COVID-19 affects various industries and economies across the world. India is one amongst the countries severely affected and in 3rd place globally. BSFI sector, which is one in every of the cores for the Indian economy, also affected poorly thanks to COVID-19. during this paper, we discuss various factors like lockdown approach, moratorium, different impacts in banking, financial services and insurance sector. Further, we've given some recommendations to mitigate things so the financial services can continue with the less negative impact which can help for better services to the customer and minimal revenue loss to the financial organisation.