India’s Leading BFSI and FinTech Companies 2023

India’s Leading BFSI and FinTech Companies 2023 | 1 [ MESSAGE FROM MD’S DESK ] The Indian BFSI & FinTech sector has been playing a critical role in driving the growth of the Indian economy and is considered the key enabler for the vision of India becoming a USD 5 trillion economy by FY26. The sector plays a crucial role in capital & job creation, investments and innovations among other focus areas. Dun & Bradstreet India is pleased to present the 15 th edition of our premier publications, ‘India’s Leading BFSI & Fintech Companies’ . Every year, we identify a central theme which is extremely critical and current to BFSI fraternity. This year, the central theme is ‘Re-shaping for balanced growth’. GDP growth has direct impact on the BFSI and Fintech sector. Indian GDP growth started to decline from FY17 to FY21 driven by series of events such as demonetization, IL&FS and finally COVID crisis. The impact was visible with industry witnessing low credit growth, deterioration in asset quality and profitability. The situation started improving from FY22 and progress was visible even during the first nine months of FY23 with improved profitability and strengthened balance sheets. The crisis provided us with an opportunity to introspect on various grounds including improving credit norms, lending mechanism, risk management practices, adoption to digital and ESG aspects. All of these have helped to reshape the Indian BFSI industry. As the industry works towards these challenges, we should keep our key objective firmly in focus to obtain growth that is balanced, and sustainable. Since start of FY23, the Indian financial services sector is facing headwinds emanating from globalisation of inflation, synchronised monetary policy tightening and continuing geopolitical risks to growth of Indian economy. Presently the Indian financial services sector remains robust and resilient with improved profitability, asset quality and strong capital buffers. There are strong indicators which indicates robustness of Indian financial services industry such as banking credit growth to industry sector at 8-year high levels, Indian asset management industry quarterly average AUM reached at record levels in FY22. However, Indian policymakers are vigilant on evolvingmacroeconomic conditions that may impact health of Indian financial services sector. INDIAN BFSI HAS SHOWN STRONG RESILIENCE DESPITE GLOBAL HEADWINDS; SECTOR POISED FOR MORE SUSTAINABLE AND BALANCED GROWTH INDIAN BFSI & FINTECH: RE-SHAPING FOR BALANCED GROWTH Dun & Bradstreet