1. Reliance Industries Limited (RIL)
With a market cap of Rupps 13,78,381 crores, Mukesh Ambanis multination conglomerate Relince Industries Limited leads the pack .
Coordinations tech startup Pickrr Technologies on Tuesday said it has raised $4 million (about Rs 29.4 crore) in financing drove by Guild Capital and Omidyar Network India.
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Pickrr is an AI-empowered and cloud-based stage that mechanizes transporting for organizations and gives consistent multi-channel request the executives arrangements. It serves 26,000 pin codes and handles 1.5 million shipments in a month.
Reliance Industries Limited (RIL) is an Indian multinational conglomerate headquartered in Mumbai. Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. Reliance is one of the most profitable companies in India,[3] the largest publicly traded company in India by market capitalisation,[4] and the largest company in India as measured by revenue after recently surpassing the government-controlled Indian Oil Corporation.[5] It is also the eighth largest employer in India with nearly 195,000 employees.[6][7] On 10 September 2020, Reliance Industries became the first Indian company to cross $200 billion in market capitalisation.[8]
The company is ranked 96th on the Fortune Global 500 list of the world's biggest corporations as of 2020.[9] It is ranked 8th among the Top 250 Global Energy Companies by Platts as of 2016. Reliance continues to be India's largest exporter, accounting for 8% of India's total merchandise exports with a value of ₹1,47,755 crore and access to markets in 108 countries.[10] Reliance is responsible for almost 5% of the government of India's total revenues from customs and excise duty. It is also the highest income tax payer in the private sector in India.[10][11]
2.TATA CONSULTANCY SER (TCS)
Information Technology (IT) services giant Tata can sultancy services (TCS) ranks second with a market value of value of Rupps 11,47,066 crorss.
https://www.hdfcbank.com/personal/borrow/popular-loans/personal-loan.
History
HDFC Bank was incorporated in 1994 as a subsidiary of the Housing Development Finance Corporation, with its registered office in Mumbai, Maharashtra, India. Its first corporate office and a full-service branch at Sandoz House, Worli were inaugurated by the Union Finance Minister, Manmohan Singh. As of 30 June 2019, the Bank's distribution network was at 5,500 branches across 2,764 cities. The bank also installed 430,000 POS terminals and issued 23,570,000 debit cards and 12 million credit cards in FY 2017.[15] It has a base of 1,16,971 permanent employees as of 21 March 2020.
4.InfosysFounded in 1981,Infosts is a global leader in the IT dervices segment.
At present , Infosys is vslued at rupps 5,85,564 cores.
History
Infosys was founded by seven engineers in Pune, Maharashtra, India with an initial capital of $250 in 1981.[9] It was registered as Infosys Consultants Private Limited on 2 July 1981.[10] In 1983, it relocated its office to Bangalore, Karnataka, India.
The company changed its name to Infosys Technologies Private Limited in April 1992 and to Infosys Technologies Limited when it became a public limited company in June 1992. It was later renamed to Infosys Limited in June 2011.[11]
An initial public offering (IPO) was floated in February 1993 with an offer price of ₹95 (equivalent to ₹550 or US$7.80 in 2019) per share against a book value of ₹20 (equivalent to ₹120 or US$1.60 in 2019) per share. The IPO was undersubscribed but it was "bailed out" by US investment bank Morgan Stanley, which picked up a 13% equity stake at the offer price.[12] Its shares were listed in June 1993 with trading opening at ₹145 (equivalent to ₹850 or US$12 in 2019) per share.[13]
Its shares were listed on the Nasdaq stock exchange in 1999 as American depositary receipts. The share price surged to ₹8,100 (equivalent to ₹28,000 or US$390 in 2019) by 1999 making it the costliest share on the market at the time. At that time, Infosys was among the 20 biggest companies by market capitalization on the NASDAQ.[12] The ADR listing was shifted from NASDAQ to NYSE Euronext to give European investors better access to the company's shares.[14]
Its annual revenue reached US$100 million in 1999, US$1 billion in 2004 and US$10 billion in 2017.[10]
In 2012, Infosys announced a new office in Milwaukee, Wisconsin, to serve Harley-Davidson, being the 18th international office in the United States.[15][16] Infosys hired 1,200 United States employees in 2011, and expanded the workforce by an additional 2,000 employees in 2012.[16] In April 2018 Infosys announced expanding in Indianapolis, Indiana. The development will include more than 120 acres and is expected to result in 3,000 new jobs—1,000 more than previously announced.
In July 2014, Infosys started a product subsidiary called EdgeVerve Systems, focusing on enterprise software products for business operations, customer service, procurement and commerce network domains.[17] In August 2015, the Finacle Global Banking Solutions assets were officially transferred from Infosys and became part of the product company EdgeVerve Systems product portfolio.[18]
Products and services.
Infosys provides software development, maintenance and independent validation services to companies in finance, insurance, manufacturing and other domains.[19]
One of its known products is Finacle which is a universal banking solution with various modules for retail and corporate banking.[20]
Its key products and services are:
- NIA – Next Generation Integrated AI Platform (formerly known as Mana)
- Infosys Consulting – a global management consulting service
- Infosys Information Platform (IIP) – Analytics platform
- EdgeVerve Systems which includes Finacle, a global banking platform
- Panaya Cloud Suite
- Skava
- Engineering Services[21]
- Digital Marketing[22]
Geographical presence.
Infosys has 82 sales and marketing offices and 123 development centres across the world as of 31 March 2018, with major presence in India, United States, China, Australia, Japan, Middle East and Europe.[23][24]
In 2019, 60%, 24%, and 3% of its revenues were derived from projects in North America, Europe, and India, respectively. The remaining 13% of revenues were derived from the rest of the world.[25]
5.Hindustan unilever Ltd
As per a 2015 Nielsen Campus Track-business school survey, Hindustan Unilever emerged among the top employers of choice for B-school students graduating that year. It has often been called a 'Dream Employer' for application by B-School students in India.[43][44][45][46][47]
In 2012, HUL was recognised as one of the world's most innovative companies by Forbes. With a ranking of number 6, it was the highest ranked FMCG company.[48] Hindustan Unilever Limited (HUL) won the first prize at FICCI Water Awards 2012 under the category of 'community initiatives by industry' for Gundar Basin Project, a water conservationist initiative.[49] Hindustan Unilever Limited won 13 awards at the Emvies 2012 Media Awards organised by the Advertising Club Bombay in September 2012.[50]
The company received four awards at the Spikes Asia Awards 2012, held in September. The awards included one Grand Prix one Gold Award and two Silver Awards.[51]
HUL's Chhindwara Unit won the National Safety Award for outstanding performance in Industrial Safety. These awards were instituted by the Union Ministry of Labour and Employment in 1965.[52]
HUL was one of the eight Indian companies to be featured on the Forbes list of World's Most Reputed companies in 2007.[53]
In July 2012 Hindustan Unilever Limited won the Golden Peacock Occupational Health and Safety Award for 2012 in the FMCG category for its safety and health initiatives and continuous improvement on key metrics.[54]
Hindustan Unilever Limited is rated as best 3Ci Company which is registered with National Industrial Classification Code 15140.[55]
Pond's Talcum Powder's packaging innovation has secured a Silver Award at the prestigious 24th DuPont Global Packaging Award, in May 2012. The brand was recognized for cost and waste reduction.[56]
In May 2012, HUL & Star Bazaar received the silver award for 'Creating Consumer Value through Joint Promotional and Event Forecasting' at the 13th ECR Efficient Consumer Response Asia Pacific Conference.[57]
In 2011, HUL was named the most innovative company in India by Forbes and ranked 6th in the top 10 list of most innovative companies in the world.[58]
Hindustan Unilever Ltd received the National Award for Excellence in Corporate Governance 2011 of the Institute of Company Secretaries of India (ICSI) for excellence in corporate governance.[59]
In 2012, Hindustan Unilever emerged as the No. 1 employer of choice for B-School students who will graduate in 2012. In addition, HUL also retained the 'Dream Employer' status for the 3rd year running.[60]
Hindustan Unilever ranked No. 2 in Fortune India's Most Admired Companies list, which was released by Fortune India in partnership with the Hay Group. The company received the highest scores for endurance and financial soundness.[61]
HUL was ranked 47th in The Brand Trust Report 2014 published by Trust Research Advisory. 36 HUL brands also featured in the list including Lux, Dove, Lipton, Vim, Kissan, Bru, Rexona, Close Up, Clinic Plus, Pond's, Knorr, and Pepsodent among others.[62]
HUL emerged as the top 'Dream Employer' as well as the top company considered for application in the annual B-School Survey conducted by Nielsen in November 2010. This was the second successive year that HUL has been rated as the top 'Dream Employer' in India.[63] HUL has also emerged as the top employer of choice among the top six Indian Institutes of Management (IIMA, B, C, L, K and I).
HUL won three awards at the 'CNBC Awaaz Storyboard Consumer Awards' in 2011 – Most Recommended FMCG Company of the Year; Most Consumer Conscious Company of the Year and Digital Marketer of the Year.[64]
The company was felicitated in April 2010 for receiving the highest number of patents in the year 2009 at Annual Intellectual Property Awards 2010.[65][11]
In 2007, Hindustan Unilever was rated as the most respected company in India for the past 25 years by Businessworld, one of India's leading business magazines.[66] The rating was based on a compilation of the magazine's annual survey of India's most reputed companies over the past 25 years.
HUL is one of the country's largest exporters; it has been recognised as a Golden Super Star Trading House by the Government of India.[67]
6.Housing development finance corporation (HDFC)
History
It was founded in 1977 with the support from India's business community,[9][10] as the first specialised mortgage company in India and main company among HDFC group of companies[9].[11] HDFC was promoted by the Industrial Credit and Investment Corporation of India (ICICI).[12] Hasmukhbhai Parekh played a key role in the foundation of this company which started with the main aim of solving the housing shortage in India and started rising steadily thereafter.[9]
In 2000, HDFC Asset Management Company launched its mutual fund schemes.[12] In the same year, IRDA granted registration to HDFC Standard Life Insurance, as the first private sector life insurance company in India. Currently it operates in India, Kuwait, Oman, Qatar, Saudi Arabia, Singapore, United Arab Emirates and United Kingdom.[9]
Products and services
Mortgage
The company provides housing finance to individuals and corporates for purchase/construction of residential houses[9].[13] The type of loans offered by company include loans for purchase and construction of a residential units, purchase of land, home improvement loans, home extension loans, non-residential premise loans for professionals and loan against property and repayment options include step-up repayment facility and flexible loan instalment plan.[9] It is one of the largest providers of housing loans in India[9].[13] In its Annual Report for financial year 2012–13, the company has disclosed that it has disbursed approx. INR 456,000 crores in 35 years of its existence for a total of 4.4 million housing units.[1]
The average loan profile amounts to INR 2.18 million (US$35,160) which lasts for about 13 years and covers approx. 65% of actual property value. From the year 2000,the company started offering housing loans on the Internet becoming first company to do so.[9]
Life insurance
The CMPANY has been providing life insurance since the year 2000, through its subsidiary HDFC Standard Life Insurance company Limited. It offers 33 individual products and 8 group products. It uses the HDFC group network to cross sell by offering customized products. It operates out of 451 offices across India serving over 965 locations. It had a market share of 4.6% of life insurance business in India as of 30 September 2013.[11] HDFC Life has over 15,000 employees.[14]
General insurance
The company offers general insurance products such as:
- Motor, health, travel, home and personal accident in the retail segment which accounts for 47% of its total business and
- Property, marine, aviation and liability insurance in the corporate segment[11]
Mutual funds
HDFC provides mutual fund services through its subsidiary HDFC Asset Management accountingy Limited. The average Assets Under Management (AUM) of HDFC Mutual Fund for the quarter Jul-13 to Sep-13 was INR 1.03 trillion.[15]
Operations
HDFC's distribution network spans 396 outlets (including 109 offices of HDFC's distribution company HDFC Sales Private Limited) which cater to approx. 2,400 towns and cities spread across India.[7] To cater to Non-Resident Indians, HDFC has offices in London, Singapore and Dubai[9] and service associates in Middle East countries.[7]
The first overseas office was opened in Dubai in 1996 and in 2000's was expanded to London and Singapore.[9] In addition, HDFC covers over 90 locations through its outreach programmes. HDFC's marketing efforts continue to be concentrated on developing a stronger distribution network. Home loans are also sourced through HDFC Sales, HDFC Bank Limited and other third party Direct selling Agents (DSA). The corporation has 232 institutional owners and shareholders filing through 13D/G or 13F forms with the Securities Exchange Commission.[16] Largest investor amongst them is Vanguard Inte
7. ICICI bANK
History
ICICI Bank was established by the Industrial Credit and Investment Corporation of India (ICICI), an Indian financial institution, as a wholly owned subsidiary in 1994 in Vadodara however the parent company was formed in 1955 as a joint-venture of the World Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry.[14][15] The bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to ICICI Bank. The parent company was later merged with the bank.
ICICI Bank launched Internet Banking operations in 1998.[16]
ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public offering of shares in India in 1998, followed by an equity offering in the form of American depositary receipts on the NYSE in 2000.[17] ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001–02.[18]
In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or a financial institution from non-Japan Asia to be listed on the NYSE.[19]
ICICI, ICICI Bank, and ICICI subsidiaries ICICI Personal Financial Services Limited and ICICI Capital Services Limited merged in a reverse merger in 2002.[20]
In 2008, following the 2008 financial crisis, customers rushed to ICICI ATMs and branches in some locations due to rumours of an adverse financial position of ICICI Bank. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumours.[21]
In March 2020, the board of ICICI Bank Ltd. approved an investment of Rs 1,000 crore in Yes Bank Ltd. This investment resulted in ICICI Bank Limited holding in excess of a five percent shareholding in Yes Bank.
- 1996: ICICI Ltd. A diversified financial institution with headquarters in Mumbai[22]
- 1997: ITC Classic Finance. incorporated in 1986, ITC Classic was a non-bank financial firm that engaged in hire, purchase and leasing operations. At the time of being acquired, ITC Classic had eight offices, 26 outlets and 700 brokers.[23]
- 1997: SCICI (Shipping Credit and Investment Corporation of India)[24]
- 1998: Anagram (ENAGRAM) Finance. Anagram had built up a network of some 50 branches in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in the retail financing of cars and trucks. It also had some 250,000 depositors.[25]
- 2001: Bank of Madura[26]
- 2002: The Darjeeling and Shimla branches of Grindlays Bank[27]
- 2005: Investitsionno-Kreditny Bank (IKB), a Russian bank[28]
- 2007: Sangli Bank. Sangli Bank was a private sector unlisted bank, founded in 1916, and 30% owned by the Bahte family. Its headquarters were in Sangli in Maharashtra, and it had 198 branches. It had 158 in Maharashtra and 31 in Karnataka, and others in Gujarat, Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches were relatively evenly split between metropolitan areas and rural or semi-urban areas.[29]
- 2010: The Bank of Rajasthan (BOR) was acquired by the ICICI Bank in 2010 for ₹30 billion (US$420 million). RBI was critical of BOR's promoters not reducing their holdings in the company. BOR has since been merged with ICICI Bank.[22]
Role in Indian financial infrastructure
ICICI bank has contributed to the setting up of a number of Indian institutions to establish financial infrastructure in the country over the years:
- The National Stock Exchange was promoted by India's leading financial institutions (including ICICI Ltd.) in 1992 on behalf of the Government of India with the objective of establishing a nationwide trading facility for equities, debt instruments and hybrids, by ensuring equal access to investors all over the country through an appropriate communication network.[30]
- In 1987, ICICI Ltd along with UTI set up CRISIL as India's first professional credit rating agency.[31]
- NCDEX (National Commodities and Derivatives EXchange) was set up in 2003, by ICICI Bank Ltd, LIC, NABARD, NSE, Canara Bank, CRISIL, Goldman Sachs, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Punjab National Bank.[32]
- ICICI Bank facilitated the setting up of "FINO Cross Link to Case Link Study" in 2006, as a company that would provide technology solutions and services to reach the underserved and underbanked population of the country. Using technologies like smart cards, biometrics and a basket of support services, FINO enables financial institutions to conceptualise, develop and operationalise projects to support sector initiatives in microfinance and livelihoods.[33]
- Entrepreneurship Development Institute of India (EDII), was set up in 1983, by the erstwhile apex financial institutions like IDBI, ICICI, IFCI and SBI with the support of the Government of Gujarat as a national resource organisation committed to entrepreneurship development, education, training and research.[34]
- Eastern Development Finance Corporation (NEDFI) was promoted by national level financial institutions like ICICI Ltd in 1995 at Guwahati, Assam for the development of industries, infrastructure, animal husbandry, agri-horticulture plantation, medicinal plants, sericulture, aquaculture, poultry and dairy in the North Eastern states of India.[35]
- Following the enactment of the Securitisation Act in 2002, ICICI Bank, together with other institutions, set up Asset Reconstruction Company India Limited (ARCIL) in 2003. ARCIL was established to acquire non-performing assets (NPAs) from financial institutions and banks with a view to enhance the management of these assets and help in the maximisation of recovery.[36][37]
- ICICI Bank has helped in setting up Credit Information Bureau of India Limited (CIBIL), India's first national credit bureau in 2000. CIBIL provides a repository of information (which contains the credit history of commercial and consumer borrowers) to its members in the form of credit information reports.[38]
- Firstsource, an Indian BPO firm, since divested
- 3i Infotech, an Indian IT/ITES firm, since divested
In 2003, ICICI Bank Canada was established as a Schedule II (foreign-owned or -controlled) bank. It was incorporated in November and opened its head office and downtown Toronto branch in December.[43] In 2004 launched an online banking platform. In 2005, it launched its financial advisor services channel. In 2008, the bank relocated its corporate office to the Don Valley Business Park in Toronto, Ontario. In 2010, it launched a mortgage broker service. In 2014, the bank launched a mobile banking app.
ICICI Bank Canada is a member of several esteemed trade association; as well as the Canadian Bankers Association (CBA);[45] a registered member with the Canada Deposit Insurance Corporation (CDIC),[46] a federal agency insuring deposits at all of Canada's chartered banks; Interac Association;[47] Cirrus Network; and The Exchange Network.[48]
ICICI Bank UK PLC
 | |
 An ICICI Bank branch in London, United Kingdom | |
| Type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 2003 |
| Headquarters | India |
| Parent | ICICI Bank Limited |
| Website | www.icicibank.co.uk |
ICICI Bank UK PLC was incorporated in England and Wales on 11 February 2003, as a private company with the name ICICI Bank UK Ltd. It then became a public limited company on 30 October 2006.[49] Presently the Bank has seven branches[50] in the UK. : one each in Birmingham, East Ham, Harrow, London, Manchester, Southall and Wembley.
The bank currently has seven branches in the UK. ICICI Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. It is covered by the Financial Services Compensation Scheme (FSCS). The bank has a long-term foreign currency credit rating of Baa1 from Moody's. At 31 March 2019, it had a capital adequacy ratio of 16.8%.[49]
ICICI Bank UK PLC offers products and services such as a current account, savings account, remittance to India, safe deposit box, NRI Services, business banking, foreign exchange services, commercial real estate and corporate banking.[51] In 2019, ICICI Bank UK PLC launched an instant account opening facility through its iMobile app.[52][53]
Controversies
Inhumane debt recovery methods
A few years after its rise to prominence in the banking sector, ICICI bank faced allegations on the recovery methods it used against loan payment defaulters. A number of cases were filed against the bank and its employees for using "brutal measures" to recover the money. Most of the allegations were that the bank was using goons to recover the credit card payments and that these "recovery agents" exhibited inappropriately and in some cases, inhuman behaviour. Incidents were reported wherein the defaulters were put to "public shame" by the recovery agents.
The bank also faced allegations of inappropriate behaviour in recovering its loans. These allegations started initially when the "recovery agents" and bank employees started threatening the defaulters. In some cases, notes were written by the bank's employees asking the defaulters to "sell everything in the house including family members", were found. Such charges faced by the bank rose to a peak when suicide cases were reported wherein the suicide notes spoke of the bank's recovery methods as the cause of the suicide. This led to legal battles and the bank paying huge compensation.[54][55]
Money laundering allegations
ICICI Bank was one of the leading Indian banks accused of blatant money laundering through violation of RBI guidelines in the famous CobraPost[56] sting operation which shook up Indian banking industry during April–May 2013.[57]
On 14 March 2013 the online magazine Cobrapost released video footage from Operation Red Spider showing high-ranking officials and some employees of ICICI Bank agreeing to convert black money into white, an act in violation of Money Laundering Control Act. The Government of India and Reserve Bank of India ordered an inquiry following the exposé. On 15 March 2013, ICICI Bank suspended 18 employees, pending inquiry.[58][59][60] On 11 April 2013 the Deputy Governor of RBI, H R Khan reportedly said that the central bank was initiating action against ICICI Bank in connection with allegations of money laundering.[61][62]
8. kotak mahindra Bank
History
In 1985, Uday Kotak founded what later became an Indian financial services conglomerate.[6] In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, received a banking licence from the Reserve Bank of India. With this, KMFL became the first non-banking finance company in India to be converted into a bank.[7]
In a study by Brand Finance Banking 500 published in February 2014 by Banker magazine, KMBL was ranked 245th among the world's top 500 banks with a brand valuation of around US$481 million and brand rating of AA+.[8][9]
Mergers and acquisitions
ING Vysya Bank
In 2015, Kotak Bank acquired ING Vysya Bank in a deal valued at ₹150 billion (US$2.1 billion). With the merger completed, Kotak Mahindra Bank had almost 40,000 employees, and the number of branches reached 1,261.[10] After the merger, ING Group, which controlled ING Vysya Bank, owned a 7% share in Kotak Mahindra Bank.[11]
Ferbine
In 2021, the bank acquired a 9.99% stake in Ferbine, an entity promoted by Tata Group, to operate a Pan-India umbrella entity for retail payment systems, similar to National Payments Corporation of India.[12]
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 43rd largest bank in the world and ranked 221st in the Fortune Global 500 list of the world's biggest corporations of 2020, being the only Indian bank on the list.[7] It is a public sector bank and the largest bank in India with a 23% market share by assets and a 25% share of the total loan and deposits market.[8] It is also the fifth largest employer in India with nearly 250,000 employees.[9][10][11]
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.[12] 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 State Bank of India.
History
The roots of State Bank of India lie in the first decade of the 19th century when the Bank of Calcutta later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). All three Presidency banks were incorporated as joint stock companies and were the result of royal charters. These three banks received the exclusive right to issue paper currency till 1861 when, with the Paper Currency Act, the right was taken over by the Government of India. The Presidency banks amalgamated on 27 January 1921, and the re-organised banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint-stock company but without Government participation.
Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is India's central bank, acquired a controlling interest in the Imperial Bank of India. On 1 July 1955, the Imperial Bank of India became 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.
In 1959, the government passed the State Bank of India (Subsidiary Banks) Act. This made eight banks that had belonged to princely states into subsidiaries of SBI. This was at the time of the First Five Year Plan, which prioritised the development of rural India. The government integrated these banks into the State Bank of India system to expand its rural outreach. In 1963 SBI merged State Bank of Jaipur (est. 1943) and State Bank of Bikaner (est.1944).
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.
There was, even before it actually happened, a proposal to merge all the associate banks into SBI to create a single very large bank and streamline operations.[13]
The first step towards unification occurred on 13 August 2008 when State Bank of Saurashtra merged with SBI, reducing the number of associate state banks from seven to six. On 19 June 2009, the SBI board approved the absorption of State Bank of Indore, in which SBI held 98.3%. (Individuals who held the shares prior to its takeover by the government held the balance of 1.7%.)[14]
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. The total assets of SBI and the State Bank of Indore were ₹9,981,190 million as of March 2009. The process of merging of State Bank of Indore was completed by April 2010, and the SBIndore branches started functioning as SBI branches on 26 August 2010.[15]
On 7 October 2013, Arundhati Bhattacharya became the first woman to be appointed Chairperson of the bank.[16] Mrs. Bhattacharya received an extension of two years of service to merge into SBI the five remaining associate banks.
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.
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][5]
Ownership
The parent company, Bajaj Finserv Limited, holds 57.28% of the total shares[6] 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.
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