NON-BANKING FINANCIAL SECTOR IN INDIA: A CRITICAL REVIEW ON LITERATURE

Abstract

Financial system constitutes financial instruments, institutions, markets and services. In this, financial institutions are organized system deals with mobilization, organization, marketing and distribution of financial products to different sections of society. Banks and non-banking financial companies are major constitutes of financial institution in the country where banks serve major segments and later serve the niche segment of financial system. Since beginning, banking sector has been played dominant role in financial system worldwide, but, due to liberalization, privatization and globalization reforms non-banking sector has increased their contribution significantly. Therefore, present study endeavors earlier research work done on wide elements of non-banking sector globally and presented.