Finance and management of risk are considered the two most important factors for countries economic growth and overall stability. The growth of these two sectors is associated with the growth of industry, trade and commerce. it can be seen with the help of three phases, Pre-matured phase - introduced formal banking sector to India, Mature phase – regulating the banks introduced in first phase and introduction of various acts, main role of RBI these are the main features of this phase, Innovation phase – liberalization, introduction of private as well as foreign players, Fin-tech institutions, initiatives taken by Government for financial inclusion, these are some characteristics of this phase. Talking about Insurance sector, India lagged behind from other countries, the inception of insurance sector was with general insurance products. The two vital players in this sector are LIC (inception 1956) and GIC (inception 1973). With the LPG policy, doors for private sector were opened in and after 1999. This brought competitiveness in Insurance sector and started coping up with the requirements of people. In this paper Banking and Insurance sector of India is critically analyzed with its recent trends, features, challenges and measure to face these challenges effectively.

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Keywords: Finance and Management, Economic Growth, Fin-tech Institutions, LPG Policy.