CLINZTECH Financial service has diversified their products into the various financial sectors with the help of IT and are undergoing rapid expansion, both in terms of strong growth of existing clients and for new financial services firms and new entities entering the market. CLINZTECH Financial services comprises commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities.
CLINZTECH has taken several measures for outline in the Union Budget that aim at reviving and accelerating investment which includes fiscal consolidation with emphasis on expenditure reforms and continuation of fiscal reforms with rationalization of tax structure.
The Union Budget has allowed foreign investment in the insurance and pension sectors in the automatic route to the extant guidelines on Indian management and control to be verified by the regulators.
CLINZTECH feels that India is today one of the most vibrant global economies, on the back of robust banking and insurance sectors. The country is projected to become the fifth largest banking sector globally by 2020. The report also expects bank credit to grow at a Compound Annual Growth Rate (CAGR) in the medium term leading to better credit penetration.