The full form of BFSI is Banking, Financial Services, and Insurance. It is an industry term for companies that provide banking services, financial products and services, and insurance. Such ventures have a stronger chance of succeeding in emerging countries such as India, which has one of the world’s fastest-growing economies.
As a result, commercial banks, insurance firms, non-banking financial companies, cooperatives, pension funds, mutual funds, and other similar organisations fall under the umbrella of BFSI. Bajaj Finance Limited, Muthoot Finance, Tata Capital, and Mahindra & Mahindra Financial Services Limited are examples of BFSI firms.
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Banking products may include core banking, retail banking, savings accounts, and so on; financial goods may include stock exchanges, payment gateways, and mutual funds; and insurance products may include both life insurance and general insurance.