INSURANCE-

Introduction

Insurance industry in India has seen a major growth in the last decade along with an introduction
of a huge number of advanced products. This has led to a tough competition with a positive and
healthy outcome.

Insurance sector in India plays a dynamic role in the wellbeing of its economy. It substantially
increases the opportunities for savings amongst the individuals, safeguards their future and helps
the insurance sector form a massive pool of funds.

With the help of these funds, the insurance sector highly contributes to the capital markets,
thereby increasing large infrastructure developments in India.

The insurance industry of India consists of 57 insurance companies of which 24 are in life
insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company. Apart from that, among the non-life
insurers there are six public sector insurers. In addition to these, there is sole national re-insurer,
namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian
Insurance market include agents (individual and corporate), brokers, surveyors and third party
administrators servicing health insurance claims.

The Present of Insurance Sector In India

So far as the industry goes, LIC, New India, National Insurance, United insurance and Oriental
are the only government ruled entity that stands high both in the market share as well as their
contribution to the Insurance sector in India. There are two specialized insurers – Agriculture
Insurance Company Ltd catering to Crop Insurance and Export Credit Guarantee of India
catering to Credit Insurance. Whereas, others are the private insurers (both life and general) who
have done a joint venture with foreign insurance companies to start their insurance businesses in
India.

Market Size

Government's policy of insuring the uninsured has gradually pushed insurance penetration in the
country and proliferation of insurance schemes.

Gross premiums written in India reached Rs 5.53 trillion (US$ 94.48 billion) in FY18, with Rs
4.58 trillion (US$ 71.1 billion) from life insurance and Rs 1.51 trillion (US$ 23.38 billion) from
non-life insurance. Overall insurance penetration (premiums as % of GDP) in India reached 3.69
per cent in 2017 from 2.71 per cent in 2001.

In FY19 (up to October 2018), premium from new life insurance business increased 3.66 per
cent year-on-year to Rs 1.09 trillion (US$ 15.46 billion).   In FY19 (up to October 2018), gross
direct premiums of non-life insurers reached Rs 962.05 billion (US$ 13.71 billion), showing a
year-on-year growth rate of 12.40 per cent.

Investments and Recent Developments

The following are some of the major investments and developments in the Indian insurance
sector.

 As of November 2018, HDFC Ergo is in advanced talks to acquire Apollo Munich Health
Insurance at a valuation of around Rs 2,600 crore (US$ 370.05 million).
 In October 2018, Indian e-commerce major Flipkart entered the insurance space in
partnership with Bajaj Allianz to offer mobile insurance.
 In August 2018, a consortium of WestBridge Capital, billionaire investor Mr Rakesh
Jhunjunwala announced that it would acquire India’s largest health insurer Star Health
and Allied Insurance in a deal estimated at around US$ 1 billion.
 In September 2018, HDFC Ergo launched ‘E@Secure’ a cyber insurance policy for
individuals.
 Insurance sector companies in India raised around Rs 434.3 billion (US$ 6.7 billion)
through public issues in 2017.
 In 2017, insurance sector in India saw 10 merger and acquisition (M&A) deals worth
US$ 903 million.
 India's leading bourse Bombay Stock Exchange (BSE) will set up a joint venture with
Ebix Inc to build a robust insurance distribution network in the country through a new
distribution exchange platform.

BANKING-
Introduction

As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalised and
well-regulated. The financial and economic conditions in the country are far superior to any
other country in the world. Credit, market and liquidity risk studies suggest that Indian banks are
generally resilient and have withstood the global downturn well.

Indian banking industry has recently witnessed the roll out of innovative banking models like
payments and small finance banks. RBI’s new measures may go a long way in helping the
restructuring of the domestic banking industry.

The digital payments system in India has evolved the most among 25 countries with India’s
Immediate Payment Service (IMPS) being the only system at level 5 in the Faster Payments
Innovation Index (FPII).*
A bank is a financial institution that provides banking and other financial services to their
customers. A bank is generally understood as an institution which provides fundamental banking
services such as accepting deposits and providing loans. There are also nonbanking institutions
that provide certain banking services without meeting the legal definition of a bank. Banks are a
subset of the financial services industry.

Indian banking industry has been divided into two parts, organized and unorganized sectors. The
organized sector consists of Reserve Bank of India, Commercial Banks and Cooperative Banks,
and Specialized Financial Institutions (IDBI, ICICI, IFC etc).

1. Reserve banks of India.

2. Indian Scheduled Commercial Banks.

a. State Bank of India and its associate banks.

b. Twenty nationalized banks.
c. Regional rural banks.
d. Other scheduled commercial banks.

3. Foreign Banks
4. Non-scheduled banks.
5. Co-operative banks.

Market Size

The Indian banking system consists of 27 public sector banks, 21 private sector banks, 49 foreign
banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural cooperative
banks, in addition to cooperative credit institutions (FY17 data).  In FY07-18, total lending
increased at a CAGR of 10.94 per cent and total deposits increased at a CAGR of 11.66 per cent.
India’s retail credit market is the fourth largest in the emerging countries. It increased to US$
281 billion on December 2017 from US$ 181 billion on December 2014.

Investments/developments

Key investments and developments in India’s banking industry include:

 As of September 2018, the Government of India launched India Post Payments Bank
(IPPB) and has opened branches across 650 districts to achieve the objective of financial
inclusion.
 The total value of mergers and acquisition during 2017 in NBFC diversified financial
services and banking was US$ 2,564 billion, US$ 103 million and US$ 79 million
respectively @.
 The biggest merger deal of FY17 was in the microfinance segment of IndusInd Bank
Limited and Bharat Financial Inclusion Limited of US$ 2.4 billion @.
 In May 2018, total equity funding's of microfinance sector grew at the rate of 39.88 to Rs
96.31 billion (Rs 4.49 billion) in 2017-18 from Rs 68.85 billion (US$ 1.03 billion) #.
The banking system plays an important role in promoting economic growth not only by
channeling savings into investments but also by improving allocative efficiency of resources.
The recent empirical evidence, in fact, suggests that banking system contributes to economic
growth more by improving the allocative efficiency of resources than by channeling of resources
from savers to investors. An efficient banking system is now regarded as a necessary pre-
condition for growth.

The banking system of India consists of the central bank (Reserve Bank of India - RBI),
commercial banks, cooperative banks and development banks (development finance institutions).
These institutions, which provide a meeting ground for the savers and the investors, form the
core of India’s financial sector. Through mobilization of resources and their better allocation,
banks play an important role in the development process of underdeveloped countries.

Banking Development and Nationalization of Banks in India

Banking development in India has been, by and large, a state-induced activity. The Reserve Bank
of India was nationalized in 1949 followed by the nationalization of Imperial Bank of India
(now the State Bank of India - SBI) in 1955. In 1969, 14 major commercial banks were
nationalized and the exercise was repeated when 6 more commercial banks were nationalized in
1980. Thus, prior to economic reforms initiated in early 1990s, banking business in India was a
near-monopoly of the Government of India.

The underlying philosophy of this approach was to encourage growth, via availability of
adequate credit at reasonable/concessional rates of interest, in areas where commercial
considerations did not allow for disbursal of credit.

Financial
Introduction

India has a diversified financial sector undergoing rapid expansion, both in terms of strong
growth of existing financial services firms and new entities entering the market. The sector
comprises commercial banks, insurance companies, non-banking financial companies, co-
operatives, pension funds, mutual funds and other smaller financial entities. The banking
regulator has allowed new entities such as payments banks to be created recently thereby adding
to the types of entities operating in the sector. However, the financial sector in India is
predominantly a banking sector with commercial banks accounting for more than 64 per cent of
the total assets held by the financial system.

The Government of India has introduced several reforms to liberalise, regulate and enhance this
industry. The Government and Reserve Bank of India (RBI) have taken various measures to
facilitate easy access to finance for Micro, Small and Medium Enterprises (MSMEs). These
measures include launching Credit Guarantee Fund Scheme for Micro and Small Enterprises,
issuing guideline to banks regarding collateral requirements and setting up a Micro Units
Development and Refinance Agency (MUDRA). With a combined push by both government and
private sector, India is undoubtedly one of the world's most vibrant capital markets. In 2017,a
new portal named 'Udyami Mitra' has been launched by the Small Industries Development Bank
of India (SIDBI) with the aim of improving credit availability to Micro, Small and Medium
Enterprises' (MSMEs) in the country. India has scored a perfect 10 in protecting shareholders'
rights on the back of reforms implemented by Securities and Exchange Board of India (SEBI).

Market Size

The Mutual Fund (MF) industry in India has seen rapid growth in Assets Under Management
(AUM). Total AUM of the industry stood at Rs 23.80 trillion (US$ 340.48 billion) between April
2018-February 2019. At the same time the number of Mutual fund (MF) equity portfolios
reached a high of 74.6 million as of June 2018.

Another crucial component of India’s financial industry is the insurance industry. The insurance
industry has been expanding at a fast pace. The total first year premium of life insurance
companies reached Rs  214,673 crore (US$ 30.72 billion) during FY19.

Along with the secondary market, the market for Initial Public Offers (IPOs) has also witnessed
rapid expansion. The total amount of Initial Public Offerings (IPO) increased to US$ 1.2 billion
raised from 37 between April – June 2018.

Over the past few years India has witnessed a huge increase in Mergers and Acquisition (M&A)
activity. In H12018, 74 deals of acquisition took place in financial sector. The total value of such
transactions was US$ 4.166 billion. *

Furthermore, India’s leading bourse Bombay Stock Exchange (BSE) will set up a joint venture
with Ebix Inc to build a robust insurance distribution network in the country through a new
distribution exchange platform.

Investments/Developments

 Investments by Foreign Portfolio Investors (FPIs) in Indian capital markets have reached
Rs 6,310 crore (US$ 899.12 million) up to November 22, 2018.
 As of October 2018, the Financial Inclusion Lab has selected 11 fintech innovators with
an investment of US$ 9.5 million promoted by the IIM-Ahmedabad's Bharat Inclusion
Initiative (BII) along with JP Morgan, Michael and Susan Dell Foundation, and the Bill
and Melinda Gates Foundation.
 The private equity and venture capital (PE/VC) investments reached US$ 25.20 billion
between January to October 2018.*
SECTOR LEADING COMPANIES

BANKING
HDFC Bank-

HDFC Bank is considered to be one of the leading banks in India. Headquartered in Mumbai,
HDFC Bank was incorporated in August 1994 and has 5,130 branches and 13,395 ATMs in
2,764 cities/towns (as of June 30, 2019). The bank offers a wide range of banking and financial
services as mentioned below.

HDFC Bank provides a number of products and services including wholesale banking, retail
banking, treasury, auto loans, two wheeler loans, personal loans, loans against property,
consumer durable loan, lifestyle loan and credit cards. Along with this various digital products
are Payzapp and SmartBUY.

HDFC Bank merged with Times Bank in February 2000. This was the first merger of two private
banks in the New Generation private sector banks category.

In 2008, Centurion Bank was acquired by HDFC Bank. HDFC Bank Board approved the
acquisition of CBoP for 95.1 billion INR in one of the largest mergers in the financial sector in
India

 Aditya Puri (Managing Director)

₹116,597 crore (US$16 billion)

Revenue (2019)

₹23,263 crore (US$3.3 billion)

Operating income (2019)

₹21,078 crore (US$3.0 billion)

Net income (2019)

Total assets ₹1,189,432 crore

(US$170 billion) (2019)
 Number of 104,154 (June 30, 2019)
employees

The Housing Development Finance Corporation Limited

or HDFC was among the first financial institutions in
India to receive an “in principle” approval from the
Reserve Bank of India (RBI) to set up a bank in the
private sector. This was done as part of RBI’s policy for
liberalisation of the Indian banking industry in 1994.
HDFC Bank was incorporated in August 1994 in the
name of HDFC Bank Limited, with its registered office in
Mumbai, India. The bank commenced operations as a
Scheduled Commercial Bank in January 1995.

2015

Bank Mobile Banking Has Largest Number of

Mobile Transactions-With about 55 per of all
transactions being conducted via digital channels,
our Bank logged `3,540 crore worth of transactions
or a total `8,403 worth of digital banking
transactions.

Mobile/Netbanking Have the Largest Number of

Transactions on Offer (135+)-Our Bank’s intuitive,
comprehensive digital bouquet offers 135+
transactions – the largest in India – of which 75 are
available on through MobileBanking, formally
launched under the Go Digital initiative.

Share Offering Oversubscribed Over 4 Times-Our

Bank’s $324 million share offering was more than 4
times oversubscribed in India.

2014

Blood Donation Camp Wins Guinness World

Record-Our Bank earned the distinction of winning
the Guinness World Record for organising the
largest blood donation drive (multiple venues) on a
 single day globally.

Launched Missed Call Banking-Introduced the

missed call banking service, allowing customers to
use banking services without having to visit the
Bank or connect online. Within a few weeks, a little
more than a million customers started using this
service.

2013

Becomes the Market Leader in Credit Card

Issuance-We became the largest issuer of credit
cards in the country – over 5.5 million outstanding
credit cards at the end of October 2014 according to
Reserve Bank of India data.

Sli Touches 2 Million Households- Sustainable

Livelihood Initiative, which helps empower women
in rural India by giving them direct access to
livelihood finance, reaches out to over 20 lakh
households.

2012

Josh Unlimited Launched-Our Bank launched its

nation-wide sports initiative – Josh Unlimited –
covering 8 cities, drawing participation from 8,000
employees. 
MOBILEBANKING AND SMS BANKING IN
HINDI LAUNCHED

State Bank of India-

The State Bank of India (SBI) is an Indian multinational, public sector banking and financial
services statutory body. It is a government corporation statutory body headquartered in Mumbai,
Maharashtra. SBI is ranked as 236th in the Fortune Global 500 list of the world's biggest
corporations of 2019. It is the largest bank in India with a 23% market share in assets, besides a
share of one-fourth of the total loan and deposits market.[6]
The bank descends from the Bank of Calcutta, founded in 1806, via the Imperial Bank of India,
making it the oldest commercial bank in the Indian subcontinent. The Bank of Madras merged
into the other two "presidency banks" in British India, the Bank of Calcutta and the Bank of
Bombay, to form the Imperial Bank of India, which in turn became the State Bank of India in
1955. The Government of India took control of the Imperial Bank of India in 1955, with Reserve
Bank of India (India's central bank) taking a 60% stake, renaming it the State Bank of India.

In 2008, the Government of India acquired the Reserve Bank of India's stake in SBI so as to
remove any conflict of interest because the RBI is the country's banking regulatory authority.

SBI has acquired local banks in rescues. The first was the Bank of Bihar (est. 1911), which SBI
acquired in 1969, together with its 28 branches. The next year SBI acquired National Bank of
Lahore (est. 1942), which had 24 branches. Five years later, in 1975, SBI acquired Krishnaram
Baldeo Bank, which had been established in 1916 in Gwalior State, under the patronage of
Maharaja Madho Rao Scindia. The bank had been the Dukan Pichadi, a small moneylender,
owned by the Maharaja. The new bank's first manager was Jall N. Broacha, a Parsi. In 1985, SBI
acquired the Bank of Cochin in Kerala, which had 120 branches. SBI was the acquirer as its
affiliate, the State Bank of Travancore, already had an extensive network in Kerala.

The acquisition of State Bank of Indore added 470 branches to SBI's existing network of
branches. Also, following the acquisition, SBI's total assets approached ₹10 trillion.

On 7 October 2013, Arundhati Bhattacharya became the first woman to be appointed

Chairperson of the bank.[11] Mrs. Bhattacharya received an extension of two years of service to
merge into SBI the five remaining associate banks.

Rajnish Kumar
Key people (Chairman)

Retail banking, corporate banking,

investment banking, mortgage loans,
Products private banking, wealth management,
credit cards, finance and insurance

 ₹2.79644 trillion
Revenue (US$39 billion) (2019)[1]

 ₹554.36 billion
Operating
(US$7.8 billion) (2019)[1]
income

 ₹8.62 billion (US$120 million)
Net income (2019)[1]

  ₹36.80914 trillion
Total assets (US$520 billion) (2019)[1]

Owner Government of India (61.23%)
Number of 257,252 (March 2019)[1]
employees
 SBI Life Insurance Ltd
 SBI Cards and Payment
Subsidiaries Services Ltd
 Jio Payments Bank

ICICI Bank Limited-

ICICI Bank Limited is an Indian multinational banking and financial services company
headquartered in Mumbai, Maharashtra with its registered office in Vadodara, Gujarat. As of
2018, ICICI Bank is the second largest bank in India in terms of assets and market capitalisation.
It offers a wide range of banking products and financial services for corporate and retail
customers through a variety of delivery channels and specialised subsidiaries in the areas of
investment banking, life, non-life insurance, venture capital and asset management. The bank has
a network of 4882 branches and 15101 ATMs across India and has a presence in 17 countries
including India.[4]

ICICI Bank is one of the Big Four banks of India.[5] The bank has subsidiaries in the United
Kingdom and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Qatar, Oman,
Dubai International Finance Centre, China[6] and South Africa; [7] and representative offices in
United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has
also established branches in Belgium and Germany.[8]

History

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution,
and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46%
through a public offering of shares in India in fiscal 1998, an equity offering in the form of
ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in
an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional
investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World
Bank, the Government of India and representatives of Indian industry. The principal objective
was to create a development financial institution for providing medium-term and long-term
project financing to Indian businesses.

 In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of
ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services
Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by
shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at
Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve
Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking
operations, both wholesale and retail, have been integrated in a single entity.

 Girish Chandra Chaturvedi

(Chairman)[2]
Key people  Sandeep Bakhshi
(MD & CEO)

Retail banking, corporate banking,

investment banking, mortgage loans,
Products private banking, wealth management,
credit cards, finance and insurance

₹77,913 crore (US$11 billion) (2019)

Revenue

Operating ₹9,702 crore (US$1.4 billion) (2019)

income
₹3,363 crore (US$470 million) (2019)
Net income

₹929,652 crore (US$130 billion)

Total assets (2019)

Number of 84,922 (2019)

employees

INSURANCE-

Aegon Life Insurance Company Limited-

Aegon Life Insurance Company (formerly known as Aegon Religare Life Insurance Company)
is an Indian life insurance provider founded in 2008 with headquarters in Mumbai, offering
individual and group insurance online and offline.

It is a joint venture between Dutch Aegon N.V., a multinational insurance, pensions and asset
management company, and The Times Group (also called Bennett Coleman & Co. Ltd), one of
India’s largest media conglomerates.[1]
Corporate history

In July 2006, AEGON and the Ranbaxy Group announced its intention to enter the insurance
business in India. The partnership of AEGON, Religare & Bennett, Coleman & Company
formed AEGON Religare Life Insurance Company Limited and launched in July 2008.

In 2015, Aegon increased its stake in the venture to 49% while Religare Enterprises announced it
was exiting the venture[2][3] by selling its entire shareholding in the company, 44%, to Bennett,
Coleman and Company, the holding company of the Times Group.[4] This led to the rebranding
from Aegon Religare Life Insurance Company to Aegon Life Insurance Company.

Key
Mr. Vineet Arora (CEO)
people
Products Insurance
 Aegon N.V. (49%)
 Times Group (Bennett, Coleman
and Company) (51%)
Owner
 

Aviva Life Insurance Company India Limited-

Aviva India is an Indian life assurance company, and a joint venture between Aviva plc, a British
assurance company, and Dabur Group, an Indian conglomerate. Aviva began operations in July 2002 as a
joint venture with Dabur Group, one of India’s oldest business houses. As per the Indian insurance
sector regulations, Aviva plc has a 49% stake and Dabur has a 51% stake in the JV partnership.

Operations

Aviva India employs close to 3000 people, over 9,000 Financial Advisers with 121 branches
across the country.

Distribution

Aviva has a balanced distribution network through Assurance, Direct Sales Force and online
products. This includes a direct sales force of more than 9,000 financial planning advisors and
multiple bancassurance partnerships with private sector banks, co-operatives and regional rural
banks. Through its distribution setup and partnerships, Aviva reaches customers in over 1000
towns and cities across India.

Aviva has been focusing on the Online Platform in recent years, and a number of products,
including Aviva i-Life, Aviva Health Secure and Aviva i-Shield. This is in line with the
company’s strategy to focus on newer formats and products that are easier for customers to
understand and buy.
 Key Mr. Trevor Bull (Managing Director & Chief
people Executive Officer)

Bajaj Allianz Life Insurance Company Limited-

Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited (formerly part of
Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE, a European financial
services company. Being one of the private insurance companies in India, it offers insurance
products for financial planning and security.[3]

It is led by Tarun Chugh who is the Managing director and Chief Executive Officer of the
company.

Bajaj Allianz Life is one of the leading private life insurance companies in India. The Company
is a partnership between two powerful and successful entities in their own right – Bajaj Finserv
Limited, one of India’s most diversified non-banking financial institution and Allianz SE, one
of world’s leading asset manager and insurer.

Commencing its operations in 2001, Bajaj Allianz Life has in less than two decades expanded its
presence across the country. It serves millions of customers through its 582 branches, 80,000+
agents (as on 31 December 2019), comprehensive set of trusted partners and via its online sales
channel. The Company’s brand promise of Life Goals.Done. drives it to launch innovative
insurance solutions, including the revolutionary RoMC (Return of Mortality Charges), a feature
in some of its new-age ULIPs, and thereby becoming the first company to do so. Bajaj Allianz
Life has constantly transformed to offer tech-enabled state-of-the-art services to enhance
customer delight. The Company continues to engage with customers through several unique
platforms, and has secured a place in the Guinness Book of World Records with the Bajaj
Allianz Life Plankathon 2018.

History

Bajaj Allianz Life Insurance began operations on 12 March 2001 and today has a pan-India
presence of 759 branches.[5] It is headquartered in Pune, India. Bajaj Allianz Life Insurance
received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration
on 3 August 2001 to conduct Life Insurance business in India.

Key people Tarun Chugh (MD & CEO)

Mr. Sanjiv Chairman

Bajaj
 Mrs. Ritu
Director
Arora

Products Life Insurance

Total assets INR 4,361,583[2]

Parent Bajaj Finserv, Allianz SE

FINANCIAL-

Bajaj Finance Ltd.-

Bajaj Finance Limited,[1] a subsidiary of Bajaj Finserv, is an Indian Non-Banking Financial

Company (NBFC). The company deals in Consumer Finance, SME (Small and Medium-sized
Enterprises) and Commercial Lending, and Wealth Management.

Headquartered in Pune, Maharashtra, the company has 294 consumer branches and 497 rural
locations with over 33,000+ distribution points. The company reported a pre-tax profit of Rs.626
crores and a post-tax profit of Rs.408 crores[2] at a ROA of 0.8% and ROE of 5.1% in Q2 FY17.

Corporate background

Originally incorporated as Bajaj Auto Finance Limited on March 25, 1987, the non-bank
singularly focused on providing two and three wheeler finance. After 11 years in the auto finance
market, Bajaj Auto Finance Ltd launched its initial public issue of equity share and was listed on
the BSE and NSE.

At the turn of the 20th century, the company ventured into the durables finance sector. In the
subsequent years, Bajaj Auto Finance diversified into business and property loans as well.[3]

In the year 2006, the company’s assets under management hit the Rs.1,000 crore mark and is
currently at Rs.52,332 crore. 2010 saw the company’s registered name change from Bajaj Auto
Finance Limited to Bajaj Finance Limited,[4].
Ownership
The parent company, Bajaj Finserv Limited, holds 57.28% of the total shares[5] and has a controlling stake
in the subsidiary. Other major investors include Maharashtra Scooters Limited, Government of
Singapore, Smallcap World Fund INC and AXIS Long Term Equity Fund.
Key people Sanjiv Bajaj, Rajeev Jain
Lending, Fixed Deposits, Mutual
Products
Funds
Revenue US$715 million
Parent Bajaj Finserv Ltd
Bajaj Financial Services Ltd., Bajaj
Subsidiaries
Housing Finance Ltd

GIC Housing Finance Ltd.

GIC of India (GIC Re) is a state owned enterprise in India. It was the sole reinsurance company in the
Indian insurance market until the insurance market was open to foreign reinsurance players by late 2016
including companies from Germany, Switzerland and France. GIC Re has its registered office and
headquarters in Mumbai.

History

The entire general insurance business in India was nationalized by the Government of India
(GOI) through the General Insurance Business (Nationalization) Act (GINA) of 1972[4]. 55
Indian insurance companies and 52 other general insurance operations of other companies were
nationalized. The General Insurance Corporation of India (GIC) was formed in pursuance of
Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act,
1956 as a private company limited by shares. GIC was formed to control and operate the
business of general insurance in India.

The GOI transferred all the assets and operations of the nationalized general insurance
companies to GIC and other public-sector insurance companies. After a process of mergers and
consolidation, GIC was re-organized with four fully owned subsidiary companies: National
Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance
Company Limited and United India Insurance Company.

Devesh Srivastava
Key people
(Chairman-cum-Managing Director)[2]
Services Reinsurance
₹184.36 billion (US$2.6 billion)
Revenue
(2015-16)
Net income ₹28.48 billion (US$400 million)
 (2015-16)[3]
₹795.54 billion (US$11 billion)
AUM
(2015-16)
Owner Government of India
GIC Re South Africa Ltd (Wholly
owned)

GIC Housing Finance Limited is a

subsidiary company of General Insurance
Subsidiaries
Corporation of India. The company
provides loans to individuals and entities
for residential purposes. GIC Housing
Finance was incorporated on December
12, 1989, with the name GIC Grih Vitta
Ltd. It has 75 branches across the country.

IDFC First Bank Ltd.

IDFC First Bank (formerly IDFC Bank[4]) is an Indian banking company with headquarters in
Mumbai that forms part of IDFC, an integrated infrastructure finance company. The bank started
operations on 1 October 2015.[5] IDFC received a universal banking licence from the Reserve
Bank of India (RBI) in July 2015.[6] On 6 November 2015, IDFC Bank was listed on BSE and
NSE.[7]

Company information

IDFC was incorporated on 30 January, 1997 with its registered office in Chennai[8] and started
operations on June 9, 1997. In 1998 the company registered with the Reserve Bank of India
(RBI) as a non-banking financial company and in 1999 it formally became a Public Financial
Institution.

To conform with RBI guidelines, IDFC founded a non-operative financial holding company
IDFC Financial Holding Company Limited in 2014 to manage its five subsidiaries IDFC Bank,
IDFC MF, IDFC Alternatives, IDFC IDF & IDFC Securities. IDFC is the holding company for
NOFHC IDFC Projects Ltd and IDFC Foundation.

IDFC Bank started operations in 19 October 2015.[9][10] with 23 branches in Madhya Pradesh,
Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad and Kolkata. 15 branches
are in settlements with a population of less than 10,000. IDFC bank has launched its 100th
branch in Honnali, Karnataka in October 2017 [11]
In December 2018, IDFC merged with Capital First Ltd., an NBFC, and renamed itself as IDFC
FIRST Bank. Capital First shareholders to get 139 IDFC Bank shares for every 10 shares held.

 Rajiv Lall
(Non-Exe. Chairman)[1]
Key people  Mr.V. Vaidyanathan
(MD & CEO) [2]

Consumer banking, Corporate banking,

Wholesale banking, Mortgage loans,
Products
Private banking, Wealth management,
Investment banking
₹8.3272 billion (US$120 million)
Revenue
(2017)[3]
Operating ₹3.30 billion (US$46 million)
income (2017)[3]
₹10.20 billion (US$140 million)
Net income
(2017)[3]
₹1.12160 trillion (US$16 billion)
Total assets
(2017)[3]
Number of
7,043 (July 2018)
employees
Infrastructure Development Finance
Parent
Company
Capital
ratio 18.90% [3]