Assets of India's financial institutions touch $2.8 trillion
New Delhi: The total value of assets held by India's financial institutions touched nearly $2.8 trillion, the third largest among BRICS nations, in 2013, says a report.
Way ahead, neighbouring China's financial institutions held assets to the tune of $34.43 trillion last year, the Financial Stability Board (FSB) has said.
BRICS grouping constitutes Brazil, Russia India, China and South Africa.
As per the figures compiled by the FSB, the value of assets of financial institutions in India touched $2.79 trillion last year.
After China, among BRICS nations, Brazil is at the second spot with such assets worth $4.91 trillion.
Russia's financial institutions held assets to the tune of $2.75 trillion while that of South Africa touched $1.06 trillion.
In the case of India, the total value of assets held by financial institutions in 2013 was the lowest as compared to the preceding two years. In 2012, the same stood at $2.90 trillion which was higher than $2.83 trillion recorded in 2011.
According to the FSB, the figures may differ from similar statistics published by national/regional authorities due to differences in definitions.
These statistics are part of its recently released Global Shadow Banking Monitoring Report 2014.
In the report that covers many countries, financial institutions have been classified into as many as seven categories.
With regard to India, the maximum amount of assets — to the tune of $1.68 trillion were held by 'banks' last year.
Broader category of deposit-taking institutions are referred to as 'banks' in this report.
Among others, 'Other Financial Intermediaries (OFIs) held assets to the tune of $335.1 billion while those of insurance companies stood at $310.8 billion.
A global grouping, FSB has been established to co-ordinate work of national financial authorities and international standard setting bodies to promote effective regulatory, supervisory and other financial sector policies.
Going by its report, global shadow banking assets climbed by $5 trillion to $75 trillion last year, with euro area and the US accounting for one-third of the total.
Broadly, shadow banking refers to credit intermediation involving entities and activities outside of the regular banking system.