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BFSI Consulting

Indian has been an attractive place for investments. The Government of India (GOI) has made domestic opportunities to grow at a rapid pace. Some of the services offered by companies include Banking, Finance, and Insurance. The above industries contribute to the Gross Domestic Product (GDP) of India. It is beneficial for a potential investor to begin a business offering the above services. However, BFSI consulting services are required, to understand the complexities of the business. Therefore it is essential to take BFSI consulting services.

Package inclusions:
  • Advice on Banking Services.
  • Advice on Financial Services.
  • Advice on Insurance Based Services
  • Advice on starting banking, finance, and insurance-based services.
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What is BFSI Consulting Services?

BFSI consulting services are provided to companies engaged in products related to banking, finance, and insurance products. BFSI is a sector term that is used by industry experts for common understanding. The BFSI industry is growing at a rapid pace in India. This is due to increased regulation, acceptance, and development of technology in the country. Fin-tech companies have evolved their products and services to cover BFSI products. Hence a company requires BFSI consulting services to sell or deal with financial products in the country.

Overview of BFSI Consulting Services Industry

The BFSI Consulting Services Industry in India is flourishing at a rapid rate. Ever since globalization and opening of markets in the 1990s, this sector has shown signs of progression. According to research, this sector represents a multibillion-dollar industry and is continuously growing. In 2010, the tech boom added new players in the BFSI sector. These players include fin-tech companies, data analytics companies, and AI companies.

Collaboration is the main factor for the growth of this sector. Fin-tech companies collaborate with finance companies such as NBFC (Non-Banking Financial Companies). Due to collaboration, fintech companies and NBFCs benefit from economies of scale and economies of scope. Both fin-tech companies, as well as NBFCs, enjoy the benefits of collaboration.

Some significant factors that led to this sector's development are adaptability, progress, digitization, and collaboration. As per reports, this sector will continue to proliferate in the next ten years. Financial institutions and banks will adapt more and bring in technology for their products. 

Different Institutions under BFSI Consulting Services

Institutions under BFSI Consulting


The banking structure of India comprises of the Central Bank, and under them, there are both private and public sector banks. The Reserve Bank of India (RBI) is the central monetary authority for banking business in the country. This central bank is considered as a guardian of the banking system of the country. The RBI regulates all banking products. They regulate fin-tech products, microfinance products, and products which use financial software. They also regulate foreign exchange management in India. To secure a license to open a bank in India, approval from RBI is required. The minimum amount of capital required to start a bank is Rs. 300 crore. Banks are further divided into private sector banks and public sector banks.

Financial Institutions

Financial Institutions can be classified into microfinance companies and companies that provide loans and accept deposits from customers. Financial institutions would also require prior approval from the RBI to operate in the country. Microfinance institutions offer short term finance to the public. Some financial institutions require approval from nodal institutions such as the Securities and Exchange Board of India (SEBI).

Insurance Companies

BFSI consulting services also include the Insurance Sector. Insurance companies in India are regulated by the Insurance Regulatory and Development Authority of India (IRDAI). This authority regulates insurance products, insurance companies, and the policies offered by them. There are different forms of insurance companies in India which are classified into the following:

  • Insurance Company; and
  • Reinsurance Company.

Insurance companies are further divided into categories such as:

  • Commercial Insurance Companies

This will include business insurance, property insurance, cyber insurance, and other insurance providers.

  • Non-Commercial Insurance Companies

This will include life insurance, general insurance, and health insurance.

Products offered by insurance companies have to be according to the standards prescribed by the IRDAI. This would include abiding by the norms of minimum capital requirements and other factors.

Fin-tech Companies

Fin-tech is a term which is a combination of two words 'Finance' and 'Technology.' Technology has disrupted how individuals and businesses operate. Fin-tech can be in any form. It can be a software application on the smartphone, allowing users to provide information and conduct transactions through these devices. Events leading to disruption of fin-tech has taken considerable time. However, fin-tech companies and payment companies are regulated by the RBI. Apart from this, other nodal agencies also authorize fin-tech companies. 

Non-Banking Financial Companies

Non-Banking Financial Companies, are also known as NBFCs. NBFCs provide different forms of financial services; however, they do not have a banking license issued by the RBI. However, starting an NBFC is also regulated by the RBI. NBFCs are permitted to carry out some of the activities. Specific activities are not allowed to be carried out by an NBFC, which includes acceptance of deposits or savings bank funds from the public.

Typically the services which can be offered by an NBFC are the following:

  • Underwriting Services;
  • General Finance Consultation Services;
  • Loan Services; and
  • Consultation services related to a particular transaction. 

NBFCs in India have evolved due to increased collaboration with fintech companies in India. Through collaboration, NBFCs are allowed to offer their products to individual and institutional customers. In BFSI consulting services, starting an NBFC requires specific capital requirements. Apart from this, the company has to be registered with the Registrar of Companies as a public limited company. An NBFC cannot operate without complying with the above requirements

Payments Banks

These banks provide facilities such as issuing loans and cards to customers. The services offered by payments bank is primarily related to mobile applications and mobile-based wallet systems. An individual can make a payment through payments banks. The individual has to provide independent credentials for the payments bank to operate. A typical example of a payments bank is PayTM, and Amazon Pay. 

Eligibility Criteria for BFSI Consulting Services

Our BFSI consulting services will provide you with a seamless process for starting one of the business. To carry out services such as banking, finance, and insurance, the following eligibility criteria have to be sufficed:


Public sector and private sector banks have different edibility criteria. However, the standard criteria which are required for a bank are:

  • Minimum capital requirement of 300 Crores.
  • Board Members have to be qualified to start a bank.
  • Previous experience in Banking Business.
  • The members who start a bank must not be disqualified under any law in force or adjudged insolvent.
  • Apart from this, the bank must comply with the provisions of the Banking Regulation Act 1949 and the Reserve Bank of India Act, 1934.

Insurance Company

  • For starting an insurance company or a company offering insurance-based products, the company has to be compliant with the provisions of the IRDAI.
  • The minimum capital requirement of an insurance company is 100 crores, and for the reinsurance business, it is 200 crores.
  • The applicant must not be rejected from carrying the business of insurance.
  • The directors of the applicant must not be disqualified under any law in force or adjudged as insolvent or bankrupt.
  • Banks are also allowed to start an insurance business. However, prior permission is required from the IRDAI and RBI for this.

NBFC (Non-Banking Financial Company)

  • For starting a Non-Banking Financial Company, the company must be registered as a public limited company.
  • The NBFC has to comply with the provisions of the Companies Act 2013 and previous company law 1956.
  • The minimum amount of net-owned funds held by the NBFC should be at least 2 Crore.
  • A detailed business plan for five years is required to be submitted to the RBI.
  • The directors of the NBFC must have experience in financial consulting or running a finance business.

Payments Banks

  • The Payments Bank has to be compliant with the provisions of the RBI.
  • The minimum capital required for a payments bank business is 100 crore.
  • Promoter has to have sufficient contribution for starting a payments bank business- 40% has to be contributed for five years for starting this business.
  • Capital Adequacy Ratio has to be minimum and maintained by the payments bank. This has to be equal to 15% of its Risk-Weighted Assets.
  • Payments banks are not allowed to deal with any form of other sophisticated products.

Other Financial Institutions under BFSI Consulting Services

For starting other financial institutions, the institution has to satisfy the required eligibility criteria. However, they are common authorities which the institutions have to comply with. The main authority is the Reserve Bank of India.

Main Regulatory Body for BFSI Consulting Services 

There are different regulatory bodies for BFSI consulting services. However, the main regulatory bodies for BFSI sectors are the following:

  • Banking Sector/ Payments/ Digital Payments- Reserve Bank of India.
  • Foreign Exchange Management- Reserve Bank of India.
  • NBFC sector- Reserve Bank of India, Registrar of Companies, and Ministry of Corporate Affairs.
  • Insurance Sector- Insurance Regulatory and Development Authority of India (IRDAI).

Procedure for BFSI Consulting Services 

As per the BFSI service requirement, the applicant would have to make an application to the relevant authority with the requisite documents.

For Bank/ digital Finance/ Payments

  • An application must be made to the RBI with the requisite fee and the documents.
  • The RBI will scrutinize the specifications in the application.
  • If the applicant satisfies the eligibility criteria, then the application for the BFSI service will be granted.

For Insurance

  • The applicant must make an application to the IRDAI with the requisite fee and documents.
  • The IRDAI will scrutinize the application, and if the applicant satisfies the eligibility criteria, the license will be granted for starting an insurance business.

Other finance institutions

  • The procedure will involve submitting the application form and satisfying the requisite eligibility criteria.
  • If the applicant satisfies the requirements, then the application will be granted.

Documents- BFSI Consulting Services 

The following documents have to be submitted for BFSI consulting services:

  • Memorandum of Association and Articles of Association.
  • Information on the Capital requirements.
  • Minimum Capital Subscription.
  • Business Plan.
  • Information on the Directors.
  • Qualification of Directors.
  • Office Space requirements- If Necessary.
  • Information that compliance has been made with the relevant laws.
  • KYC (Know your Client Documentation).
  • Agreement with the Promoters.
  • Loan Agreement, if needed.

Enterslice Advantage

  • Enterslice is one of the largest providers of NBFC services in India. We take pride in handling Banking, finance, and NBFC matters in India.
  • Experts at Enterslice have conducted BFSI consulting services with the primary objective of adding value to your organization.
  • Our team of professionals comprising of Chartered Accountants, Company Secretaries, Lawyers, and Financial Executives.
  • We have experience in legal and financial matters which cover BFSI services.
  • Constant monitoring and 24*7 customer service.

How to reach Enterslice?

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Frequently Asked Questions

At Enterslice, we provide services to individuals and corporate’s. Our main focus areas of the BFSI sector include NBFC. However, we cover different areas, such as:

• Banking;

• Insurance;

• Payments Banks; and

• Retail Banks.

An NBFC provides general banking services. However, an NBFC cannot carry out certain services. NBFCs are normally divided on the type of services that they offer. The following are the types of NBFCs as classified:

• Core Investment Company;

• Loan Company;

• Asset Finance Company;

• Infrastructure Finance Company; and

• Housing Finance Company.

Based on the above, the NBFC will render business services according to their classification.

Fintech Company means finance and technology. Any company can establish a payment bank. Fin-tech company has to register with the Registrar of Companies as a private company. A payments bank can be started by an existing company also. Payment bank services will primarily involve mobile based applications.

No, the governance guidelines for insurance companies are different from banks. The governance for insurance companies is based on the governance framework introduced in the year 2016. The first governance framework was introduced in the year 2009. The governance framework for a bank shall be according to the provisions of the Banking Regulation Act, 1949. This framework keeps on changing according to the requirements of the RBI.

Yes, banks can either develop their division by offering fin-tech services. There are advantages to carrying this out. The bank would not need to depend on an external provider. Apart from this, the bank would realize the apparent risks faced by the fin-tech segment. Other than this method, the bank can collaborate with a fin-tech company to offer fin-tech services.

Several risks are apparent in the BFSI consulting sector. The following are:

• Adaptability.

• Technology Threats.

• Cyber Related Risks.

• Regulatory Risks.

• Operational Environment.



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" Enterslice use technology better than others. That saves time and money; Team enterslice is more efficient than traditional competitors, and that helps to pass on the cost advantage to its clients. The company is building a high-level transparency in legal services by optimum use of technology and process automation in consulting. I highly recommend this company. "

Nilanjan Bandyopadhyay
Nilanjan Bandyopadhyay

" Excellent advisory role by Enterslice Team. They are a trusted partners to us. Narendra and his team helped us with our pre NBFC applications and Post NBFC advisory services. "

Amit Goel
Amit Goel

" Amazing services provided by your organization. They have completed our NBFC registration order within stipulated time period of 90 days. They provide constant guidance and support in the process. Their support in building fintech software is amazing. "

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