New Delhi, April 24 -- India's Banking, Financial Services, and Insurance (BFSI) sector has witnessed tremendous growth over the last two decades, according to a recent report by Motilal Oswal.

The sector's market capitalization has increased more than 50 times, jumping from Rs 1.8 trillion in 2005 to Rs 91 trillion in 2025. This represents a strong compound annual growth rate (CAGR) of around 22 per cent.

While banks continue to be the backbone of the BFSI sector, their share in the total market capitalization has reduced from 85 per cent in 2005 to about 57 per cent currently.

This shift is mainly due to the rise of new players such as non-banking financial companies (NBFCs) and fintech firms.

The report said "The Indian BFSI sector...