This paper compares the various literatures written on the impact of COVID-19 on financial markets and institutions. The study is undertaken on a single country, cross country, regional and global basis. COVID-19 pandemic was reported to have caused devastating financial problems leading to volatile stock market and exchange rate movements, decline in bank’sperformance, liquidity crunch and credit defaults. The spillover effect of the pandemic on financial markets was felt across Asia, Europe and US. Several measures undertaken by Government’s worldwide caused mix reactions in the markets. While stimulus packages had positive impact on markets, strict lockdown had negatively impacted stock markets. With ratings downgrade, banks faced higher compliance risk arising from difficulty in fulfilling BASEL III requirements on capital ratio.Even though the pandemic was reported to have inhibited banking sector development, it was noted to accelerate the FinTech development, electronic and digital payments. Financial centres in developing countries were noted to face greater challenges than developed countries, due to the pandemic

COVID-19, Economic Marketplaces, Banking institutions, Stock exchange, Financial institution Overall performance, Authorities Steps, FinTech, Economical Centers