Partha Ray is Director of the National Institute of Bank Management, Pune. He was Professor of Economics at the Indian Institute of Management (IIM) Calcutta for nearly a decade. During 2007–2011 he was Adviser to the Executive Director (India) at the International Monetary Fund. Earlier (during 1989–2006) he was working in the specialist cadre of economists in the RBI. Educated in Kolkata, Mumbai, and Oxford, he has written extensively on issues relating to various macroeconomic and financial issues.Ashok Banerjee, a chartered accountant and PhD, joined IIM Udaipur as Director on 1 August 2022. Previously, he was a professor (finance and control) at IIM Calcutta for almost 18 years and at IIM Lucknow for 4 years. His current areas of research include high-frequency finance and sentiment analysis. Ashok has served as an independent director on the boards of companies in the healthcare, entertainment, and financial services sectors.Sankarshan Basu is a PhD from the London School of Economics and Political Science and a master’s degree holder from the Indian Institute of Technology, Kanpur. Currently, Sankarshan is a professor of finance at the Indian Institute of Management Bangalore, where he has been a faculty since 2002. Apart from being active in both teaching and research, he serves on the boards of banks and companies in the financial sector.

'This handbook covers the gamut of Capital Markets, Banking, non-bank financial firms and Regulation. Chapters are written by professionals with considerable domain knowledge. Based on a quick reading, I was left with the impression that it is likely to be a valuable reference text for readers who want to learn more about financial markets and institutions in India.'- Suresh Sundaresan, Robert W Lear Professor, Columbia Business School, USA'Handbook of Indian Banking and Finance has succinctly captured the evolution of the Financial Sector including complexity of the Financial Instruments and the Regulatory Regime to lend overall financial stability. I am sanguine that Readers will find these Collection of essays very useful to comprehend this relatively complex landscape.'- Dinesh Kumar Khara, Former Chairman, State Bank of India'I am very happy that Professor Partha Ray, Professor Ashok Banerjee, and Professor Sankarshan Basu have taken up the task of compiling articles about the Indian financial sector. We do have such articles about the western world but very few, if any, for the Indian market. To all those who say, what is the difference, my answer is, electrons will spin in India the same way they do in the western world - but the same is not true about the human mind. Thus, we need to understand the ground reality, and this is what this Handbook would give to the reader.' - Rajeeva L Karandikar, Chairman, National Statistics Commission, India 'Meticulously selected, edited and compiled by Professors Partha Ray, Ashok Banerjee and Sankarshan Basu, this collection is a handy reference tool for all those delving into Indian BFSI Sector. The handbook has a wide sweep. On the Banking side, individual essays comprehensively cover evolution, structure and regulations of Commercial Banking, Co-operative Banking as well as Non-Banking Financial Companies while also expounding on Risk Management in the Banking Sector. A unique Indian perspective on Financial Inclusion and Digital Payments is covered as well. Essays on the market side cover the whole gamut of the securities market. All in all, it is a useful guidebook for all those who follow the BFSI Sector in India.' - S. S. Mundra, Former Deputy Governor, Reserve Bank of India.'The Handbook is a significant contribution to understanding the complexities and opportunities within India’s financial sector. It brings together rigorous research and practical insights from academia and policy. Covering critical themes across Banks, Insurance, capital markets including Equity and Bond markets, with detailed insights to regulatory evolution, risk management, digital transformation, and sustainability, this book offers a holistic perspective on the forces shaping the future of banking and finance in India. Its depth and clarity make it an indispensable reference for policymakers, industry leaders, and scholars who aspire to navigate and influence this dynamic landscape.'- Sundararaman Ramamurthy, MD & CEO, Bombay Stock Exchange (BSE). 'The contributors to the Handbook include top academics, senior regulators and leading practitioners, and they have been able to provide a balanced perspective on how the Indian financial sector has evolved, where it stands today, and the challenges in the years ahead. It is a welcome addition to the bookshelf of any serious finance practitioner, regulator, researcher, student or journalist.’- Jayant Varma, Former Professor IIM Ahmedabad; and Former Member, MPC, Reserve Bank of India.'Areas as diverse as BFSI evolution, various disaggregated market segments, banking, insurance, pension funds juxtaposed with the ongoing regulatory dynamics constitute the hallmark of this Handbook. Risk management, climate financing and private equity market related insights impart added flavour to this compendium. This publication takes industry-academia collaboration to newer heights.' – Atanu K Das, Former Managing Director & CEO of Bank of India; currently Director, Institute of Insurance and Risk Management. 'This volume is both timely and timeless, a rare combination in the fast-evolving world of Indian Finance. It blends academic depth with practitioner relevance. For professionals, policymakers and students alike, this is not just a reference book- it is a well curated guide through the past, present and even future of Indian Banking.'- Shyam Srinivasan, Former Managing Director & CEO, Federal Bank and currently Adviser, TVS Capital.

• List of figures. List of tables. List of contributors. Foreword. Introduction. INSTITUTIONAL FOUNDATION 1. Commercial Banking 2. Cooperative Banks 3. Non – Banking Financial Companies 4. Financial Inclusion 5. Banking: Metamorphosis using Technology CORE FINANCIAL MARKETS AND PRODUCTS 6. Money Market 7. Bond Market 8. Foreign Exchange Market 9. Equity Markets 10. Derivatives Markets 11. Commodity Markets INVESTMENTS AND ASSETS 12. Mutual Fund Industry 13. Private Equity Market 14. Insurance Sector 15. Alternative Assets 16. Real Estate Finance REGULATORY ARCHITECTURE AND RISK17. Banking Regulation 18. Securities Market –Institutional Change and Growth 19. Risk Management in Banks and Financial Institutions 20. Insurance: Current practice and oversight 21. Regulation and Development of Pension 22. Climate Finance. Index.

Partha Ray is Director of the National Institute of Bank Management, Pune. He was Professor of Economics at the Indian Institute of Management (IIM) Calcutta for nearly a decade. During 2007–2011 he was Adviser to the Executive Director (India) at the International Monetary Fund. Earlier (during 1989–2006) he was working in the specialist cadre of economists in the RBI. Educated in Kolkata, Mumbai, and Oxford, he has written extensively on issues relating to various macroeconomic and financial issues.Ashok Banerjee, a chartered accountant and PhD, joined IIM Udaipur as Director on 1 August 2022. Previously, he was a professor (finance and control) at IIM Calcutta for almost 18 years and at IIM Lucknow for 4 years. His current areas of research include high-frequency finance and sentiment analysis. Ashok has served as an independent director on the boards of companies in the healthcare, entertainment, and financial services sectors.Sankarshan Basu is a PhD from the London School of Economics and Political Science and a master’s degree holder from the Indian Institute of Technology, Kanpur. Currently, Sankarshan is a professor of finance at the Indian Institute of Management Bangalore, where he has been a faculty since 2002. Apart from being active in both teaching and research, he serves on the boards of banks and companies in the financial sector.

'This handbook covers the gamut of Capital Markets, Banking, non-bank financial firms and Regulation. Chapters are written by professionals with considerable domain knowledge. Based on a quick reading, I was left with the impression that it is likely to be a valuable reference text for readers who want to learn more about financial markets and institutions in India.'- Suresh Sundaresan, Robert W Lear Professor, Columbia Business School, USA'Handbook of Indian Banking and Finance has succinctly captured the evolution of the Financial Sector including complexity of the Financial Instruments and the Regulatory Regime to lend overall financial stability. I am sanguine that Readers will find these Collection of essays very useful to comprehend this relatively complex landscape.'- Dinesh Kumar Khara, Former Chairman, State Bank of India'I am very happy that Professor Partha Ray, Professor Ashok Banerjee, and Professor Sankarshan Basu have taken up the task of compiling articles about the Indian financial sector. We do have such articles about the western world but very few, if any, for the Indian market. To all those who say, what is the difference, my answer is, electrons will spin in India the same way they do in the western world - but the same is not true about the human mind. Thus, we need to understand the ground reality, and this is what this Handbook would give to the reader.' - Rajeeva L Karandikar, Chairman, National Statistics Commission, India 'Meticulously selected, edited and compiled by Professors Partha Ray, Ashok Banerjee and Sankarshan Basu, this collection is a handy reference tool for all those delving into Indian BFSI Sector. The handbook has a wide sweep. On the Banking side, individual essays comprehensively cover evolution, structure and regulations of Commercial Banking, Co-operative Banking as well as Non-Banking Financial Companies while also expounding on Risk Management in the Banking Sector. A unique Indian perspective on Financial Inclusion and Digital Payments is covered as well. Essays on the market side cover the whole gamut of the securities market. All in all, it is a useful guidebook for all those who follow the BFSI Sector in India.' - S. S. Mundra, Former Deputy Governor, Reserve Bank of India.'The Handbook is a significant contribution to understanding the complexities and opportunities within India’s financial sector. It brings together rigorous research and practical insights from academia and policy. Covering critical themes across Banks, Insurance, capital markets including Equity and Bond markets, with detailed insights to regulatory evolution, risk management, digital transformation, and sustainability, this book offers a holistic perspective on the forces shaping the future of banking and finance in India. Its depth and clarity make it an indispensable reference for policymakers, industry leaders, and scholars who aspire to navigate and influence this dynamic landscape.'- Sundararaman Ramamurthy, MD & CEO, Bombay Stock Exchange (BSE). 'The contributors to the Handbook include top academics, senior regulators and leading practitioners, and they have been able to provide a balanced perspective on how the Indian financial sector has evolved, where it stands today, and the challenges in the years ahead. It is a welcome addition to the bookshelf of any serious finance practitioner, regulator, researcher, student or journalist.’- Jayant Varma, Former Professor IIM Ahmedabad; and Former Member, MPC, Reserve Bank of India.'Areas as diverse as BFSI evolution, various disaggregated market segments, banking, insurance, pension funds juxtaposed with the ongoing regulatory dynamics constitute the hallmark of this Handbook. Risk management, climate financing and private equity market related insights impart added flavour to this compendium. This publication takes industry-academia collaboration to newer heights.' – Atanu K Das, Former Managing Director & CEO of Bank of India; currently Director, Institute of Insurance and Risk Management. 'This volume is both timely and timeless, a rare combination in the fast-evolving world of Indian Finance. It blends academic depth with practitioner relevance. For professionals, policymakers and students alike, this is not just a reference book- it is a well curated guide through the past, present and even future of Indian Banking.'- Shyam Srinivasan, Former Managing Director & CEO, Federal Bank and currently Adviser, TVS Capital.

• List of figures. List of tables. List of contributors. Foreword. Introduction. INSTITUTIONAL FOUNDATION 1. Commercial Banking 2. Cooperative Banks 3. Non – Banking Financial Companies 4. Financial Inclusion 5. Banking: Metamorphosis using Technology CORE FINANCIAL MARKETS AND PRODUCTS 6. Money Market 7. Bond Market 8. Foreign Exchange Market 9. Equity Markets 10. Derivatives Markets 11. Commodity Markets INVESTMENTS AND ASSETS 12. Mutual Fund Industry 13. Private Equity Market 14. Insurance Sector 15. Alternative Assets 16. Real Estate Finance REGULATORY ARCHITECTURE AND RISK17. Banking Regulation 18. Securities Market –Institutional Change and Growth 19. Risk Management in Banks and Financial Institutions 20. Insurance: Current practice and oversight 21. Regulation and Development of Pension 22. Climate Finance. Index.

Partha Ray is Director of the National Institute of Bank Management, Pune. He was Professor of Economics at the Indian Institute of Management (IIM) Calcutta for nearly a decade. During 2007–2011 he was Adviser to the Executive Director (India) at the International Monetary Fund. Earlier (during 1989–2006) he was working in the specialist cadre of economists in the RBI. Educated in Kolkata, Mumbai, and Oxford, he has written extensively on issues relating to various macroeconomic and financial issues.Ashok Banerjee, a chartered accountant and PhD, joined IIM Udaipur as Director on 1 August 2022. Previously, he was a professor (finance and control) at IIM Calcutta for almost 18 years and at IIM Lucknow for 4 years. His current areas of research include high-frequency finance and sentiment analysis. Ashok has served as an independent director on the boards of companies in the healthcare, entertainment, and financial services sectors.Sankarshan Basu is a PhD from the London School of Economics and Political Science and a master’s degree holder from the Indian Institute of Technology, Kanpur. Currently, Sankarshan is a professor of finance at the Indian Institute of Management Bangalore, where he has been a faculty since 2002. Apart from being active in both teaching and research, he serves on the boards of banks and companies in the financial sector.

'This handbook covers the gamut of Capital Markets, Banking, non-bank financial firms and Regulation. Chapters are written by professionals with considerable domain knowledge. Based on a quick reading, I was left with the impression that it is likely to be a valuable reference text for readers who want to learn more about financial markets and institutions in India.'- Suresh Sundaresan, Robert W Lear Professor, Columbia Business School, USA'Handbook of Indian Banking and Finance has succinctly captured the evolution of the Financial Sector including complexity of the Financial Instruments and the Regulatory Regime to lend overall financial stability. I am sanguine that Readers will find these Collection of essays very useful to comprehend this relatively complex landscape.'- Dinesh Kumar Khara, Former Chairman, State Bank of India'I am very happy that Professor Partha Ray, Professor Ashok Banerjee, and Professor Sankarshan Basu have taken up the task of compiling articles about the Indian financial sector. We do have such articles about the western world but very few, if any, for the Indian market. To all those who say, what is the difference, my answer is, electrons will spin in India the same way they do in the western world - but the same is not true about the human mind. Thus, we need to understand the ground reality, and this is what this Handbook would give to the reader.' - Rajeeva L Karandikar, Chairman, National Statistics Commission, India 'Meticulously selected, edited and compiled by Professors Partha Ray, Ashok Banerjee and Sankarshan Basu, this collection is a handy reference tool for all those delving into Indian BFSI Sector. The handbook has a wide sweep. On the Banking side, individual essays comprehensively cover evolution, structure and regulations of Commercial Banking, Co-operative Banking as well as Non-Banking Financial Companies while also expounding on Risk Management in the Banking Sector. A unique Indian perspective on Financial Inclusion and Digital Payments is covered as well. Essays on the market side cover the whole gamut of the securities market. All in all, it is a useful guidebook for all those who follow the BFSI Sector in India.' - S. S. Mundra, Former Deputy Governor, Reserve Bank of India.'The Handbook is a significant contribution to understanding the complexities and opportunities within India’s financial sector. It brings together rigorous research and practical insights from academia and policy. Covering critical themes across Banks, Insurance, capital markets including Equity and Bond markets, with detailed insights to regulatory evolution, risk management, digital transformation, and sustainability, this book offers a holistic perspective on the forces shaping the future of banking and finance in India. Its depth and clarity make it an indispensable reference for policymakers, industry leaders, and scholars who aspire to navigate and influence this dynamic landscape.'- Sundararaman Ramamurthy, MD & CEO, Bombay Stock Exchange (BSE). 'The contributors to the Handbook include top academics, senior regulators and leading practitioners, and they have been able to provide a balanced perspective on how the Indian financial sector has evolved, where it stands today, and the challenges in the years ahead. It is a welcome addition to the bookshelf of any serious finance practitioner, regulator, researcher, student or journalist.’- Jayant Varma, Former Professor IIM Ahmedabad; and Former Member, MPC, Reserve Bank of India.'Areas as diverse as BFSI evolution, various disaggregated market segments, banking, insurance, pension funds juxtaposed with the ongoing regulatory dynamics constitute the hallmark of this Handbook. Risk management, climate financing and private equity market related insights impart added flavour to this compendium. This publication takes industry-academia collaboration to newer heights.' – Atanu K Das, Former Managing Director & CEO of Bank of India; currently Director, Institute of Insurance and Risk Management. 'This volume is both timely and timeless, a rare combination in the fast-evolving world of Indian Finance. It blends academic depth with practitioner relevance. For professionals, policymakers and students alike, this is not just a reference book- it is a well curated guide through the past, present and even future of Indian Banking.'- Shyam Srinivasan, Former Managing Director & CEO, Federal Bank and currently Adviser, TVS Capital.

• List of figures. List of tables. List of contributors. Foreword. Introduction. INSTITUTIONAL FOUNDATION 1. Commercial Banking 2. Cooperative Banks 3. Non – Banking Financial Companies 4. Financial Inclusion 5. Banking: Metamorphosis using Technology CORE FINANCIAL MARKETS AND PRODUCTS 6. Money Market 7. Bond Market 8. Foreign Exchange Market 9. Equity Markets 10. Derivatives Markets 11. Commodity Markets INVESTMENTS AND ASSETS 12. Mutual Fund Industry 13. Private Equity Market 14. Insurance Sector 15. Alternative Assets 16. Real Estate Finance REGULATORY ARCHITECTURE AND RISK17. Banking Regulation 18. Securities Market –Institutional Change and Growth 19. Risk Management in Banks and Financial Institutions 20. Insurance: Current practice and oversight 21. Regulation and Development of Pension 22. Climate Finance. Index.