India’s Leading BFSI & FinTech Companies 2024

India’s Leading BFSI and FinTech Companies 2024 1 BFSI AND FINTECH COMPANIES HAVE PROVED TO BE A GREAT POWERHOUSE FOR THE ECONOMY – PROPELLING GROWTH AND BOOSTING CAPITAL, EMPLOYMENT, AND INVESTMENTS [ MESSAGE FROM MD’S DESK ] India’s BFSI & FinTech industry is at the cusp of a drastic transformation – business models are evolving and shifting customer dynamics are reshaping the industry. FinTechs, in particular, are driving the evolution of BFSI by pioneering digitally accessible and low-cost banking, payments, insurance and lending solutions. Amid this highly dynamic and evolving environment, Dun & Bradstreet India is pleased to present the 16th edition of our premier publication ‘India’s Leading BFSI & FinTech Companies 2024’. This year, through our publication we have not only captured the industry’s pulse and dynamics but also highlighted how five key game changers are set to transform the industry. Some of the major highlights from our publication are enumerated below: • A double-digit expansion of 12.2% in the consolidated balance sheet of Scheduled Commercial Banks (SCBs) in FY23, which has been the highest in nine years. • In FY23, all the 12 public sector banks together recorded a 57% jump in net profit, crossing the INR 1 lakh crore mark. • Small Finance Banks witnessed remarkable growth in their net profit, which grew from INR 823 crores to INR 4162 crores. • NBFCs also witnessed double digit expansion, with 16% increase in loan advances in FY23. • The aggregate income of NBFCs increased by 21.5% in FY23 as against 8.5% in FY22. • In the FinTech space, India continues to be among the fastest growing FinTech industries of the world - with Indian FinTech being the second most funded startup sector in the world. • UPI crossed the mark of 10 billion transaction in a month for the first time in August 2023, with highest ever volume of transactions worth INR 10.58 bn. • The net premium earned by Life Insurance companies grew 13% to INR 7,750 billion. With conducive regulations, innovation, cybersecurity, and financial inclusion driving the industry forward, companies that get on-board with industry game changers are set to redefine the future of BFSI & FinTech. INDIAN BFSI & FINTECH INDUSTRY: THE GAME IS CHANGING Dun & Bradstreet