I have knowledge about the Financial Sector of India, Eligibility for government autonomy as well as Chief Characteristics. So here I am telling you about it as you want.


Here I am telling you about it as you want;

Financial Sector of India – Eligibility for government autonomy

Availability of sufficient fund of up to 8%


Minimum net possessed funds of more than USD 2.5 million and net revenues of minimum past three years.

Accessibility of total non-performing wealth of below 9%

Financial institutions that satisfy the abovementioned requirements will be authorized functional independence in almost all managerial areas.



Financial Sector of India – Chief Characteristics
Some of the major characteristics of Financial Sector of India are:
The financial sector of India allows Most Favored Nation (MFN) reputation to all international banks and firms offering financial facilities.

The sector has relaxed previous MFN tax exemption on banking activities.

Allows 12 new financial bank division authorizations every year to international banks, that is higher as compared to the existing 8 every year.

Raises the 10% limit of reinsurance by insurance firms in India

Permits 51% foreign endowment in fiscal advisory, issuing, hiring, business enterprise capital, business banking and non-banking credit firms



Commercial banking services
The primary operations of banks include:

Provide wire transfers of funds and Electronic fund transfers between banks
Facilitation of standing orders and direct debits, so payments for bills can be made automatically

Provide internet banking system to facilitate the customers to view and operate their respective accounts through internet.

Provide charge card advances of the bank's own money for customers wishing to settle credit advances monthly.

Provide overdraft agreements for the temporary advancement of the bank's own money to meet monthly spending commitments of a customer in their current account.

Provide a check guaranteed by the bank itself and prepaid by the customer, such as a cashier's check or certified check.

Notary service for financial and other documents

Accepting the deposits from customer and provide the credit facilities to them.

Keeping money safe while also allowing withdrawals when needed

Issuance of chequebooks so that bills can be paid and other kinds of payments can be delivered by post

Provide personal loans, commercial loans, and mortgage loans (typically loans to purchase a home, property or business)

Issuance of credit cards and processing of credit card transactions and billing

Issuance of debit cards for use as a substitute for cheques

Allow financial transactions at branches or by using Automatic Teller Machines (ATMs)

Sell investment products like mutual funds etc.