The financial services in India have taken a giant leap since 1991. The banks are computerized and there is no need to stand for hours in the queue as you have various facilities like credit cards, debit cards and ATM centers. The insurance sector, the banking sector and the mutual funds services have seen remarkable growth in the last decade. These financial services have an important role in the development of economy of the nation. India ranks among the top five nations where the foreign companies want to make their investments. The cheap labor force and the excellent market conditions are the main reasons for this.

The financial services in India take care of the financial accounting like bank reconciliation and income tax return compilation, payroll services like tax calculation of the employer and employee and computation of the retirement benefits, banking services like issue of credit and debit cards, monitoring ATM cards, credit assessment for offering loans, and e-banking services and other consulting services like advice on legal issues and investment opportunities in India.

The top ten financial services in India are SBI Capital Markets Limited, Bajaj Capital Limited, DSP Merrill Lynch Limited, Birla Global Finance Limited, Housing Development Finance Corporation, PNB Housing Finance Limited, ICICI Group, LIC Finance Limited, L & T Finance Limited and Karvy Limited. These financial services offer various types of loans to the people like personal loan without security based on salary slip, home loan, car loan, cash credit, consumer loan, and loan against property, loan against rent income, business loan, and loan against securities and loan against shares.

Some of the nationalized banks in India are State Bank of India and its associates, Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank Ltd, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India and Vijaya Bank.

Apart from the above stated financial services in India there are some scheduled commercial banks like HDFC Bank, ICICI Bank, Catholic Syrian Bank, City Union Bank, Dhanalakshmi Bank, IndusInd Bank, ING Vysya Bank, Karnataka Bank, Karur Vysya Bank, etc. and some other foreign banking services ABN Amro Bank, Deutsche Bank, BNP Paribas, etc.

The financial services in India could be divided into corporate financial services that deal with structural finance, capital budgeting, financial risk management, mergers and acquisitions, accounting, auditing, credit rating agency, venture capital, etc., personal financial services that deal with credit and debit, employment contract, retirement schemes and financial planning and public financial services that deal with the debts of the Government, tax and other related categories.

The term lending, underwriting, direct subscription and merchant banking activity are some of the activities carried out by the financial services in India to boost the growth of industrial sector. They take long term and short term deposits from the public to provide fund for their financial activities. These financial services offer yeomen service in bringing up the economy of India.

Article Posted By : Sumazla  On November 29, 2011lView All Articles

Suhaina Mazhar is a freelance content writer and blogger with five years experience in content writing. http://sumazla.blogspot.com is her blog.

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