Monday, July 4, 2011

Finance Companies in India

The Indian Financial Companies were subject to strict regulations till 1991 when  interest rates were administered and asset allocation was governed through various formal  mechanisms and strict controls limited the entry of financial companies. In 1991, the government of India initiated a reform programme for India, which encompassed the financial sector.There were numerous reforms that were intitiated which has led to the emergence of a robust financial sector which easily managed to sidestep the post Lehman global financial crisis in 2008.The post 1991 reforms allowed the deregulation of interest rates,entry of new private sector banks  permitted long-term lending institutions like ICICI,IDBI,HDFC to carry out banking activities.The banking sector in India has become increasingly more competitive in recent years. Public sector banks have lost their market share to the more dynamic private sector banks .It is not possible to list out all the Finance Companies in India in one post as there are  almost 13000 non-bank finance companies (NBFCs) besides Banks,Insurance Companies,Foreign Financial Institutions etc.This post lists out the Financial Companies in the Gold Finance,Travel,Housing,Infra sectors as well as the Top 10 Banks.

Housing Finance Companies in India

At present, the need for housing finance in India is largely being fulfilled by the more than 40 Housing
Finance Companies and  27 Public Sector Commercial Banks.The housing finance companies’ market is dominated by large players such as HDFC, LIC Housing Finance Limited, Can Fin Homes, Dewan Housing Finance Limited, Sundram Home Finance  and GRUH Finance Limited (now bought by HDFC)

Government Owned or Related Housing Finance Companies

  1. HDFC - Housing Development Finance Corporation Ltd. provides loans for purchase fresh or resale house as well as to construct houses. It also provides loaning facilities to NRIs. Wide range of home loan products & services like Home Loans, Home Improvement Loans, Home Extension Loans, Loans to professionals for office or clinic, Home Equity Loans (Loan against Property), Short Term Bridging Loan etc are also offered.Home Improvement Loans are for facilitating internal and external repairs and other structural improvements like painting, waterproofing, plumbing and electric works, tiling and flooring, grills and aluminum windows. Home Extension Loan is for the extension of an existing dwelling unit. There are flexible loan repayment options like Step Up Repayment Facility, Flexible Loan installments Plan, Tranche Based EMI, Accelerated Repayment Scheme.
  2. LIC Housing Finance Ltd. - The company has shown the best improvement in recent times in terms of growth and profits having strong parentage with LIC being India’s largest insurance company. This LIC home loan scheme is valid on both purchase and construction of property. LIC housing finance limited offers Griha Sudhar LIC housing loans for individuals looking for an amount of up to 10 lakhs to renovate or make repairs in their properties.
  3. GIC Housing Finance Ltd. - Like LIC Housing Finance,this company too has a major government insurance company as the parent (GIC in  this case).The Company was formed with the objective of entering in the field of direct lending to individuals and other corporates to accelerate the housing activities in India. The primary business of GICHFL is granting housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes.
  4. PNB Housing Finance - It is a wholly owned subsidiary of Punjab National Bank. It provides housing finance to individuals for construction or for acquisition/ purchase of house/ flat from development authorities such as DDA/HUDA/ PUDA/RHB etc. and also from private builders/groups housing societies. Enhancement in loan amount s also considered in the event of escalations in cost. Minimum loan amount is Rs.50,000.
  5. Bank of Baroda Housing Finance - Bank of Baroda is the third largest bank in India, after the State Bank of India and the Punjab National Bank. It offers home loans for purchase of new & old dwelling unit, construction of house, purchase of plot of land for construction of a house, repaying a loan already taken from other Housing Finance Company or any Bank, repayment period up to 25 years (floating rate option).
  6. Can Fin Home Ltd. – It was set up in 1987, by Canara Bank in association with reputed financial institutions, including HDFC and UTI. The first bank sponsored Housing Finance Company in India, Can Fin Homes emerged as one of the leading players in the country’s home loan segment. Canara Bank offers home loans for construction, purchase, repairs, additions, renovations of residential house including the purchase of land and construction thereon, for taking over of the Housing Loan liability with other recognized housing finance companies, housing boards, co-operative banks & societies, commercial banks at the prevailing rate of interest. People entitled to loans can be Salaried individuals, individuals engaged in business/professionals and self-employed persons,
  7. SBI Home Finance – SBI Home Finance is the housing subsidiary of India’s largest bank State Bank of India.Note SBI has aggressively targeted the housing finance space winning marketshare from the dominat HDFC.SBI till recently used teaser home loans to attract a large number of customers to its home loan products
  8. Housing & Urban Development Corporation Ltd. (HUDCO)- provides Schemes for shelter and services with a special focus on the economically weaker sections of the society. Apart from financing housing schemes, HUDCO is also contributing to improve the quality of life by augmenting basic community facilities and infrastructure services through its financial assistance for core infrastructure. Projects involving self-help by the beneficiaries are promoted by encouraging sites & services schemes, core housing, shelter upgradation and so forth. In order to provide basic facilities in the existing houses where adequate sanitary disposal system are not available, financial assistance for basic sanitation schemes is also being extended on liberalized items. The Niwas scheme offered is a housing finance instrument for individual families which offers loan assistance to individuals constructing or buying a house or a flat. Similar loan assistance is also extended to extend or improve an existing house or flat.

Private Housing Finance Companies in India

Dewan Housing Finance Ltd. -It  stands strong as the third largest housing finance company & the second largest housing finance company in the private sector. DHFL has also a tie – up  leading Public Sector Banks  such as Punjab & Sind Bank, United Bank of India , Central Bank of India to provide home loans to customers through a Joint Venture. DHFL has also setup up its representative offices at London & Dubai to serve the increasing NRI population in these regions. It has also tied – up with UAE Exchange to offer its home loan products through the various UAE Exchange centers in the GEC countries. It provides Home loans, improvement & extension loans & loans for NRIs. One can avail a Home Loan upto Rs. 500,00,000 but not exceeding 85% of the cost of property/estimate (for improvement/extension). Special scheme like ‘Regressive Payment Scheme’ is also provided for individuals who are due for retirement within the term of the loan & have applied jointly with an eligible younger co-applicant.

Transport Finance Companies

Note Transport Finance Companies provide financing mainly to commercial vehicles and there are very few specialized transport finance companies in India.Shriram is by far the largest specialist player in this segment apart from the Banks.Note private car loans are mainly provided by the banks in partnership with car dealers and companies.

Shriram Transport Finance Company Ltd. – is India’s largest player in commercial vehicle finance. Established in 1979, it is one of the largest asset financing NBFCs in India with a niche presence in financing pre-owned trucks and Small Truck Owners. The company is a part of the “SHRIRAM” conglomerate which has significant presence in financial services. It also provides added passenger commercial vehicles, multi-utility vehicles, three wheelers, tractors and construction equipment, finance for tyres, engine replacement and working capital thus making them an end to end provider of finance solutions to the domestic road logistics industry. There has been a consistent growth in business and profitability. The assets under management have grown by a CAGR of 40.68% from Rs. 7,436crores in FY 2006 to Rs. 29,126crores in FY 2010.The total income and profit after tax increased from Rs. 908crores and Rs. 141 crores in FY 2006 to Rs. 4,499 crores and Rs. 873. crores in FY 2010 at a CAGR of 49.17% and 57.57%, respectively.

Infrastructure Finance Companies of India

With almost $1 trillion expected to be spent on infrastructure in India over the next 5 years,the scope for these companies is immense if they manage their assets-liabilities in a decent manner

  1. Rural Electrification Corporation (REC) - REC a listed Public Sector Enterprise Government of India with a net worth of Rs. 11,080 Crore as on March 2010.  Its main objective is to finance and promote rural electrification projects all over the country.  It provides financial assistance to State Electricity Boards, State Government Departments and Rural Electric Cooperatives for rural electrification projects as are sponsored by them. REC provides loan assistance to SEBs/State Power Utilities for investments in rural electrification schemes through its Corporate Office. The Project Offices in the States coordinate the programmes of REC’s financing with the concerned SEBs/State Power Utilities and facilitate in formulation of schemes, loan sanction and disbursement and implementation of schemes by the concerned SEBs/State Power Utilities.
  2. Infrastructure Development Financial Corporation (IDFC) – is India’s leading integrated infrastructure finance player providing end to end infrastructure financing and project implementation services. Their business can be broadly classified into Corporate investment banking (project finance, investment banking), alternative asset management (private & project equity), public market asset management (IDFC Mutual fund). The company provides financial intermediation for infrastructure projects and services, adding value through innovative products to the infrastructure value chain & asset maintenance of existing infrastructure projects. It focuses on supporting companies to get the best return on investments.
  3. The Industrial Finance Corporation of India (IFCI) - was founded in July 1948, as the first Development Financial Institution in the country to cater to the long-term finance needs of the industrial sector. The newly-established DFI was provided access to low-cost funds through the central bank’s Statutory Liquidity Ratio which in turn enabled it to provide loans and advances to corporate borrowers at concessional rates. Until the establishment of ICICI in 1956 and IDBI in 1964, IFCI remained solely responsible for implementation of the government’s industrial policy initiatives. It made a significant contribution to the modernization of Indian industry, export promotion, import substitution, pollution control, energy conservation and generation through commercially viable and market- friendly initiatives. Cumulatively, IFCI sanctioned financial assistance of Rs 462 billion to 5707 concerns and disbursed Rs 444 billion since its inception. In the process, IFCI catalysed investments worth Rs 2,526 billion in the industrial and infrastructure sectors.
  4. Power Finance Corporation (PFC) – is an Institution in financing for sustainable development of the Indian Power Sector and its linkages, with an eye on global operations. The total sanctions & disbursements for the year ended 2009-10 amounted to Rs.65,466 crores & Rs.25,808 crores respectively. The resources mobilized for the year ended Dec 2010 amounted to Rs.764,465 million (source: The clientele consists of State Electricity Boards, State Power Utilities, State Electricity/Power Departments, Other State Departments engaged in the development of power projects, Central Power Utilities, Joint Sector Power Utilities, Equipment Manufacturers & Private Sector Power Utilities.
  5. Infrastructure Leasing & Financial Services Limited (IL&FS) is one of India’s leading infrastructure development and finance companies .IL&FS was promoted by the Central Bank of India (CBI), Housing Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI). Over the years, IL&FS has broad-based its shareholding and inducted Institutional shareholders including State Bank of India, Life Insurance Corporation of India, ORIX Corporation – Japan and Abu Dhabi Investment Authority.IL&FS has branched to become a leading player in venture capital,private equity,asset managment,road building.It has a number of listed subsidiaries in the Indian stock market
  6. India Infrastructure Finance Company Ltd (IIFCL) was established in January 2006 as a wholly owned Government of India company and commenced its operations from April 2006.It was established under the Scheme for Financing Viable  Infrastructure Projects through a Special Purpose Vehicle called the  India Infrastructure Finance Company Ltd, broadly referred to as SIFTI. India Infrastructure Finance Company Ltd (IIFCL) is providing long term financial assistance to various viable infrastructure projects in the country in terms of the SIFTI. The authorized capital of the company is Rs20 billion and has sanctioned financial assistance of Rs 187.60 billion to 107 projects involving a total project cost of Rs1492.03 billion.
  7. L&T Infrastructure Finance Company is a part of L&T Finance Holdings Limited which is a wholly owned subsidiary of L&T.Note L&T is India’s biggest private infrastructure company with interests in a diverse number of fields.LT Infra commenced operations in January 2007.
  8. Srei Infrastructure Finance Limited is another major private sector player which is present in the following segments Project Finance, Advisory and Development, Infrastructure Equipment Finance, Sahaj e-Village, Venture Capital, Capital Market, Quippo – Equipment Bank, Viom – Telecom Towers and Insurance Broking.Srei has a JV with the  Tata Group through Viom Networks Limited for their shared passive telecom infrastructure business and BNP Paribas for Equipment Financing business.

Gold Finance Companies

India is one of the largest importers of Gold in the world due to the strong cultural preference towards Gold.Due to the high prevalence of gold ownership,finance companies specialized in financing loans against gold as collateral have started in India.Some of these companies have shown spectacular growth by concentrating their energies in this niche segment and have managed successful IPOs in the stock markets as well.

Muthooot Finance Ltd.- is the largest gold financing company in India in terms of loan portfolio, according to IMaCS Industry Repo rt (2010 Update). It provides personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time. Products are offered with varying loan amounts, advance rates (per gram of gold) and interest rates. The principal loan amounts disbursements usually range between Rs.2,000 to Rs. 100,000 while interest rates vary from 12% to 30% pa.The loan portfolio as of March 31, 2010 and November 30, 2010 comprised approximately 2.8 million loan accounts and approximately 4.1 million loan accounts, respectively, in India with Gold Loans outstanding of Rs. 73,417 million and Rs. 128,977 million respectively.

Manappuram Finance -  It has been registered under Reserve Bank of India and was founded in 1949. A loan up to 1 Crore can be availed against Gold Ornaments or Jewelery. Depending on the net weight  and purity of the gold, cash is disbursed. Diminishing interest rates starting from 1% per month. Interest is payable only for the number of days the pledge is maintained with the company.

Tourism Finance Companies

Again like Gold Finance,this is a specific niche dominated by the government owned finance companies.

Tourism Finance Corporation of India – The Government of India decided in 1988, to promote a separate All-India Financial Institution for providing financial assistance to tourism-related activities/projects. TFCI provides financial assistance to enterprises for setting up and/or development of tourism-related projects, facilities and services, such as hotels & restaurants, holiday resorts, amusement parks, multiplexes and entertainment & cultural centers, convention halls, transport, travel and tour operating agencies etc. TFCI was incorporated as a Public Limited Company. IFCI & SBI are the major shareholders holding 33.04% & 9.19% respectively of the company. TFCI provides financial assistance to projects with capital cost of Rs. 3 crore and above.

Life Insurance Companies in India

  1. Life Insurance Corporation of IndiaLife Insurance Corporation of India (LIC) is a Government of India enterprise, and is the largest life insurance company . LIC had been established in 1956, after the Life Insurance Corporation Act had been passed by the Parliament of India in the same year. It also provides savings features along with various insurance policies. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance.LIC with its massive corpus is  also the largest investor in the Indian market.LIC continues to be the best insurance company in India just because of its track record and the high trust it is held in.Private life insurance companies in India like the Car Insurance Companies are held in low trust and it is true considering the harassment and the low claims percentage that these companies give out.Even if LIC can’t manage to give the polish of the private insurers,its scores on delivery which the only thing that matters.
  2. TATA AIG - Tata AIG Life Insurance Company Limited is a joint venture between the  Tata Group and American International Group, Inc. The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 percent. Tata AIG General Insurance Company, which started its operations in India in 2001, provides insurance solutions to individuals and corporates. It also offers a complete range of general insurance products including insurance for automobile, home, personal accident, travel as well as several specialized financial lines.
  3. Bajaj Allianz – Bajaj Allianz life Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Bajaj Allianz has made a profit before tax of Rs. 180 crores and has become the only private insurer to cross the Rs.100 crore mark in profit before tax in the last four years. Today, Bajaj Allianz is one of India’s leading and fastest growing insurance companies.
  4. Reliance Life Insurance Ltd. -It is a part of Reliance Capital Ltd (ADAG Group) which one of India’s leading private sector financial services companies. In just 2 years, the Company has crossed the mark of 1.7 Million policies. It is one of India’s leading private insurance companies with over 94 customized insurance products catering to the corporate, SME and individual customers. Reliance Life Insurance is not only one of India’s fastest growing life insurance companies, but also counts among the top 4 private sector insurers.
  5. Birla Sunlife Insurance .- Birla Sun Life Insurance Co. Ltd. is a joint venture between Aditya Birla Group and Sun Life Financial Inc. This insurance company has pioneered the unique Unit Linked Life Insurance Solutions in India. Within 4 years of its launch, BSLI became one of the leading players in the industry of Private Life Insurance.
  6. HDFC Standard Life Insurance It is a joint venture between HDFC Limited and a Group Company of the Standard Life Plc, UK. The Company is one of leading private insurance companies, offering a range of individual and group insurance solutions, in India. Being a joint venture of top financial services groups, HDFC Standard Life has adequate financial expertise to manage long-term investments safely and resourcefully. The Company’s business premium income stood at Rs. 1,839.70 Crores in 2008; it has covered over 812,811 lives so far.
  7. ICICI Prudential Life Insurance - It is a joint venture between ICICI Bank and Prudential plc, which is a leading international financial services. ICICI Prudential began the operations in December 2000. It has been voted as India’s Most Trusted Private Life Insurer for three consecutive years. ICICI Prudential Life Insurance Company has various insurance plans that have been designed for different individuals, as every individual has different insurance needs.
  8. ING Vysya Life Insurance – It is a joint venture between Vysya Bank, which is one of the largest private sector banks in India, and ING Insurance Co., which is the world’s second largest life insurance company. It presently has around 4.5 lakh customers.
  9. Max New York Life Insurance -It  is a joint venture between Max India Limited, which is a multi-business corporate, and New York Life International, which is a Fortune 100 company . Max New York Life offers a variety of flexible products covering both life and health insurance including 8 riders that can be customized to over 800 combinations
  10. Met Life India Insurance Co. Pvt. Ltd. – It  is a joint venture between MetLife Group and its Indian partners, are J&K Bank, Dhanalakshmi Bank, Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini Muthoothu.  MetLife is 88 of the top one-hundred FORTUNE 500 companies. MetLife entered Indian insurance sector in 2001.
  11. Kotak Mahindra Old Mutual Life Insurance Ltd. – iJoint venture between Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Kotak Mahindra Old Mutual Life Insurance Ltd. is a company which offers Life Insurance products. It is one of India’s most rapidly growing insurance companies.
  12. SBI Life insurance Co. Ltd. -
  13. Aviva Life Insurance- It is a private insurance company, formed by a joint venture between the Aviva insurance group of UK and the Dabur group of India. Aviva holds 26 percent stake and the Dabur group holds the balance 74 percent share in the joint venture. Aviva is also known as the fifth largest insurance group in the world. At the time of nationalization, Aviva was the largest foreign insurer in India in terms of the compensation paid by the Government of India.
  14. Shriram Life Insurance - IT is a joint venture of the Shriram Group of India and SANLAM of South Africa. The group offers several policies catering to various needs of the policy holders. Along with life insurance, distinct policies cover subjects like child education, retirement funds, marriage of children, expectation of high returns etc.
  15. Sahara India Life Insurance Company Ltd. – Was granted license by IRDA in 2004. It is the first wholly Indian-owned company in the Indian life insurance market without any collaboration with the organizations abroad. The paid up capital of the insurance company at the time of its commencement was Rs 157 Crore. TThe company offers both individual and group insurance products.
  16. Bharti AXA Life Insurance - It is a joint venture between Bharti and AXA – global leader in financial protection and wealth management. Bharti AXA Life Insurance has a 74% stake from Bharti and 26% stake of AXA in the joint venture. The Company launched its operations in India in 2006.With the continuous expansion, Bharti AXA Life Insurance is making itself proactive to cater to insurance and wealth management needs of people.
  17. Future Generali India Life Insurance.  – It is one of the rapidly growing Insurance companies in India. The Company is a joint venture between the India-based Future Group and the Italy-based Generali Group. Future Generali group is present in both the Life and Non-Life businesses in India.
  18. IDBI Fortis Life Insurance -  It is a joint venture of IDBI Bank, Federal Bank (India) and Fortis Insurance International.  IDBI has a 48% stake in the venture, while Fortis and Federal Bank 26% stake each. While IDBI and Federal Bank are major Indian banks, Fortis has the expertise of bancasurance across global markets. IDBI Fortis Life Insurance has become 18th life insurer in India.
  19. Canara HSBC Oriental Bank of Commerce Life Insurance – Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Limited and Oriental Bank of Commerce (OBC), together established an insurance company. Canara Bank holds 51% equity while the holdings of HSBC and OBC are 26% and 23%, respectively.
  20. AEGON Religare Life Insurance Company . - It is a joint venture of AEGON, Religare and Bennett, Coleman & Company.One of the pioneers in offering low cost term plans online.
  21. DLF Pramerica Life Insurance Company -It  has been formed by the collaboration between DLF Limited and Prudential International Insurance Holdings, Ltd. (a fully owned subsidiary of Prudential Financial, Inc.). The insurance company aspires to become a significant player in the growing Indian life insurance market.
  22. Star Union Dai-ichi Life Insurance – It is a joint endeavor of Bank of India and Union Bank of India (two major Public Sector Banks in India) and Dai-ichi Mutual Life Insurance Company. It has an initial capital of Rs. 250 crores, of which Bank of India has a 51% stake, Union Bank of India has 23% and Dai-ichi Life holds 26% stake. The company is expected to be a strong contender in the insurance sector, taking into consideration its insurance, IT, finance and investment resources. The enterprise offers various products to serve all sections of the society.

General Insurance Companies in India

  1. United India Insurance Company -  General Insurance operations of southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited in 1972. United India has been designing and implementing complex covers to large customers, as in cases of ONGC Ltd , GMR- Hyderabad International Airport Ltd, Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam etc.
  2. The Oriental Insurance Company Ltd- The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business.  In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government.  The Gross Premium went up to Rs.58 crores in 1973 and grew to Rs. 4078 crores in 2009
  3. National Insurance- Consequent to passing of the General Insurance Business Nationalisation Act in 1972, National became a subsidiary of General Insurance Corporation of India . It is the second largest non life insurer in India having a large market presence in Northern and Eastern India. The products cater to the diverse insurance requirements of its 14 million policyholders.
  4. The New India Assurance Co. Ltd. -The company like the other GIC subsidiaries is a leading  insurance group, with offices and branches throughout India and various countries abroad. There are policies to cover all types of vehicles plying on public roads such as Scooters &Motorcycle, Private cars, all types of commercial vehicles, Motor Trade (vehicles in show rooms and garages). Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for Rs.7.5 lacs under Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor Cycles. This policy covers loss or damage to the insured vehicle and its accessories due to fire, self-ignition, burglary, earthquake, flood, inundation, cyclone or while in transit.
  5. TATA AIG – Tata AIG General Insurance Company Limited is a joint venture company, formed by the Tata Group and American International Group, Inc. The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 percent. Tata AIG General Insurance Company, which started its operations in India in 2001, provides insurance solutions to individuals and corporates. It offers a complete range of general insurance products including insurance for automobile, home, personal accident, travel, energy, marine, property and casualty as well as several specialized financial lines.
  6. ICICI LombardIt is the largest private sector general insurance company in India ICICI Lombard GIC Ltd. is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank and Fairfax Financial Holdings Limited,a Canada based USD 30 billion diversified financial services company..The company has a  Gross Written Premium over Rs.3,694.80 crore as of March 2010. The company issued over 44 lakh policies and settled over 62 lakh claims.
  7. Bajaj Allianz – Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. It is also present in the Life Insurance Vertical. Bajaj Allianz has made a profit before tax of Rs. 180 crores and has become the only private insurer to cross the Rs.100 crore mark in profit before tax in the last four years. As a registered Indian Insurance Company and a capital base of Rs. 110 crores, the company is fully licensed to underwrite all lines of general insurance business.
  8. Chola MS – Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between the USD 3 billion Murugappa Group, one of India’s leading business conglomerates and Mitsui Sumitomo Insurance Company Limited, which is part of the Mitsui Sumitomo Insurance Group of Japan, the largest General Insurance Company in Japan.
  9. IIFCO TOKIO -  It is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group, the largest listed insurance group in Japan. From a modest Rs 213 Crores of GWP (Gross Written Premium) in 2001-02, it has achieved an impressive Rs 1639.5 Crores in 2009-10, thereby becoming one of India’s leading private players. It is the first company in India to underwrite mega policies for a fertilizer and an automobile company. It offers various policies covering Health, Travel, Car, Retail etc.The company is one of te the best private general insurance companies in India
  10. HSBC India – The Hongkong & Shanghai Banking Corporation is 150 years old in India. In India, the Bank offers a comprehensive suite of world-class products and services to its corporate and commercial clients like Commercial Banking, Asset Management,HSBC Global Resourcing, Insurance etc.
  11. Reliance General Insurance Ltd. – Reliance General Insurance is one of India’s leading private general insurance companies with over 94 customized insurance products catering to the corporate, SME and individual customers.It is India’s first insurance company to be awarded the ISO 9001:2000 certification across all functions, processes, products and locations pan-India. The product basket includes fire, engineering, liability, marine, travel and other types of insurance, for organizational risk management.
  12. Apollo DKV Insurance Company – It was established as a joint venture between the Apollo Hospitals Group and DKV (Germany-based private health insurance company), one of the top five private health insurers in the world. The venture has been aimed at capturing the booming health insurance market in India as well as at bringing quality health insurance services within the reach of each and every individual. Apollo DKV Insurance also offers products for corporates. Along with health, personal accident and travel policies, Apollo DKV Insurance also plans to roll out out-patient care, long-term care and disease management solution.
  13. HDFC ERGO General Insurance Company Limited – It is a joint venture of HDFC Limited (74%) & ERGO International AG, primary insurance unit of the Munich Re group, Germany (26%). The various plans & products offered are Motor Insurance, Home Insurance, Health Insurance, Travel Insurance, Personal Accident Insurance, Commercial Insurance & Rural Insurance Services.
  14. Royal Sundaram Alliance Insurance Company Limited – It established in the year 2001, as a 74:26 joint venture between Sundaram Finance Ltd India and Royal & Sun Alliance PLC London. It provides a wide range of products for Individual like Accident, Car,Health Shield, Home & Travel Shield; Business needs Office Shield, Marine Insurance, insurance against Theft/Burglary, Standard Fire and Special Perils, Consequential Loss (Fire).
  15. Shriram General Insurance Co. Ltd. -  It is a joint venture between Shriram Group of India and SANLAM Limited of South Africa. The company was established with a paid up capital or Rs. 105 Crores, and offers General Insurance products and services to its customers. Shriram Group is one of the best known corporate houses of India, active in financial sector offering diversified services. It offers a wide range of insurance products falling under 4 categories – The Motor, Fire, Engineering & Liability category.
  16. Universal Sompo General Insurance Co. Ltd.-  It is a Public-Private Partnership Joint Venture between Allahabad Bank, Sompo Japan Insurance Inc., Dabur Investments, Karnataka Bank and Indian Overseas Bank.  Its insurance products can generally be classified in Retail and Commercial categories, which include customized packages for Personal Accident and Disability, Home, Property, Motor Vehicles, Health etc. The company also provides specialized packages for Small and Medium Enterprises (SMEs) and Corporates such as Operational Insurance, Project Insurance, Liability and Employee Benefit.

List of Top 10 Banks in India

1) State Bank of India (SBI) - SBI is India’s Largest Bank which is majority owned by the Government.The Company has a number of Subsidiaries and has been a market outperformer in recent times.Revenues of $22 Billion.The SBI has 7 subsidiaries of which 2 have been merged and  5 are remaining .

  • State Bank Bikaner Jaipur
  • State Bank of Hyderabad
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Travancore

2) ICICI Bank – This is the largest Indian Private Bank with operations in all Financial Services Sectors.The Company has faced a bad time during the Lehman downturn but has recovered well.Revs of $12.5 Billion.ICICI Bank is also strong in almost all sectors of the financial industry and has one of the strongest management teams in the country.Like HDFC Bank majority of the shareholding is held by foreign investors.The company which overextended itself in the 2007-2008 boom has now reduced the size of its risky segments and is again back on the growth trajectory.

3) HDFC Bank – HDFC Bank like Axis Bank has shown remarkable growth in the last few years.The Bank which was founded by India’s largest housing finance company HDFC has assets of around $22 billion.One of the best rated banks in terms of service quality and growth.

4) Punjab National Bank – Punjab National Bank (PNB , is the second largest PSU bank  with about 5000 branches across 764 cities.The Bank like BOB and SBI has shown good growth while at the same time managed to control bad debt.

5) Axis Bank - Axis Bank has been the best performing private bank alongwith HDFC Bank showing excellent growth in topline and bottomline.The Bank has been expanding into insurance and investment banking (acquired Enam).Axis Bank was formerly UTI Bank that  begun operations in 1994.The Bank was promoted jointly by UTI,LIC and other state owned general insurers.One of the best Indian bank stock picks.

6) Bank of Baroda – Bank of Baroda(BoB) is the third largest bank in India and is government owned like SBI and PNB. BOB as it is popularly known has shown excellent growth over the last few years and has managed to control its Non-Performing Asset (NPA).The Bank has good management and manages to earn nice interest spreads.

7) Bank of India -Bank of India (BoI)is Indias 4th largest bank, with  3374 branches, including 27 branches outside India. It was the first bank in India promoted by Indian interests to serve all the communities of India.The stock of the company has not performed as well as it peers post the Lehman crisis.It has seen its market cap decrease relative to its larger PSU Bank peers

8) IDBI Bank - Industrial Development Bank of India Limited(IDBI) is a leading public sector banks . RBI categorised IDBI as an “other public sector bank”. The commercial banking arm, IDBI BANK, was merged into IDBI.This PSU Bank has supposed have great potential and could be the next ICICI in the making.

9) Kotak Mahindra Bank - This is the first NBFC to convert into a bank.The bank has its origins as an investment bank and is still very strong in the capital markets.The Bank and its sister concerns are present in most of the financial segments of the market like Private Equity,Wealth Management,Broking,Investment Banking etc.

10) Yes Bank – Yes Bankwas founded by Ashok Kapur and Rana Kapoor.This bank though still small compared to its larger peers,has come into the top 10 due to its path breaking performance over the last few years in terms of growth.It has managed to set new standards and has broken out from the league of smaller private banks.

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