The BFSI sector is a vital contributor to the Indian economy, accounting for a significant share of GDP and employment. It comprises a range of institutions and companies that offer a variety of financial products and services, including banking, insurance, asset management, and financial consulting.

It has undergone rapid transformation in recent years, driven by technological innovation, changing customer preferences, and regulatory reforms. Digitalization has played a major role in this transformation, with many BFSI companies adopting advanced technologies such as artificial intelligence, big data analytics, and blockchain to improve efficiency and enhance the customer experience.

The technological revolution gave a massive boost to the Digital Payments ecosystem in the country. With the advent of Unified Payments Interface (UPI), instant and seamless payments have become a reality and all sectors of the economy are now using UPI on a massive scale. This has enabled businesses to grow rapidly and streamline payments into the formal system; a big success story for the Indian BFSI industry.