BFSI Board, The Institute of Cost Accountants of India (ICMAI)
Dear Professional Colleagues,
Warm greetings from the BFSI Board!
India's Banking, Financial Services and Insurance (BFSI) sector today stands at the very heart of the nation's economic transformation. As India strides towards the vision of Viksit Bharat by 2047, this sector serves as the principal conduit for capital formation, risk intermediation and inclusive growth — touching the life of every citizen, from a farmer availing institutional credit to a start-up raising capital through the country's expanding financial markets.
The banking segment continues to demonstrate remarkable resilience and momentum. The Reserve Bank of India's Financial Inclusion Index has risen to 70.0 for the year ending March 2026, up from 67.0 a year earlier, with improvement recorded across all its sub-indices — Access, Usage and Quality. Bank credit has expanded at its fastest pace in nearly two years, while the Unified Payments Interface (UPI) processed a record volume of transactions in July 2026 alone, reaffirming India's position as the world's largest real-time digital payments ecosystem.
Continuing thrust on Digital Banking Units, cooperative bank reforms and technology-led financial inclusion further underscores the sector's transformative trajectory.
The insurance space, too, is undergoing a structural change. IRDAI's reform agenda for 2026 — encompassing composite licensing, liberalised capital and investment norms, and the "Insurance for All by 2047" vision anchored by the Bima Sugam digital marketplace — is reorienting the industry towards deeper penetration and stronger policyholder protection. Yet, with insurance penetration in India still below the global average, the headroom for growth, innovation and professional intervention remains considerable.
It is in this dynamic and consequential landscape that the relevance of the Cost and Management Accountant becomes ever more pronounced. Sound cost governance, prudent risk-based capital allocation, treasury optimisation, credit appraisal, regulatory compliance and value-based supply chain thinking are no longer peripheral concerns for banks, NBFCs and insurers — they are central to institutional resilience and national financial stability.
The CMA, with a distinctive blend of costing acumen and financial discernment, is well placed to serve this sector.
Reflecting on the journey so far, the BFSI Board has consistently endeavoured to build this bridge between the profession and the industry. Over the years, the Board has successfully conducted multiple batches of its flagship Certificate Courses on Concurrent Audit of Banks, Credit Management of Banks, and Treasury, Foreign Exchange and International Banking, besides introducing newer offerings such as the Certificate Course on Project Financing, Cost Control Strategies in the Banking Sector, and the Advanced Certificate Course on FinTech.
The Board has also observed thematic months, such as the Banking Month and the Insurance Month, bringing regulators and industry doyens onto a common platform with our members, and has steadily disseminated sectoral insight through its publication, the BFSI Chronicle and Daily Updates.
Alongside, the Board continues to represent the interests of the profession before key regulators — including the RBI, SEBI, and IRDAI — seeking greater recognition and inclusion of CMAs across the BFSI value chain.
Looking ahead, the Board reaffirms its commitment to:
I take this opportunity to invite all professional colleagues to actively participate in the Board's initiatives and to share their insights towards strengthening this vital pillar of the profession.
Together, let us continue to reinforce the CMA's rightful place within India's evolving BFSI landscape.
With warm professional regards,
CMA Harshad S. Deshpande
Chairman, BFSI Board
The Institute of Cost Accountants of India
