BFSI or Banking, Financial services and Insurance is the term which is used in the industry for the companies that providefinancial products/services such as universal banks. This industry usually consists of commercial banks, insurance companies, non-banking financial companies, cooperatives, pension’s funds, mutual funds and other smaller financial entities. Banking may include core banking, retail, private, corporate, investment, cards etc. Financial Services may include stock-broking, payment gateways, mutual funds etc. Insurance covers both life (Living) and non-life (Non Living). The term BFSI is commonly used by information technology (IT)/Information technology enabled services (ITES)/business process outsourcing (BPO) companies and technical/professional services firms that manage data processing, application testing and software development activities in this domain.