There has been a drastic change in the way people do
business in today's world. Business strategies have been altered depending upon
the demands of the changing economy. For example take the case of business
process outsourcing industry. With the emergence of BPO, the perspective on the
way things should be done have changed. Most of the enterprises are outsourcing
their work as the ITES/BPO sector is booming in many countries. In this manner,
the companies make sure that they remain competitive and money is spent
lucratively.
Being one of the fastest growing nations in the world, India
has become a BPO hub in the recent years. All the four metropolitan cities;
Delhi, Chennai, Kolkata and Mumbai have become the BPO center for almost all
MNCs in the world. The companies prefer India as the nation has an abundant and
well trained people who are used as resources at a lower wage. Since the labor
charges are high in developed countries, Indian BPOs have been in huge demand.
Also the people in India are known for their ease in adopting foreign working
style and culture. Moreover 24/7 support is enabled due to the unique
geographical location and change in time zones.
Classification of Financial Services Industry
The financial intermediaries in India can be classified as:
Capital Market Intermediaries which constitutes Term Lending
Institutions and Investing Institutions which mainly provide long term funds.
Money Market Intermediaries which consists of commercial
banks, Cooperative Banks, and other financial agencies which supply only short
term funds.
