Explanation:

The financial sector of India witnessed growth due to the following reasons: -
. The Indian financial sector (banking, insurance and capital markets) opened up to new private players including foreigncompanies.
. The last decade witnessed a significant broadening and deepening of financial markets with the introduction of several new instruments and products in banking and insurancesector.
. The new players adopted international best practices and modern technology to offer a more sophisticated range of financial services to corporate, retail and institutionalcustomers.
. Financial sector regulators too have been proactive in ensuring the new regulations and guidelines are more or less in tandem with the growth in the financialsector.
. The consequent competition in the market brought in innovation, better customer service and efficiency in the financial sector inIndia.