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 veryheart of the nation's economic transformation. As India strides towards the vision ofViksit Bharat by 2047, this sector serves as the principalconduit for capital formation, risk intermediation and inclusive growth — touching thelife of every citizen, from a farmer availing institutional credit to a start-up raisingcapital through the country's expanding financial markets.
The banking segment continues to demonstrate remarkable resilience and momentum. TheReserve Bank of India's Financial Inclusion Index has risen to70.0 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 UnifiedPayments 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-ledfinancial inclusion further underscores the sector's transformative trajectory.
The insurance space, too, is undergoing a structural change. IRDAI's reform agenda for2026 — encompassing composite licensing, liberalised capital and investment norms, andthe "Insurance for All by 2047" vision anchored by the Bima Sugam digitalmarketplace — is reorienting the industry towards deeper penetration and strongerpolicyholder protection. Yet, with insurance penetration in India still below the globalaverage, the headroom for growth, innovation and professional intervention remains considerable.
It is in this dynamic and consequential landscape that the relevance of theCost and Management Accountant becomes ever more pronounced. Sound costgovernance, prudent risk-based capital allocation, treasury optimisation, credit appraisal,regulatory compliance and value-based supply chain thinking are no longer peripheralconcerns for banks, NBFCs and insurers — they are central to institutional resilienceand national financial stability.
The CMA, with a distinctive blend of costing acumen and financial discernment, is wellplaced to serve this sector.
Reflecting on the journey so far, the BFSI Board has consistently endeavoured to buildthis bridge between the profession and the industry. Over the years, the Board hassuccessfully conducted multiple batches of its flagship Certificate Courses onConcurrent Audit of Banks, Credit Management of Banks, and Treasury, ForeignExchange and International Banking, besides introducing newer offerings such asthe Certificate Course on Project Financing, Cost Control Strategies in the BankingSector, and the Advanced Certificate Course on FinTech.
The Board has also observed thematic months, such as theBanking Month and the Insurance Month, bringingregulators and industry doyens onto a common platform with our members, and has steadilydisseminated sectoral insight through its publication, theBFSI Chronicle and Daily Updates.
Alongside, the Board continues to represent the interests of the profession before keyregulators — including the RBI, SEBI, and IRDAI — seeking greaterrecognition 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 participatein the Board's initiatives and to share their insights towards strengthening this vitalpillar of the profession.
Together, let us continue to reinforce the CMA's rightful place within India's evolvingBFSI landscape.
With warm professional regards,
CMA Harshad S. DeshpandeChairman, BFSI BoardThe Institute of Cost Accountants of India
