Tanmoy Chatterjee

An Easy Guide to the Financial Services Sector: the Indian Finacial Services Sector Tanmoy Chatterjee

This book deals with the booming Indian Financial Services Sector. India has one of the most developed financial markets in the developing world. Tremendous scope exists for both banking and non-banking financial institutions from other countries. The insurance sector, nationalised suinmce 1971, has been opened up according to an announcenebt made in November 1998. A legislation to to this effect is expected by early 1999. Top companies from the United Kingdom and the United States among others are already active in India's financial markets. markets. Some of the big names are: Merrill Lynch, Oppenheimer, J. P. Morgan, Morgan Stanley, Grindlays, Standard Chartered, Hong Kong and Shanghai Banking Corporation among others. Foreign institutional investors (FIIs) have been allowed to invest in the stocks and securities markets with rights of full repatriation and withdrawal. Their presence has added a new dynamism to the market. India already has foreign exchange reserves of US$27 billion which is considered very comfortable, but the country needs to use foreign skills and networks to be able to manage the huge sums for its development needs.