Banking, Financial Services, and Insurance is referred to as BFSI. It includes a vast range of organisations and products that make up the core of the international financial sector. The BFSI industry, which ranges from conventional banks to cutting-edge fintech firms, is essential for promoting economic growth, controlling risk, and offering financial solutions to people, organisations, and governments. The BFSI industry plays a crucial role in the global economy by offering crucial financial services to people, companies, and governments. In addition to supporting risk management and compliance, it promotes innovation and economic progress.
Regulatory Framework: Governments heavily regulate the BFSI industries to ensure stability and safeguard customers. Regulatory organisations create norms and guidelines for financial organisations, ensuring adherence to moral standards, risk management, and financial transparency.
Consumer Protection: Consumer protection has received more attention in BFSI. Transparency has been ensured and fraudulent practises have been prevented by measures. In order to handle complaints, methods for dispute resolution are established and consumer rights are protected.
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