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BFSI’s full form is Banking, Financial Services, and Insurance. BFSI companies offer financial services and products such as life insurance, general insurance, loans, investment advisory services, asset management, etc. The BFSI sector represents a significant portion of the multibillion dollar economy in India.
In this blog post, we shall explore the top 10 BFSI Companies in India.
Mentioned below are some of the best BFSI companies in India. These companies are companies engaged in banking, financial services and/or insurance services.:
Incorporation Year: 1869
Head Office: Bengaluru, Karnataka
Goldman Sachs is one of the top 10 BFSI companies in India. It was founded in 1869 and is headquartered in NYC, USA. It has been serving clients in India since the 1980s. In December 2006, after a ten-year joint venture, this BFSI company established an offshore presence in Mumbai, Maharashtra.
In India, Goldman Sachs’ corporate office is located in Bengaluru, Karnataka. Investment advisory services, asset management services and financial services are some of the banking and financial services offered by this BFSI company
Incorporation Year: 2007
Head Office: Pune, Maharashtra
When we talk about the leading BFSI companies in India, Bajaj Finance Limited is one of the companies that takes the spotlight. It was established in 2007 by Mr. Rahul Bajaj, a recipient of Padma Bhusan - the third highest civilian award in India.
A broad range of services is provided by Bajaj Finance Limited, including small and medium enterprises (MSME) loans, commercial lending, consumer finance, among others. It also offers personal loans, home loans and two wheeler loans to individuals.
Incorporation Year: 1994
Head Office: Mumbai, Maharashtra
HDFC Bank full form is Housing Development Finance Corporation Limited Bank. It is the largest bank in India and fourth largest bank in the world in terms of market capitalization. It was founded by Late Shri. HT Parekh, who dreamt of millions of middle-class citizens of India owning a home without having to wait till retirement.
In case you’re wondering, the headquarters of HDFC Bank is located in Mumbai, Maharashtra. As one of the best BFSI companies in India, HDFC Bank provides a variety of banking services such as retail banking, online digital banking services, wholesale banking, international banking, investment, advisory and so on.
Incorporation Year: 1994
Head Office: Mumbai, Maharashtra
ICICI Bank is yet another addition in our list of best BFSI companies in India. It is one of the top 10 private sector banks in India. As part of the ICICI Group, in 1994, the ICICI Bank was established. Its headquarters is located in Mumbai, Maharashtra.
It has extensive networks in India, with branches and ATMs all across the nation.It provides essential banking services to its customers, such as online digital banking, retail banking, loans, credits, corporate banking, etc.
Incorporation Year: 1956
Head Office: Mumbai, Maharashtra
Life Insurance Corporation of India (LIC) is perhaps India’s most popular insurance company. It was established on September 1, 1956, under the Life Insurance Corporation Act, 1956, which was passed by the Parliament of India. This Act led to nationalization of the insurance sector in the country by merging over 245 insurance companies and provident societies.
LIC was formed to spread life insurance more widely in the country, especially in rural areas. It aimed to provide financial cover to all insurable individuals in India. LIC is wholly owned by the Indian Government. With almost 7 decades of trust, LIC has been a leading company in the BFSI sector. It offers a broad range of insurance plans, like term insurance, pension plans, health plans and micro insurance.
Incorporation Year: 2007
Head Office: Mumbai, Maharashtra
We cannot skip Tata Capital when we talk about the top 10 BFSI companies in India. Founded by Mr. Ratan Tata ji, the Tata Capital Limited is a subsidiary of Tata Son. It operates as an NBFC and offers a wide range of loan services to customers. Most companies led by Tata Sons are known for their transparency and customer-centric approach and Tata Capital Ltd is no exception. It is a one-stop financial service provider serving the diverse financial needs of customers belonging to institutional, retail and corporate sectors.
It offers personal loans, home loans, business loans, other consumer loans, private equity, loan against property, wealth products distribution, commercial and SME finance, tata cards, leasing solutions, cleantech finance and institutional distribution. While home loans are offered by Tata Capital Housing Finance Limited, Tata Securities Limited offers institutional distribution.
Incorporation Year: 1972
Head Office: Mumbai, Maharashtra
The General Insurance Corporation is one of the most important BFSIs in the country. It was due to this BFSI company that the entire general insurance business became nationalized in the country under the General Insurance Business Nationalization Act 1972.
Through nationalization, the Government of India took over shares of 55 Indian insurance companies and undertakings of 52 insurers engaged in general insurance business. GIC was established in pursuance of Section 9(1) of the GIBNA Act. Its date of incorporation was 22 November 1972 and was formed as a private company under Companies Act of 1956. The objective behind formation of GIC was to superintend, control and carry out general insurance business.
Incorporation Year: 2000
Head Office: Mumbai, Maharashtra
JPMorgan is a US-based foreign financial institution. It is one of the top 10 BFSIs in the world, and it has a presence in the Indian market as one of the top 10 BFSI companies in India. It was in 2000 that the JPMorgan Chase & Co was officially established. The office of this BFSI company is located in India in Maharashtra. It is known for providing services in the domain of banking, asset management, investment advisory services and more.
JP Morgan offers solutions to some of the most important corporations, governments and institutions around the world. In 2020, it announced that it will deploy $2 billion in philanthropic capital around the globe in 2025. JPMorgan also leads volunteer service activities for employees in local communities by utilizing their resources, including those that stem from access to capital, expertise, global reach, economies of scale, etc.
Incorporation Year: 1955
Head Office: Mumbai, Maharashtra
State Bank of India is a fortune 500 company. Headquartered in Mumbai, Maharashtra, the SBI is an Indian multinational, public sector banking and financial services statutory body. Three banks combined to become the Imperial Bank of India, an all-India bank, on January 27, 1921. This Imperial Bank - the nation's top commercial bank, was nationalized on July 1, 1955, to become the State Bank of India. This change was made official by the State Bank of India Act 1955.
SBI has a rich heritage and legacy which makes it the most trusted bank by Indians through generations. It is the largest banking and financial services organization in India having an asset base of over Rs. 61 trillion. Through a network of 22,500 branches, 63,580 ATMs/ADWMs, 82,900 BC outlets, it serves over 50 crore customers with a special focus on innovation, and customer centricity. SBI strongly believes in core values such as transparency, ethics, politeness and sustainability.
Incorporation Year: 2007
Head Office: Mumbai, Maharashtra
Aditya Birla Capital Limited is a registered core investment company. It provides a comprehensive suite of financial solutions through its subsidiaries, such as investments, loans, insurance and payments in order to serve the diverse requirements of its customers. ABCL has employed over 55,000 employees across 1,470 branches and has more than 200,000 agents/channel partners and several bank partners.
ABCL is a part of the US$66 billion global conglomerate Aditya Birla Group (ABG). ABG is in the league of fortune 500. It is anchored by 187,000 employees belonging to over 100 nationalities. Today, over 50% of Aditya Birla Group’s revenues flow from operations abroad, spanning over 40 countries located in Europe, Africa, Asia, North and South America.
The top 10 BFSI companies in India include some of the largest and most popular BFSIs such as Aditya Birla Capital, Tata Capital, State Bank of India, HDFC Bank, Life Insurance Corporate of India, etc. These companies provide services in banking, finance and/or insurance sectors. If you are interested in opening an insurance company, then obtaining an IRDAI license is mandatory. For assistance in obtaining this license, reach out to Registrationwala.
Disclaimer: This article is based on the author’s personal opinion and may or may not represent views of the general public, institutions or organizations.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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