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The financial services industry in India has experienced rapid growth and is predominantly composed of banks, insurance companies, and non-banking financial companies. The government has introduced reforms to liberalize and expand access to finance for small and medium enterprises. As of October 2021, assets under management by mutual funds in India were Rs. 37.33 trillion (US$ 500.67 billion). The insurance industry has also expanded, with life insurance first year premiums reaching Rs. 2.59 lakh crores in

Author

sweta

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EN