BFSI sector in India comprises of Banking, Financial services and Insurance sector. BFSI sector in India is valued at Rs. 81 trillion and is likely to become fifth largest in the world by year 2020 and third largest by year 2025. The Indian banking system consists of 18 public sector banks, 22 private sector banks, 46 foreign banks, 53 regional rural banks, 1,542 urban cooperative banks and 94,384 rural cooperative banks as of September 2019. Public sector banks account for 61.21% of the total banking assets in FY19. In FY19, total assets in public and private banking sector were $1,422.97 bn and $741.79 bn, respectively. India is amongst the fastest growing FinTech markets in the world. India ranked the highest globally in the FinTech adoption rate with China. Digital payments value of $65 bn in 2019 is expected to grow at a CAGR of 20% till 2023. The Indian insurance market had total gross written premiums of $ 96.9 bn in 2017, representing a CAGR of 12.3% between 2013 and 2017. The CAGR of the market during 2017–22 is predicted to be 4.9%. India accounts for 6.1% of the Asia-Pacific insurance market value.