The Indian banking system consists of 27 public sector banks, 26 private sector banks, and numerous other financial institutions. Public sector banks control over 70% of banking system assets. The insurance industry has 57 companies, with 24 in life insurance and 33 in non-life insurance. Life Insurance Corporation is the sole public sector life insurer. Bank deposits grew at an annual rate of 12% from 2006-2017. The number of people covered by health insurance increased to 36 crore people in 2015-2016, and life insurance premiums grew by 9% in 2016-2017.