Banking, Financial services and Insurance (BFSI) is an industry term that refers companies who provide financial products/services. BFSI usually comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pension funds, mutual funds and other smaller financial entities.
Banking may include core banking, retail, private, corporate, investment, cards. Financial Services may include stock-broking, payment gateways, mutual funds etc. Insurance covers both life(Living) and non-life(Non Living).