Banking and financial services
Banking is the heart of India's financial services sector. The banking industry has undergone numerous changes over the past few years to be at par with international banking norms and standards. While the banks' motive has shifted from social banking to profit banking, dependence on ledgers, documents, cheques and slips has been replaced by electronic initiatives or cashless banking. Earlier customers used to approach banks to avail their services, but now banks approach them to market their offerings. With increasing competition and better quality of services, customised service solutions seem to be the future of banking.
Comprising primary markets, foreign direct investments (FDI), alternate investment options, banking, insurance and asset management segment, the Indian financial services market happens to be one of the oldest and robust across the globe. India is highly preferred as an investment destination as the savings rate is high (25 per cent plus) and financial products' penetration is low. Hence, it is a vast market for mutual funds, portfolio and wealth management services, insurance and a plethora of other financial products.
Volatility in the financial markets has resulted in financial institutions struggling to maintain their growth and profitability. Alongside, the global economic slowdown has taken a toll on the Indian economy, pressurising margins as well as the very sustainability of financial service companies. These dynamics call for the need to establish robust business models and ensure quality management. The sector is now at a point of inflection undergoing multiple regulatory and reporting changes. One of the biggest challenges is the move to Basel III, which includes strengthening bank capital requirements and adopting new regulatory requirements on liquidity and leverage.
Lunawat has rich professional expertise in this field. Services we render for this industry comprising of Banks, NBFCs, Insurance Companies, Share Brokers and Financial Consultants are Audit & Assurances being Statutory, Tax, RBI and Concurrent, Statutory Compliances, Taxation, assisting in Regulatory Compliances, Inventory and Receivables verifications for their clients and Consultation. We have provided our services to some of the leading Indian and Multinational companies in this sector.