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MNB Research · Financial services & FinTech

India built the payment rails. The businesses using them are still on spreadsheets.

UPI volume is a solved problem. Collections, KYC follow-up, borrower support and reconciliation are not — and that is where the operating cost sits.

14,500+
Fintech firms operating in India, as of 27 January 2026
IBEF, financial services page
Rs. 29.90 lakh crore
UPI value in May 2026, across 23.20 billion transactions and 720 banks
IBEF, citing RBI/NPCI
15.1%
CAGR in Indian retail credit between FY19 and FY25
Crisil Intelligence, via IBEF
Up to 46%
Potential enhancement to Indian banking operations from generative AI
Reserve Bank of India, via IBEF
The analysis

Scale that is genuinely world-leading

All figures in this section are from IBEF’s banking, financial services and insurance pages. By May 2026 UPI was running 23.20 billion transactions worth Rs. 29.90 lakh crore in a month across 720 banks, supported by 210,114 ATMs and CRMs and 11.53 million PoS terminals. India’s IMPS is the only system rated at level five on the Faster Payments Innovation Index.

Where the operating cost actually sits

Retail credit stood at Rs. 82 lakh crore in FY25, growing at 15.1% CAGR since FY19. Every rupee carries a servicing cost — verification, reminders, collections, queries. The RBI’s own assessment is that generative AI could enhance banking operations by up to 46%, and it has published a Framework for Responsible and Ethical Enablement of AI (FREE-AI) to govern how.

Insurance is the underserved half

Insurance penetration was 3.7% in FY25 with density at US$ 97. Health insurance became the largest non-life segment at 41% of gross domestic premium. Tier-III cities and smaller towns contributed 62% of new premiums in FY25, and SME insurance grew 112% — growth arriving precisely where distribution is thinnest.

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Related: AI agents for fintech & BFSI  ·  AI agents for CA & accounting  ·  AI CRM & workflow automation

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Sources

Every figure on this page is quoted from the source named beside it. Where a source publishes a figure without a date, we say so.