FINANCIAL

SERVICES
For updated information, please visit www.ibef.org September 2020
Table of Contents

Executive Summary………………….…….3

Advantage India…………………….……....4

Market Overview …………….………...…...6

Recent Trends and Strategies....…….…..16

Growth Drivers and Opportunities……….19

Key Industry Organizations...…….....…....28

Useful Information……….……….......…...30
 EXECUTIVE SUMMARY

Gross national savings  During FY19, India’s Gross National Savings (GNS) was estimated at Rs 57.13 lakh crore (US$ 817.43
near 30% of GDP billion) at 29.7%.

India’s UHNWI  The number of Ultra High Net Worth Individuals (UHNWI) is estimated to increase from 5,986 in 2019 to
population increasing 10,354 in 2024.

trend  India’s UHNWIs is likely to expand by 73% in the next five years.

 Mutual Fund (MF) industry’s Assets Under Management (AUM) grew from Rs 10.96 trillion (US$ 156.82
billion) in October 2014 to Rs 25.48 trillion (US$ 361.59 billion) in June 2020.

Robust AUM growth  Mutual fund industry AUM recorded a CAGR of 9.5% during FY07–20. India is considered one of the
preferred investment destinations globally. The Association of Mutual Funds in India (AMFI) is targeting
nearly five-fold growth in AUM to Rs 95 lakh crore (US$ 1.47 trillion) and more than three times growth in
investor accounts to 130 million by 2025.

Fundraising via IPOs on  In 2019, US$ 2.5 billion was raised across 17 initial public offerings (IPOs).
the rise

Note: NBFC – Non-Banking Financial Company

Source: IMF, ICRA, Economic Times, Capgemini Wealth Report, EY report

3 Financial Services For updated information, please visit www.ibef.org

 Financial Services

ADVANTAGE INDIA
 ADVANTAGE INDIA

 Rising income is driving the demand for  India benefits from a large cross-utilisation of
financial services across income brackets. channels to expand reach of financial services.
 Financial inclusion drive from the Reserve  Maharashtra has launched its mobile wallet
Bank of India (RBI) has expanded the target facility, allowing transferring of funds from
market to semi-urban and rural areas. other mobile wallets. Maharashtra is the first
 Investment corpus in Indian insurance sector state to launch it.
might rise to US$ 1 trillion by 2025.

ADVANTAGE
INDIA
 Credit, insurance and investment penetration is  Government has approved 100% FDI for
rising in rural areas. insurance intermediaries.
 HNWI participation is growing in the wealth
management segment.  Gold Monetization Scheme, 2015, Atal Pension
 Lower mutual fund penetration of 5–6% reflects Scheme, Pradhan Mantri Suraksha Bima
latent growth opportunities. Yojana, and Pradhan Mantri Jeevan Jyoti Bima
Yojana have been launched to aid growth.

 FDI in insurance sector could be increased to

74% from 49%.

Note: FDI – Foreign Direct Investment, IIM – Indian Institute of Management

Source: IMF, World Bank, KPMG report “Indian Mutual Fund Industry”, Ministry of External Affairs

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 Financial Services

MARKET
OVERVIEW
 SEGMENTS OF THE FINANCIAL SERVICES SECTOR

Financial Services

Capital markets Insurance NBFCs

Asset management Life Asset finance company

Broking Non-life Investment company

Wealth management Loan company

Investment
banking

Note: NBFC - Non Banking Financial Company

Source: TechSci Research

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 ASSETS UNDER MANAGEMENT HAVE MORE THAN
DOUBLED SINCE FY08

 As of June 30, 2020, AUM managed by mutual fund industry stood Mutual fund
Visakhapatnam
assets underport
management
traffic (million
(AUM) tonnes)
(in US$ billion)
at Rs 25.48 trillion (US$ 361.59 billion).
450
 Inflow in India's mutual fund schemes via systematic investment
CAGR (in Rs): 12.6%
plan (SIP) reached Rs 82,453 crore (US$ 11.70 billion) in 2019.
400
 Growth in B30 (beyond top 30) cities, sustainability of alpha,

404.73
alternative investments and regulation norms are expected to shape
350

361.59
the mutual fund industry in the coming years.

340.48
331.42
300

272.62
250

252.06
200

150

100

50

0 FY16

FY17

FY18

FY19

FY20

FY21*
Note: AUM – Assets Under Management, CAGR in US$ till FY20, Confederation of Indian Industry (CII) Mutual Fund Sector report, *- till June 2020
Source: Association of Mutual Funds - AMFI

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 CORPORATE INVESTORS ARE BY FAR THE LARGEST
INVESTOR IN MUTUAL FUNDS CATEGORY

Leading AMCs in India in 2019

Investor breakup as of March 2019 (US$ billion)
Top 5 AMCs in India AUM (US$ billion)
4.31 1.90
Corporates
HDFC Mutual Fund
49.01
High Networth
ICICI Prudential Mutual Fund 90.12 Individuals*
45.97 136.59
Retail
SBI Mutual Fund
40.65
Banks/FIs
Birla Sun Life Mutual Fund
35.30
107.55
Reliance Mutual Fund FIIs
33.52

 In March 2019, corporate investors AUM stood at US$ 136.59 billion, while HNWIs and retail investors reached US$ 107.55 billion and US$ 90.12
billion, respectively.

 As on March 2019, Alternative Investment Funds (AIFs) in India raised to Rs 134,209 crore (US$ 19.20 million). In December 2019, investments
by AIFs rose by 53.%, from 2018 to 2019, standing at Rs1.4 lakh crore (US$19.04 billion).

 MF industry’s AUM grew from Rs 10.96 trillion (US$ 156.82 billion) in October 2014 to Rs 25.48 trillion (US$ 361.59 billion) in June 2020.

 In November 2019, the Government allocated Rs 10,000 crore (US$ 1.43 billion) to set up AIFs for revival of stalled housing projects.

Note: HNWI - High Net Worth Individuals, AMC - Asset Management Company, AUM – Assets Under Management * - individuals investing 500,000 and above
Source: AMFI, Money Control, India Private Equity Report 2019 by Bain and Co

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 INDIAN EQUITY MARKET MEETING THE GOLBAL
PACE

 Indian stocks markets, S&P Sensex and Nifty50, rose 17 and 15% Listed companies on major stock exchanges in Asia-Pacific
respectively in FY19. countries (as of May 2019)

 The number of companies listed on the NSE rose from 135 in 1995 to
2,500
1,942 by the end of May 2019.

 India has scored a perfect 10 in protecting shareholders' rights on the 2,365

2,279
back of reforms implemented by Securities and Exchange Board of 2,219
India (SEBI) in the World Bank's Ease of Doing Business 2020 report. 2,000
1,942

1,500
1,516

1,000

500

0
Australian SE Hong Kong Korea SE NSE India Shanghai SE
SE

Source: National Stock Exchange, SEBI

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 VIBRANT CAPITAL MARKET EVIDENT THROUGH
LARGE NUMBER OF LISTINGS

Companies listed on NSE and BSE Amount raised by IPOs (US$ billion)

7,800 14 13.09

7,700 12
7,719

7,600 10
7,651

7,586
7,500 8

7,501 6 4.54
7,400

7,403
4
7,300 2.31
2.85
2 0.19 0.47
7,200
FY16

FY17

FY18

FY19

FY20
0
FY14 FY15 FY16 FY17 FY18 FY19^

 In FY20, the number of listed companies on NSE and BSE were 1,942 and 5,461, respectively.

 In 2019, US$ 2.5 billion was raised across 17 initial public offerings (IPOs).

Note: FII – Foreign Institutional Investors, NSE – National Stock Exchange, SME - Small and Medium-sized Enterprises, BSE – Bombay Stock Exchange, India IPO Market Insight report by
EY
Source: SEBI, EY, ICRA

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 WEALTH MANAGEMENT: AN EMERGING SEGMENT

 The number of HNWIs in India reached 263,000 by end of 2019. Visakhapatnam

Numberport
of HNWIs
traffic in
(million
India tonnes)
Between 2014 and 2019, number of HNWIs in India saw a steady
rise, growing at a CAGR of 3.9%. By end of 2025, global HNWI
300,000
wealth is estimated to grow to over US$ 100 trillion.

 HNWI households grew at an even faster rate till 2019, growing at a

CAGR of about 21.5%.

263,000
250,000

256,000
255,000
 Advisory asset management and tax planning has one of the highest

226,000
demand among wealth management services by HNWIs. This is

219,000
followed by financial planning. 200,000

200,000
 India is expected to be the fourth largest private wealth market
globally by 2028.
150,000

100,000

50,000

-
2014 2015 2016 2017 2018 2019

Note: HNWI – High Net Worth Individuals

Source: World Wealth Report by Capgemini, Asia Pacific Wealth Report 2020 by Capgemini

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 THE LIFE INSURANCE SEGMENT HAS GROWN
SIGNIFICANTLY IN RECENT YEARS

Life insurance Premium (US$ billion)

45.0

40.0
Major private players in the life insurance segment in FY20

42.0
41.0
37.7

35.0 Name Total premiums (US$ billion)

37.0
35.3

30.0
HDFC Life

30.7

30.6
30.1

2.47
25.0
27.2

SBI Life
20.0 2.35
21.5

15.0 ICICI Prudential

1.75
10.0 Max Life
0.79
5.0
Bajaj Allianz
0.0 0.73
FY16 FY17 FY18 FY19 FY20

New Business Premium Renewal Premium

 The first year premium of life insurance companies reached Rs 2.59 lakh crore (US$ 36.73 billion) in FY20.

Source: IRDA

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 NON-LIFE INSURANCE SEGMENT HAS BEEN RISING
AS WELL

 Non-Life insurance premiums reached Rs 1.89 lakh crore (US$ Visakhapatnam

Non-life insurance
portpremiums
traffic (million
(US$ tonnes)
billion)
27.09 billion) during FY20.

 During FY16–FY20, increase in non-life insurance premiums

witnessed a CAGR of 16.01% . 30

27.09
25
24.32
23.38

20
19.89

15
14.95

10

0
FY16 FY17 FY18 FY19 FY20

Source: IRDA, General Insurance Council

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 NBFC: GROWING IN PROMINENCE

 Non-banking financial companies (NBFCs) are rapidly gaining Visakhapatnam

NBFC Publicport
Deposit
traffic
(in(million
US$ billion)
tonnes)
prominence as intermediaries in the retail finance space

 NBFCs finance more than 80% of equipment leasing and hire 8

purchase activities in India

 The public deposit of NBFCs increased from US$ 0.29 billion in 7

FY09 to US$ 5.86 billion in FY19.

 There were 9,659 NBFCs registered with the RBI as on March 31, 6
2019.

 In November 2019, Aditya Birla Finance Ltd became the first NBFC 5

to list its commercial paper borrowing of Rs 100 crore (US$ 14.31

million) on bourses. 4

5.65

6.10

4.95

5.86
-
FY16 FY17 FY18 FY19

Note: NBFC - Non-Banking Financial Company, * - as per latest data available

Source: RBI, Microfinance Institutions Network (MFIN)

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 Financial Services

RECENT TRENDS
AND STRATEGIES
 RECENT TRENDS

 New distribution channels such as bank assurance, online distribution and Non-Banking Financial Companies
(NBFCs) have widened the reach and reduced operational costs.
 Most general insurance public companies are planning to expand beyond Indian markets, especially in South-
Insurance sector East Asia and the Middle East.
 India’s general insurance market is expected to grow at a compound annual growth rate (CAGR) of 6.2% during
2019-2023.

 As the RBI allows more features such as unlimited fund transfer between wallets and bank accounts, mobile
Mobile wallets wallets will become strong players in the financial ecosystem.
 India's mobile wallet industry is estimated to grow at a CAGR of 148% to reach US$ 4.4 billion by 2022.

 Indian companies are strengthening their footprint on foreign shores, enhancing geographical exposure. India's
digital payment is estimated to increase to US$ 1 trillion by 2023.

Digital transactions  Payments on Unified Payments Interface (UPI) hit an all-time high of 1.49 billion in terms of volume with
transactions worth nearly Rs 2.90 lakh crore (US$ 41.22 billion) in July 2020.
 India ranked 28 out of the 73 countries in adoption of E-payments by the Government in 2018.

 NBFCs have served the non-banking customers by pioneering into retail asset-backed lending, lending against
securities and microfinance. NBFCs aspire to emerge as a one-stop shop for all financial services.
NBFCs  On August 05, 2020, Wiserfunding, the UK-based fintech firm, entered Indian market and will tie-up with banks
and NBFCs to provide credit risk assessment solutions for targeted lending to Small and Medium Enterprises
(SMEs) sector.

Source: Capgemini, Credit Suisse, Crisil, The Economist Intelligence Unit commissioned by payments company Visa

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 STRATEGIES ADOPTED

 In the insurance industry, several new and existing players have introduced innovative insurance-based products,
value add-ons and services. Few foreign companies have also entered the domain, including Tokio Marine, Aviva,
Allianz, Lombard General, AMP, New York Life, Standard Life AIG and Sun Life.
Innovation
 HDFC Capital Advisors Ltd has raised US$ 550 million for its second affordable housing fund, HDFC Capital
Affordable Real Estate Fund-2 (H-CARE-2), which will invest in affordable and mid-income and residential
projects in 15 cities across India.

 In March 2020, ClearTax, an online tax filing platform, acquired GST software and services business of Karvy
Data Management Services for an undisclosed amount.

Merger and Acquisition  In April 2020, Axis Bank acquired an additional 29% stake in Max Life Insurance.
(M&A)  In August 2020, PAG agreed to acquire 51% of the wealth management and capital markets business of
Edelweiss Financial Services for Rs 2,244 crore (US$305.2 million)

 In September 2020, People's Bank of China made an equity investment in Bajaj Finance to acquire less than 1%.

 The explosion of mobile phones, uptake of technologies such as cloud computing and rising pace of convergence
Stepped up IT
and interconnectivity have led companies in the financial services industry to ramp up investment in information
expenditure
technology (IT) to better serve their end-customers.

Expanding
 Indian companies are strengthening their footprint on foreign shores, enhancing geographical exposure.
geographical presence

Source: Ministry of External Affairs, RBI, EY Annual Report 2018, PE Roundup – 1H2018 & Jun’18 report by EY, NBFC, Online Financial Services, Payment Solutions.

18 Financial Services For updated information, please visit www.ibef.org

 Financial Services

GROWTH
DRIVERS AND
OPPORTUNITIES
 GROWTH DRIVERS IN FINANCIAL SECTOR

 In June 2020, Minister for Finance and Corporate Affairs, Ms Nirmala Sitharaman formally launched the
facility for instant allotment of PAN (on near to real time basis) through Aadhaar based e-KYC.

Government initiatives  In July 2020, Minister for Micro, Small and Medium Enterprise (MSMEs), Mr Nitin Gadkari launched
www.restartindia.in, a mentoring platform primarily aimed at aiding MSMEs to restart businesses across the
country.

 Financial sector growth can be attributed to rise in equity markets and improvement in corporate earnings.
Shift to financial asset
 By 2022, India’s personal wealth is forecast to reach US$ 5 trillion at a CAGR of 13%. It stood at US$ 3
class
trillion in 2017.

 In 2019, foreign portfolio investors (FPIs) investment in Indian equities touched a five-year high of Rs
101,122 crore (US$ 14.47 billion).
Others
 Investment by FPIs in India’s capital market reached a net Rs 12.52 lakh crore (US$ 177.73 billion) between
FY02-21 (till August 10, 2020).

Note: IT – Information and Technology

Source: NSE, News articles, Microfinance Institution Network, Boston Consulting Group (BCG)

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 GROSS NATIONAL SAVINGS TO CONTINUE GROWING
AT A HEALTHY PACE

 Gross National Savings as percentage of GDP was ~28% in 2019, Visakhapatnam

Gross national
port
savings
traffic as
(million
% of GDP
tonnes)
compared with 30% in the previous year.

 In FY16–FY19, gross national saving witnessed a CAGR of - 34 CARC -2.71%

2.71%.

 The contribution by small savings schemes such as Senior Citizen 33

Savings Scheme (SCSS), 15-Year Public Provident Fund (PPF), 32.9
32.7
National Savings Certificate and Sukanya Samriddhi is major in
32
gross national saving income. 32.1

31 31.4

30.6
30 30.4
30.2

29.6
29

28
28.0

27

26

25
2011 2012 2013 2014 2015 2016 2017 2018 2019

Note: F – Forecast, Deloitte Center for Financial Services

Source: World Bank, Reserve Bank of India

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 CONTINUED GROWTH IN EQUITIES AND INNOVATIVE
PRODUCTS

Number of listed companies – NSE Turnover for derivatives segment (US$ trillion) (up to July 2020)

60.00
2,000
49.41
50.00
1,500
40.00 33.99
1,931

1,942
1,931
1,817
1,808

1,000
30.00 25.60
19.27
500 20.00 14.75
10.25
0 10.00
FY16

FY17

FY18

FY19

FY20
0.00
FY16 FY17 FY18 FY19 FY20 FY21

 The Indian equity market is expanding in terms of listed companies and market capitalization, widening the playing field for brokerage firms.
Sophisticated products segment is growing rapidly, reflected in the steep rise in growth of derivatives trading.
 With the increasing retail penetration, there is an immense potential to tap the untapped market. Growing financial awareness is expected to
increase the fraction of population participating in this market.
 Total wealth held by individuals in unlisted equities is projected to grow at a CAGR of 19.54% to reach Rs 17.64 lakh crore (US$ 273.69 billion) by
FY22.
 Total value of Private Equity (PE)/ Venture Capital (VC) investment grew 44% over the past three years in value terms to reach US$ 48 billion in
2019.
 Total number of companies listed on NSE at end of May 2019 was 1,942.
 Turnover from derivatives segment reached Rs 3,453.9 lakh crore (US$ 49.41 trillion) in FY20 and stood at US$ 19.27 trillion in FY21 (till July
2020).

Source: National Stock Exchange, Venture Intelligence Karvy India Wealth Report 2017, Private Equity Deal Tracker report by EY

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 RISING SCOPE FOR WEALTH MANAGEMENT

 India is one of the fastest growing wealth management markets in the world.

 According to Knight Frank report, India saw the largest growth in the number of ultra net worth individuals in 2019.

 The number of ultra-HNWI in India will grow 73% from 5,986 in 2019 to 10,354 by 2024.

 The regulatory environment for fiduciary duties in wealth management is evolving. Players will benefit greatly
Investor protection
from quickly adopting new investor protection measures.

 Brand building coupled with partnership based model will improve the advisory penetration. Greater focus on
Brand building
transparency will speed up the process.

 Investment in required technologies, imbibing state-of-the-art best practices of advisory and creating
Innovation
customised and innovative products will enable growth.

Source: News Articles, Knight Frank Report

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 INSURANCE TO BENEFIT FROM WIDENING REACH
ACROSS SEGMENTS

 It is targeted at rural segment, addressing  Passenger car sales in the country stood
about two-thirds of Indian population. at 2.77 million units in FY20.
 The policy incentives acts as drivers for  Increasing number of insurance
the growth of micro-insurance sector. registered for passenger cars and for
construction activities will rise with India’s
infrastructure growth plans.

Insurance

 Only one% population covered currently,  Demand for agricultural and livestock
suggesting that the vast market is yet to insurance growing on the back of rising
be tapped. Health insurance accounts for awareness among rural population.
1.2% of the total healthcare spend.

Note: F – Forecasts, E –Estimated, Deloitte Center for Financial Services

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 HUGE UNTAPPED POTENTIAL AT THE ‘BOTTOM OF
THE PYRAMID

 Two-thirds of India’s population lives in rural areas where financial services have made some presence so far. Rural India, however, has seen
steady rise in incomes creating an increasingly significant market for financial services.

 There are several standalone networks of SHG, NGO’s and MFI’s in different parts of rural India. Cross-utilisation of these channels can facilitate
faster penetration of a wider suite of financial services in rural India.

 Increasing use of technology to reach rural India is the paradigm-shifting enabler. Internet kiosk-based channels are expected to become the
bridge that connects rural India to financial services.

 Rural credit segment is a large market, which can be tapped by ensuring timely loans that are critical for the
Credit agricultural sector.

 Self Help Groups and NGOs are useful vehicles to make inroads into rural India.

 Safe investment options have a potential to tap into rural household savings.
Investment  Some private players are producing innovative products like third party money market mutual funds to cater
to rural investment needs.

 Agricultural, livestock and weather insurance are potentially large markets in rural India.

Insurance  Harnessing existing networks of MFIs and NGOs can speed up the process.

 Market size to reach US$ 280 billion by 2020.

Note: MFI – Micro Finance Institutions; NGO – Non Governmental Organisation; SHG – Self Help Groups
Source: TechSci Research

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 FAVOURABLE POLICY MEASURES AND
GOVERNMENT INITIATIVES…(1/2)

 Under Union Budget 2019-20, the Government allocated Rs 2,455.90 crore (US$ 340.39 million) towards
supporting financial institutions.
Budgetary measures
 In Union Budget 2020-21, Rs 11,125 crore (US$ 1.59 billion) ahs been allocated to Department of Financial
Services.

 The Goods and Services Tax (GST) on financial services transactions like banking transactions, mutual funds,
insurance and stock market has been increased from the current 15% to 18%.
 The Government of India is planning to introduce a two% point discount in GST on business-to-consumer (B2C)
Goods and Services transactions made via digital payments.
Tax (GST)
 Under the Interest Subvention Scheme for MSMEs, Rs 350 crore (US$ 50.07 million) was allocated under Union
Budget FY2019-20 for 2% interest subvention for all GST registered MSMEs on fresh or incremental loans.
 Government has already moved GST council to lower the GST rate on electric vehicles (EVs) from 12% to 5%.

FDI requirement for  In April 2018, the Government issued minimum FDI capital requirement of US$ 20 million for unregistered
fund based and non /exempt financial entities engaged in ‘fund-based activities’ and threshold of US$ 2 million for unregistered
fund based financial financial entities engaged in ‘non-fund based activities’.
entities  As per Union budget 2019-20, 100% Foreign Direct Investment (FDI) was permitted for insurance intermediaries.

Note: QFI – Qualified Foreign Investors

Source: Dun and Bradstreet., Media articles

26 Financial Services For updated information, please visit www.ibef.org

 FAVOURABLE POLICY MEASURES AND
GOVERNMENT INITIATIVES…(2/2)

 Insurance products are covered under the EEE (exempt, exempt, exempt) method of taxation. This translates to
an effective tax benefit of approximately 30% on select investments (including life insurance premiums) every
financial year.
 Reduction in securities transaction tax from 0.125% to 0.1% on cash delivery transactions and from 0.017% to
Tax incentives
0.1% on equity futures.
 Indian tax authorities plan to sign bilateral advance pricing agreement with a number of companies in Japan. The
agreement is aimed at avoiding conflicts with multinational companies over sharing of taxes between India and
the countries where these firms are based.

 In November 2018, NSE launched a new mobile application and web-based platform, NSE goBID, for retail
investors to invest in Government securities.

 In November 2018, BSE enabled offering live status of applications filed by listed companies on its online portal.

Other initiatives  BSE introduced weekly futures and options contracts on Sensex 50 index from October 26, 2018.

 The Government had plans to launch a global exchange traded fund (ETF) in FY20 to raise long term investment
from overseas pension funds.

 BSE and NSE attained permission from SEBI to launch commodity derivatives trading from October 1, 2018.

Source: Media articles

27 Financial Services For updated information, please visit www.ibef.org

 Financial Services

KEY INDUSTRY
ORGANISATIONS
 INDUSTRY ORGANISATIONS

Insurance Brokers Association of India (IBAI) Association of Mutual Funds in India (AMFI)

Maker Bhavan No 1, 4th Floor, One Indiabulls Centre,

Sir V T Marg, Mumbai – 400 020 Tower 2, Wing B, 701,
India 841 Senapati Bapat Marg,
Phone: 91 11 22846544 Elphinstone Road, Mumbai – 400 013
E-mail: [email protected] India
Phone: 91 11 24210093 / 24210383
Fax: 91 11 43346712
E-mail: [email protected]

Finance Industry Development Council (FIDC)

222, Ashoka Shopping Centre,

II Floor, L T Road, Near G T Hospital
Mumbai – 400 001
India
Phone: 91 11 2267 5500
Fax: 91 11 2267 5600
E-mail: [email protected]

29 Financial Services For updated information, please visit www.ibef.org

 Financial Services

USEFUL
INFORMATION
 GLOSSARY

 AUM: Assets Under Management

 CAGR: Compound Annual Growth Rate

 FII’s: Foreign Institutional Investors

 GDP: Gross Domestic Product

 HCV: Heavy Commercial Vehicle

 HNWIs: High-Net-Worth Individuals

 IRDA: Insurance Regulatory and Development Authority

 LIC: Life Insurance Corporation

 NBFCs: Non Banking Financial Company

 NSE: National Stock Exchange

 BSE: Bombay Stock Exchange

 RBI: Reserve Bank of India

 SEBI: Securities and Exchange Board of India

 US$ : US Dollar

31 Financial Services For updated information, please visit www.ibef.org

 EXCHANGE RATES

Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)

Year Rs Rs Equivalent of one US$ Year Rs Equivalent of one US$

2004–05 44.95 2005 44.11

2005–06 44.28 2006 45.33
2006–07 45.29 2007 41.29
2007–08 40.24 2008 43.42
2008–09 45.91
2009 48.35
2009–10 47.42
2010 45.74
2010–11 45.58
2011 46.67
2011–12 47.95
2012 53.49
2012–13 54.45
2013 58.63
2013–14 60.50
2014 61.03
2014-15 61.15
2015 64.15
2015-16 65.46
2016-17 67.09 2016 67.21

2017-18 64.45 2017 65.12

2018-19 69.89 2018 68.36

2019-20 70.49 2019 69.89

Source: Reserve Bank of India, Average for the year

32 Financial Services For updated information, please visit www.ibef.org

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33 Financial Services For updated information, please visit www.ibef.org