India’s Leading BFSI & FinTech Companies 2024

India’s Leading BFSI and FinTech Companies 2024 4 I ndian economy showed remarkable resilience in FY2023 despite turbulences caused by geo-political tensions, disruption in global supply chains, high inflation, and rising interest rates due to monetary tightening. Amidst the global headwinds, Indian economy sustained its growth momentum, registering a robust GDP growth rate of 7.2% in FY2023. The economic growth was largely supported by the strength of domestic demand as the consumption and investment almost returned to the pre- BANKING SECTOR OVERVIEW pandemic growth trajectory driven by the release of pent-up demand and robust public and private capital expenditure. The supply chain disruptions due to geo-political tensions that caused indiscriminate hike in the global commodity and oil prices exerted upward pressure on the retail inflation in India which largely hovered around 6% during FY2023. With retail inflation consistently staying above the RBI’s upper tolerance level of 6% during the first half of FY2023, the RBI and the government took various coordinated measures to contain inflationary pressures. Between May 2022 to February 2023, the RBI hiked the repo rate six times, taking the policy rate from 4% in April 2022 to 6.5% by the end of FY2023. The resurgence in economic activities also provided much required impetus to the Indian BFSI sector. Amongst BFSI segments, despite the hike in lending rates due to the RBI’s monetary policy tightening, credit disbursement from Dun & Bradstreet