India’s Leading BFSI and FinTech Companies 2022

1 Preface Avinash Gupta Managing Director & CEO – India Dun & Bradstreet India’s Banking, Financial Services and Insurance (BFSI) sector has been the backbone of Indian economy by being the key catalyst of the economic development. The sector has witnessed tremendous transformation especially in the past few years due to the rise of FinTech companies. In recognition of the important role played by the BFSI & FinTech sectors in economic growth, Dun & Bradstreet India is pleased to present the 14th edition of one of our premier publications, ‘India’s Leading BFSI and FinTech Companies’. ‘Tech-novation the Way Forward’: the central theme of our publication this year underscores the essential role of digitization and innovation in causing positive disruption to the Indian BFSI sector. The publication is one of the most credible compendiums on the Indian BFSI sector. The 2022 edition of the publication profiles the major spectrum of BFSI companies consisting of leading banks, NBFCs, insurance companies, AMCs and broking houses. It also lists and profiles select Indian FinTech companies. The Indian economy has shown some turnaround after witnessing the pandemic induced economic disruptions in FY21. The comparatively smaller and localised impact of the second wave of the pandemic, good progress on vaccination, improved consumer confidence and conducive policy measures have enabled the Indian economy to get back on the recovery path. The recovering Indian economy has also led to the revival of the BFSI industry. Amongst BFSI segments, Indian banking sector has remained well capitalized and witnessed improvement in asset quality in H2 FY22 on account of the decline in delinquencies due to the government relief measures. However, the asset quality may witness some deterioration with the waning impact of relief measures. Further, the ongoing Russia-Ukraine crisis may lead to a potential increase in delinquencies for businesses with higher exposure to Russia & Ukraine. FY22 has turned out to be an exceptional year for the Indian financial market due to increased participation of retail investors. However foreign portfolio investors which remained net sellers on weak global cues as well as surging global oil prices amidst Russia-Ukraine crises have weighed on the financial markets in the second half of FY22. Another key feature of Indian BFSI industry today is that it is on the cusp of a profound digital transformation. This digital journey of BFSI sector is further accelerated by the rise of FinTech companies. FinTechs have reimagined the delivery of financial services by offering enhanced customer experience at an affordable price. The collaboration between BFSI companies and FinTechs received a major boost during the pandemic as BFSI companies embraced digital technologies more aggressively. It enabled BFSI companies to remain agile in their functioning and respond to shifting customer needs. FinTechs have also benefited with this partnership with BFSI in terms of large client base. Further, FinTechs equipped with AI and data analytics can enable BFSI companies to manage credit risks especially emerging from the ongoing geo-political tensions. They can enable BFSI companies to understand their customers better and take informed decisions. Thus, the growing partnership between BFSI and FinTechs has opened many opportunities for both the segments which will help them flourish going forward. I hope you enjoy reading this publication and I look forward to receiving your valuable feedback and suggestions. Dun & Bradstreet