Issues and Challenges in Indian Banking and Insurance Sector - An Overview

Abstract: Economic growth of India is inevitable on reach the economically powerful nation. Banking and Insurance sector has very prominent role in growth process. Since the formation these two sectors has gone through major changes with changing demographics and priorities of public. These sectors had greatly been impacted by the changing regulations and fast change in technology. Due to these changes, they changed the way of its operations and made progress to take actions for this purpose. Banking and Insurance sector includes both public and private sector. This paper makes an attempt to highlight the features of these two sectors, recent trends, challenges faced and suggests some feasible measures for growth of these two sectors. Insurance sector is also highlighting slow pace of growth and negligible trust in insurance products. The study based on secondary data indicates that ground level measures need to be inculcated as advised by study in pursuance of 2023 goals.