDFC Life Insurance
ICICI Prudential Life Insurance Max New York Life Insurance, SBI Life Insurance, Birla
Sunlife Insurance etc.
7. Factoring: Factoring is an arrangement under which the factor purchases the account
receivables (arising out of credit sale of goods/services) and makes immediate cash payment to
the supplier or creditor. Thus, it is an arrangement in which the account receivables of a firm
(client) are purchased by a financial institution or banker. Thus, the factor provides finance to the
client (supplier) in respect of account receivables. The factor undertakes the responsibility of
collecting the account receivables. The financial institution (factor) undertakes the risk. For this
type of service as well as for the interest, the factor charges a fee for the intervening period.
The main organisations operating in factoring services are SBI Factors and Commercial Services
(SBI FACS) Ltd. And CAN Bank Factors Ltd.
8. Forfaiting: Forfaiting is a form of financing of receivables relating to international trade. It is
a non-recourse purchase by a banker or any other financial institution of receivables arising from
export of goods and services. The exporter surrenders his right to the forfaiter to receive future
payment from the buyer to whom goods have been supplied. Forfaiting is a technique that helps
the exporter sells his goods on credit and yet receives the cash well before the due date. In short,
forfeiting is a technique by which a forfeiter (financing agency) discounts an export bill and pay
ready cash to the exporter. The exporter need not bother about collection of export bill. He can
just concentrate on export trade.
7. CASIRJ Volume 6 Issue 7 [Year - 2015] ISSN 2319 – 9202
International Research Journal of Commerce Arts and Science
http://www.casirj.com Page 186
9. Mutual fund: Mutual funds are financial intermediaries which mobilise savings from the
people and invest them in a mix of corporate and government securities. The mutual fund
operators actively manage this portfolio of securities and earn income through dividend, interest
and capital gains. The incomes are eventually passed on to mutual fund shareholders.
Mutual Funds in India
In India the first mutual fund was UTI. It was set up in 1964 under an Act of parliament. During
the year 1987-1992, seven new mutual funds were established in the public sector. In 1993, the
government changed its policy to allow the entry of private corporate and foreign institutional
investors into the mutual fund segment. Now the commercial banks like the SBI, Canara Bank,
Indian bank, Bank of India, Punjab National Bank etc. have entered into the field. LIC and GIC
have also entered into the market. By the end of March 2000, there were 36 mutual funds, 9 in
the public sector and 27 in the private sector. However UTI dominated the mutual fund sector. In
India mutual funds are being regulated by agencies like SEBI. Mutual funds play an important
role in promoting saving and investment within the country. Some of mutual funds in India are
as follows:
UTI Mutual Fund ICICI Mutual Fund Kotak Mahindra Mutual Fund
HDFC Mutual Fund Reliance Mutual fund IDBI Mutual Fund
SBI Mutual Fund Tata Mutual Fund India Bulls Mutual Fund
Non-Fund Based/Fee Based Financial Services
1. Merchant banking: Merchant banking is basically a service banking, concerned with
providing non-fund based services of arranging funds rather than providing them. The merchant
banker merely acts as an intermediary. Its main job is to transfer capital from those who own it to
those who need it. Today, merchant banker acts as an institution which understands the
requirements of the promoters on the one hand and financial institutions, banks, stock exchange
and money markets on the other. SEBI (Merchant Bankers) Rule, 1992 has defined a merchant
banker as, “any person who is engaged in the business of issue management either by making
arrangements regarding selling, buying or subscribing to securities or acting as manager,
consultant, advisor, or rendering corporate advisory services in relation to such issue
management”.
Merchant Banking in India
Prior to the enactment of Indian Companies Act, 1956, managing agents acted as merchant
bankers. They acted as issue houses for securities, evaluated project reports, provided venture
capital for new firms etc. Few share broking firms also functioned as merchant bankers. With the
rapid growth in the number and size of the issues made in the primary market, the need for
8. CASIRJ Volume 6 Issue 7 [Year - 2015] ISSN 2319 – 9202
International Research Journal of Commerce Arts and Science
http://www.casirj.com Page 187
specialized merchant banking service was felt. Grind lays Bank (foreign bank) opened its
merchant banking division in 1967, followed by Citibank in 1970. SBI started its merchant
banking division in 1972 and it followed up by setting up a fully owned subsidiary in 1980,
namely SBI Capital Markets Ltd. The other nationalized banks and financial institutions, like
IDBI, IFCI,
ICICI, Securities and Finance Company Ltd., Canara Bank (Can Bank Financial Services Ltd.),
Bank of India (BOI Finance Ltd.) and private sector financial companies, like JM Financial and
Investment Consultancy Services Ltd., DSP Financial Consultancy Ltd. have also set up their
merchant banking divisions.
2. Credit rating: Credit rating means giving an expert opinion by a rating agency on the relative
willingness and ability of the issuer of a debt instrument to meet the financial obligations in time
and in full. It measures the relative risk of an issuer‟s ability and willingness to repay both
interest and principal over the period of the rated instrument. It is a judgement about a firm‟s
financial and business prospects. In short, credit rating means assessing the creditworthiness of a
company by an independent organisation.
Credit rating agencies in India
ICRA (Investment Information and Credit Rating Agency of India Ltd.)
CARE (Credit Analysis and Research in Equities)
CRISIL (Credit Rating Information Services of India Ltd.)
SME Rating agency of India
3. Stock broking: Now stock broking has emerged as a professional advisory service. Stock
broker is a member of a recognized stock exchange. He buys, sells, or deals in shares/securities.
It is compulsory for each stock broker to get himself/herself registered with SEBI in order to act
as a broker. As a member of a stock exchange, he will have to abide by its rules, regulations and
by laws.
4. Custodial services: In simple words, the services provided by a custodian are known as
custodial services (custodian services). Custodian is an institution or a person who is handed
over securities by the security owners for safe custody. Custodian is a caretaker of a public
property or securities. Custodians are intermediaries between companies and clients (i.e. security
holders) and institutions (financial institutions and mutual funds). There is an arrangement and
agreement between custodian and real owners of securities or properties to act as custodians of
those who hand over it. The duty of a custodian is to keep the securities or documents under safe
custody. The work of custodian is very risky and costly in nature. For rendering these services,
he gets a remuneration called custodial charges. Thus custodial service is the service of keeping
the securities safe for and on behalf of somebody else for a remuneration called custodial
charges.
9. CASIRJ Volume 6 Issue 7 [Year - 2015] ISSN 2319 – 9202
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5. Loan syndication: Loan syndication is an arrangement where a group of banks participate to
provide funds for a single loan. In loan syndication, a group of banks comprising 10 to 30 banks
participate to provide funds wherein one of the banks is the lead manager. This lead bank is
decided by the corporate enterprises, depending on confidence in the lead manager.
A single bank cannot give a huge loan. Hence a number of banks join together and form a
syndicate. This is known as loan syndication. Thus, loan syndication is very similar to
consortium financing.
Challenges faced by Indian financial services sector.
Financial service sector has to face lot of challenges in its way to fulfil the ever growing
financial demand of the economy. Some of the important challenges are listed below:
1. Lack of qualified personnel in the financial service sector.
2. Lack of investor awareness about the various financial services.
3. Lack of transparency in the disclosure requirements and accounting practices relating to
financial services.
4. Lack of specialisation in different financial services (specialisation only in one or two
services).
5. Lack of adequate data to take financial service related decisions.
6. Lack of efficient risk management system in the financial service sector.
The above challenges are likely to increase in number with the growing requirements of the
customers. However, the financial system in India at present is in a process of rapid
transformation, particularly after the introduction of new economic reforms.
References
1. http://www.slideshare.net/NeelamPandey2/31352216-natureandscopeoffinancialservices
2. https://en.wikipedia.org/wiki/Financial_services
3. https://en.wikipedia.org/wiki/Category:Financial_services_companies_of_India
4. http://business.mapsofindia.com/finance/top-10-financial-services-companies-in-
india.html
5. Gupta S.K.(2014), Financial Institutions and Markets, Kalyani Publishers
6. Khan M.Y., Financial services Fourth Edition Tata McGraw Hill Publishing Company
Ltd.