India, in a short period of time, has introduced game-changing products in the financial sector, with the UPI payments ecosystem becoming a runaway success. After a period of being under pressure, the banking sector is doing well. Banks’ asset quality has improved in the first half ending September 30, 2022 period for FY23. Recent RBI data suggests that the scheduled commercial banks’ GNPA has fallen to a seven-year low, while the net NPA has contracted to a decade low. The demand for bank credit is back and this is an early indicator of a revival of the investment cycle.
The Indian insurance sector is also in revival mode after the Covid-19 pandemic. The sector will become the sixth-largest insurance market in the world by 2032. What should the Centre focus on to help the sector grow in the upcoming budget? What are the industry expectations? Senior Assistant Editor Hamsini Karthik explains this in this podcast. Listen in now!