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Leading
BFSI
Companies
2014
Risk Management
Solutions
Sales & Marketing
Solutions
Learning
Solutions
Economic Analysis
Group
Indias
Leading
BFSI
Companies
2014
Kolkata Office
166B, S. P. Mukherjee Road,
Merlin Links, Unit 3E, 3rd Floor,
Kolkata - 700026.
Tel: +91 33 24650204
Fax: +91 33 24650205
Chennai Office
New No: 28, Old No: 195,
1st Floor, North Usman Road,
T. Nagar, Chennai - 600017.
Tel: 91 44 28142265/75, 42897602
Fax: +91 44 28142285
Ahmedabad Office
001, Samruddhi, Opp. Old High Court,
Near Income Tax Office,
Ashram Road,
Ahmedabad 380014.
Tel: +91 79 27540558/59, 27541131
Fax: +91 79 27540560
Bengaluru Office
No. 7/2 Gajanana Towers,
1st Floor, Annaswamy Mudaliar Street,
Opp. Ulsoor Lake,
Bengaluru - 560042.
Tel: +91 80 33163500
Fax: +91 80 33163540
Hyderabad Office
504, 5th Floor,
Babukhans Millennium Center,
6-3-1099/1100, Somajiguda,
Hyderabad - 500082.
Tel: +91 40 66624102, 66514102
Fax: +91 40 66619358
Editor
Pawan Bindal
Sub-Editor
Editorial Team
Omesh Kandalkar, Mihir Shah, Swatti Mathur, Karishma Desai, Sneha Talreja,
Dipshikha Biswas, Rohit Pawar, Prashant Mirgule, Sudhir Rewale
Sales Head
Jayesh Bahadur
Sales Team
Operations Team
Nadeem Kazi, Kunal Panchamiya, Sumit Sakhrani, Rajesh Gupta, Shankar Iyer,
Parmeshwar More
Design Team
Mohan Chilvery
Contents
Preface....................................................................................................I
Foreword...............................................................................................III
executive summary............................................................................... V
Methodology...................................................................................... VII
Definitions & Calculations.................................................................... IX
Sector Overview
Banks.......................................................................................... XV
NBFCs...................................................................................... XXIII
Broking...................................................................................XXXV
Mutual Funds...........................................................................XLIII
Insurance ................................................................................ XLIX
Primary Insights.................................................................................. LVII
Listing ........................................................................................ L-1 - L-9
Profiles
Banks....................................................................................... 3-41
NBFCs / FIs / Financial Services............................................... 45-89
Broking................................................................................ 91-108
Asset Management Companies......................................... 111-126
Life Insurance.................................................................... 131-145
General Insurance.............................................................. 147-165
Abbreviation.............................................................................. 167-172
Index.......................................................................................... 175-179
Preface
Dun & Bradstreet India is pleased to release the sixth edition of its publication
Indias Leading BFSI Companies. The publication aims to provide valuable
information on progress and performance of the leading Indian BFSI sector
companies. The publication also highlights important trends in the BFSI sector
and captures the major factors that provide an impetus to the growth of the
sector and the challenges faced by the sector.
The global economic growth remained weak in FY13 and global risks remained
elevated in view of the prevailing issues high public debt in all major advanced
economic, a fragmented financial system in the euro area and slowdown in
growth in other emerging and developing countries.
In tandem with the global economy, the slowdown in domestic growth which
prevailed during FY12 spilled over to FY13. Belying all expectations of recovery during the second half of
the fiscal year, the downturn in growth intensified. Indias GDP recorded a decadal low growth rate of 4.5%
during FY13. Persistent inflationary pressures, policy drift, low business confidence and stalled investment
activity, fall in the savings rate and high current account deficit dented the growth momentum. In order to
support growth, the RBI eased its tight monetary policy stance in FY13, reducing the repo rate by 100 basis
points.
India being one of the most populated countries in the world and backed by the growing levels of income,
the BFSI sector is ready to explore ever increasing opportunities at the domestic and international levels.
Changing market dynamics, industry consolidation and globalisation coupled with increased levels of
technology adoption in the sector will be crucial in determining the progress of this sector in the coming years.
Leading players have started redefining their strategies through confidence building measures, introducing
innovative financial products and innovative delivery channels to keep pace with international competition.
The publication provides an in-depth analysis of the BFSI sector in India and showcases profiles of leading
players in the banking, NBFC, mutual fund, broking and insurance industries. We at D&B are extremely
optimistic about the progress of this sector and will continue to track it and aim to facilitate informed
business decisions. I hope you will enjoy reading Indias Leading BFSI Companies 2014 and look forward
to your suggestions.
Kaushal Sampat
President & CEO - India
Dun & Bradstreet
Foreword
I am pleased to announce the launch of the sixth edition of Indias Leading
BFSI Companies, a publication on the Indian banking, financial services, and
insurance (BFSI) sectors, by Dun and Bradstreet India (D&B India).
Past few years have been difficult for the entire BFSI sector due to weakening
domestic macroeconomic conditions and continued sluggish growth in the
global economy. Challenges such as declining asset quality, volatility of earnings
for broking companies due to vagaries of capital markets have significantly
affected the bottom-line of BFSI companies. However, the prudential regulatory
norms have enabled the BFSI sector to remain fundamentally strong and sustain
during such difficult times. Further, the high level of technology adoption has
enabled BFSI companies to increase productivity, improve operational efficiency,
and become more competitive.
The current financial year saw the BFSI sector facing the vulnerabilities of the market forces. High interest
rates, protracted inflationary pressures, and high fiscal deficit impacted demand in this interest-sensitive
sector. However, Indian companies managed to ride through these critical challenges with resilience and
sustain their strong performance. The robust show of BFSI companies in FY13 clearly demonstrates this. Bank
Credit as a percentage of GDP increased from 47% in FY08 to 52% in FY13. The size of total assets of NBFCs
grew at a CAGR of approximately 6% from ` 990 bn in FY08 to ` 1,322 bn in FY13, despite reduction in the
number of NBFCs in India. The total premium garnered by the Life Insurance segment grew at a CAGR of 7%
between FY08 to FY13. The share of private players in total life insurance premium increased from 25% in
FY08 to 27% in FY13. Gross direct premium of non-life/general insurance grew at a CAGR of 18% between
FY08 and FY13. The role of private players seems to be more pronounced in the non-life insurance area. Their
share in total premiums increased from 38% in FY08 to 43% in FY13. The assets under management (AUM)
of the mutual fund industry displayed a CAGR of 7% between FY08 and FY13.
The progress of the financial sector is crucial to Indias economic growth. Financial reforms instituted over
the past two decades have been responsible for the maturing of the sector. The constituents of the real
economy have benefited significantly from this. The publication Indias Leading BFSI Companies 2014
showcases the performance of Indias leading BFSI sector companies.
Further, given D&Bs extensive market reach and global footprint, companies featuring in this publication
would benefit from the attention of global leaders in the financial markets. This publication, besides providing
a comprehensive macro view on important developments in the BFSI sector, would be a ready reference tool
to gain a deeper understanding about the leading companies in Indias BFSI sector.
At Dun & Bradstreet, we will continue to meet your expectations and look forward to receiving your feedback
and suggestions.
Pawan Bindal
Director
Dun & Bradstreet India
III
Executive Summary
The banking, financial services, mutual fund, and insurance sectors are critical
constituents of the Indian financial sector. Dun & Bradstreet (D&B), through its
publication Indias Leading BFSI Companies 2014, highlights the growth and
performance of companies in the BFSI segment in India. The publication profiles
the leading players in the sector that had annual total income of ` 250 mn
and above in FY13. The publication profiles 295 companies this comprises 76
banks, 108 non-banking financial services companies, 51 insurance companies,
28 asset management companies, and 32 broking houses. The publication also
provides an overview of the current trends and prospects of the BFSI sector,
which is divided into four sub-segments banking, financial services, mutual
funds, and insurance.
Some other key findings in this publication include
Aggregate loans and advances of Scheduled Commercial Banks stood at ` 58,797 bn in FY13 growing
nearly 16% against 18% in FY12. Public sector banks had the highest share of 76.1% in total bank
credit. Private sector banks accounted for 19.4% whereas foreign banks made up the balance 4.5%.
Asset quality of the banking sector declined further in FY13. Gross NPA ratio increased to 3.6% in FY13
from 3.1% in FY12. The gross NPA ratio was the highest for public sector banks at 3.8%, followed by
foreign banks at 3%. It was the lowest for private banks at 1.9% in FY13. Further, Net NPA ratio also
increased from 1.3% in FY12 to 1.7% in FY13 for Scheduled Commercial Banks.
In FY13, total assets of NBFCs-D (deposit taking NBFCs) grew 2.2% to ` 1,249 bn primarily due to 23%
increase in the assets of asset finance companies. On the other hand, the assets of loan companies
declined by around 46%.
The life insurance segment recorded a total premium of ` 2,872 bn, registering a growth of 0.05% in
FY13 YoY compared with 2% decline in FY12. The Unit Linked Insurance Plans products saw a decline
of 30% in premium income for FY13 while premium income of traditional products grew nearly 10%.
The non-life insurance segment recorded a gross premium income of ` 629 bn during FY13 as against
` 529 bn in FY12, registering a growth of 19% in FY13 compared with 24% growth in the previous
year. Motor insurance with 47% share and health insurance with 22% share in premium in FY13
continue to dominate the non-life insurance segment.
In times of volatile equity markets, investors seem to prefer debt funds, which are perceived to be
safer. As on March 31, 2013, the share of debt-oriented schemes in the total AUM of the industry
stood at 57% compared with 50% in the corresponding period of the previous year.
With focus on ongoing reforms and a strong regulatory environment, the BFSI sector promises sustainable
growth and profitability, going forward. D&B will endeavour to keep track of various developments in this
sector to make this publication emerge as an important and reliable reference tool.
Jayesh Bahadur
Head, Economic Analysis Group and Sales & Marketing Solution
Dun & Bradstreet India
Methodology
For the purpose of the publication, Indias Leading BFSI Companies 2014, the BFSI sector has been divided
into four key segments, viz., banking - only scheduled commercial banks (SCBs) based on the RBI enumeration
of SCBs as on Mar 2013; companies providing financial services; mutual funds as registered with Association
of Mutual Funds in India (AMFI); and insurance companies that are registered with Insurance Regulatory and
Development Authority (IRDA), in accordance with the Insurance Act, 1938.
The initial selection process of companies involved exploring the companies available in D&B Indias in-house
database, companies registered with the respective regulatory bodies and industry associations. The companies
were then contacted through direct mailers, reminder letters, telephone calls, faxes and emails apart from
invitation to participate through advertisements in Indias leading business dailies.
The companies and banks having minimum standalone annual total income of ` 250 mn and above during
FY13 are featured in this publication. Further, subsidiaries and associate companies that have satisfied the
eligibility criteria have also been featured. Companies with a negative net worth were eliminated. Also,
companies classified under Z category of the Bombay Stock Exchange were excluded. Every effort was made
to ensure that companies respond to the questionnaire. However, in the eventuality that a company has not
responded with critical data, and/or information which is not available in public domain, such companies
have not been included in the publication. This is to ensure that all information contained in this publication
is verified and authenticated.
Information pertaining to SCBs has been primarily sourced and compiled from RBI, IBA, annual reports (ARs)
and Websites of banks. Information related to financials and infrastructure of the banks has been taken
purely from various publications provided by the RBI and pertains to Mar 2013. The information pertaining to
financial services companies, insurers and AMCs has been primarily sourced and compiled from questionnaires
circulated and administered by D&B India; and/or as provided by respective regulatory authority (IRDA and
AMFI) through its Websites and various publications; and/ or from respective companies Website and ARs.
The financial information pertaining to insurers has been taken from IRDAs FY13 AR and public disclosures
of respective insurers. The financial information pertaining to AMCs has been taken from AMFI and their
respective ARs.
A standardised format has been used for reporting the information on the companies. The editorial team would
appreciate if readers would keep D&B India regularly updated regarding any changes in their companies, as
and when it occurs.
Each company featured in the publication has been allotted its unique identification number (D-U-N-S Data Universal Numbering System). This will help readers locate and obtain fullfledged informative reports
on these companies from the D&B Indias database.
The editorial team is confident that Indias Leading BFSI Companies 2014 will prove a useful reference tool
for information on BFSI sector. We would be pleased to receive your invaluable feedback and suggestions,
which we can incorporate in the next edition. Your satisfaction remains our goal in D&B Indias journey
towards excellence.
VII
VIII
Data Sources
Total Income for banks taken as per RBI and for other companies as per the ARs (except for Insurance
companies)
Net Profit/Loss taken for banks as per RBI and for other companies as per the ARs (except for Insurance
companies)
Total Assets, Net Interest Margin, Business per Employee, Number of ATMs, CRAR - Basel II, C-D Ratio
and Net NPA/Net Advances Ratio for banks taken as per RBI
Loan disbursed and number of employees for NBFCs taken as per company ARs
AAUM of mutual funds companies taken from AMFI as per data disclosed by the AMCs.
Total Premiums Earned, Share of Linked business Premiums / Total Premiums, AUM and Solvency Ratio
of Life Insurance companies taken as per the data from IRDA AR 2012-13
Net Premiums Earned, AUM, Solvency Ratio and Incurred Claims Ratio of Non-life insurance companies
taken as per the data from IRDA AR 2012-13.
Retention Ratio of Non-life Insurance companies taken from the Public Disclosures documents of
respective companies
LP Loss to Profit
LL Loss to Loss
PL Profit to Loss
NA Not Available
IX
XI
Sector Overview
Banks
Banks
Indian Banking Development
Indias financial sector has developed considerably over past two decades and also has been able to withstand
the global financial crisis better than any other country. Indian financial sector has traditionally been bank
dominated with commercial banks accounting for 60% of the total assets of the Indian financial system. In
the years ahead, banks are expected to play a much larger role in supporting the productive impulses of the
economy.
Asset quality of Indian banks under growing pressure
The weakening domestic macroeconomic conditions combined with continuing adverse international economic
developments and its increasing spill over risks posed major challenges to the Indian banking sector for the
second consecutive year in FY13. The pace of growth of the Indian banking system has moderated, and there
has been deterioration in asset quality (more perceptibly for public sector banks). The sector witnessed a rise
in the Non-Performing Assets (NPAs) along with increase in the restructured advances. Weak corporate sector
performance, risk aversion by banks due to rise in bad debts, regulatory bottlenecks and lower rate of return
due to high inflation led to deceleration in credit and deposit growth which in turn affected the profitability
of the banks.
However, it was the comfortable capital base which continues to lend resilience to the Indian banking sector.
Also, several policy initiatives were undertaken during the year to counter these challenges. The RBI initiated
a series of policy measures to enable Indian banks to adopt the Basel III norms and improve asset quality of
the banks. These measures coupled with issue of new banking licenses will ensure that the Indian banking
sector evolves going ahead and meets the needs of a dynamic real economy.
In FY13, total assets continued to witness subdued growth of 15.1%; foreign banks recorded the lowest
growth
The overall balance sheet of the Indian banking sector continued to moderate during FY13 primarily led by
sharp slowdown in credit growth. The total assets/liabilities of all scheduled commercial banks in FY13 grew
by 15.1% in FY13 after growing by 15.8% in FY12 and 19.2% FY11.
The public sector banks had the maximum share of more than 72% in total assets of all SCBs as on Mar
2013. While the growth in the asset size of the foreign banks moderately significantly in FY13, growing by
only 5.7% as compared to the 19.8% growth in FY12, the growth rate of the public sector banks in FY13 at
15.3% exceeded the growth rate of 14.1% in FY12. Asset size of the private sector banks also moderated to
17.5% in FY13 (21.1% in FY12), with the new private sector banks recording a greater moderation than the
old private sector banks.
XVI
PSBs
Foreign Banks
All SCBs
69619.67
19898.04
6215.63
95733.34
Deposits
57456.97
13958.36
2880.00
74295.32
44727.74
11432.49
2636.80
58797.03
Growth (y-o-y) %
Total Liabilities/Assets
15.3
17.5
5.7
15.1
Deposits
14.9
18.8
4.0
15.1
15.4
18.3
14.7
15.9
11.31
15.1
18.76
12.77
Key Ratios
CRAR Basel II
Gross NPA Ratio
4.1
2.0
2.9
3.6
2.0
0.5
1.0
1.7
77.8
81.9
91.6
79.1
Credit-Deposit Ratio
Source: RBI
XVII
Source: RBI
Aggregate deposits of SCBs records a higher growth in FY13 as compared to FY12; New private sector
banks witnesses strong growth while foreign banks decelerates
Deposits that accounted for over 78% of total liabilities of the SCBs in FY13 grew by 15.1% to ` 74295.32 bn
in FY13. Revival in the growth of current and savings accounts (CASA) supported the growth in the overall
deposits, with the new private sector banks recording the highest growth rate amongst the other categories
of banks.
The growth in deposits was due to the significant recovery in demand deposits and also considerable growth
in savings bank deposits while growth in term deposits moderated. Demand deposits of SCBs had recorded
a decline during FY12 led by the decline in demand deposits by public sector banks. Both the public sector
banks as well as the private sector banks witnessed an upsurge in demand deposits while the foreign banks
reported a decline in FY13.
The foreign banks deposits grew merely by 4% during FY13 owing to a decline in demand deposits d strong
moderation in savings banks a term deposits.
Declining NIM and rising operating cost dented profitability for Scheduled Commercial Banks (SCBs)
Slowing business environment for banking industry led to decline in the credit off-take for SCBs. Softening in
monetary policy rates during FY13 and slowdown in the growth of advances from 18.1% to 15.9% in FY13
decelerated the growth of interest earned for SCBs. Interest earned for SCBs grew 16.5% in FY13 to ` 7,636.1
bn as compared to a healthy growth of 33.4% in FY12. Repo rate has declined from 8.5% to 7.5% during FY
13. Investments growth however has moderately accelerated to 16.9% in FY13. Other Income mainly due
to profit on sale and revaluation of investments grew 13.3% to ` 977.9 bn in FY13. Total Income as a result
grew at a slowed pace of 16.2% to ` 8,613.9 bn in FY13.
Private Banks continued to lead the growth for SCBs with 23.7% growth in interest earned, 23% growth
in total income, 18.3% growth in advances and 19% growth in Investments. However growth for private
banks on all financial parameters has substantially slowed down compared to FY12. Moderate acceleration
in investment growth was mainly due to healthy growth of investments in public sector banks of 16.7% in
FY13 compared to 12.8% in FY12.
XVIII
Interest Earned
` in Bn
Foreign Banks
Public Banks
Other Income
Growth (%)
` in Bn
Total Income
Growth (%)
` in Bn
Growth (%)
422.5
17.4
112.1
2.9
534.6
14.0
5,548.8
14.5
567.8
12.7
6,116.6
14.3
Private Banks
1,664.9
23.7
297.9
18.9
1,962.8
23.0
Total
7,636.1
16.5
977.9
13.3
8,613.9
16.2
Softening in monetary policy rates in FY13 led to slowdown in the growth of Interest expended to 19.4%
from 44% in FY12. The deceleration in interest expended was despite faster pace of deposits of 15.1% in
FY13 compared to a growth of 14.9% in FY12. Banks borrowed cautiously in slowing economic environment
decelerating its pace to 19.8% in FY13 compared to a growth of 24.9% in FY12. Operating expenses grew
13.8% in FY13 mainly due to 11.9% growth in employee cost. Provisions and contingencies grew 8.5% for
FY13 mainly contributed by 22.5% growth in provisions for NPAs.
Net Interest Margin (NIM) for SCBs declined 10 bps to 2.8% in FY13. Declining NIM and rising operating cost
dented profitability growth of SCBs. Net profit for SCBs grew 11.6% to ` 816.6 bn compared to a growth of
16.1% in FY12. Net profit growth continued to be led by private banks which registered a healthy growth of
27.6% followed by 22.9% growth by foreign banks in FY13. Deceleration in profit growth impacted Return
on Equity for SCBs as it declined to 13.8% in FY13 compared to 14.6% in FY12.
Bank segment wise net profit of SCBs
XIX
CRAR for SCBs, however, declined moderately in FY13 to 13.9% from 14.2% in the previous year. The core CRAR
(Tier I) under Basel II also witnessed a moderate decline to 10.3% in FY13 from 10.4% in FY12. The decline in
capital positions at the aggregate level was due to the decline in the capital positions of PSBs.
During FY09-FY13, the GoI has infused ` 477 bn in PSBs. The GoI will further infuse ` 140 bn in PSBs during
FY14. Thus the deterioration in the capital position of PSBs is worrisome on account of the fiscal repercussions
of capital infusion in PSBs.
CRAR as per Basel-II norms attained by PSBs stood at 12.4% in FY13 as against 13.2% in FY12. In comparison,
private banks maintained a higher Basel II CRAR at 16.8% in FY13 as it increased from 16.2% in FY12. Foreign
banks registered the highest CRAR of 17.9% in FY13 which grew from 16.8% in FY12.
The Basel III capital regulation has been implemented in India effective from Apr 1, 2013 which will be fully
implemented in a phased manner by Mar 31, 2018. The Basel III norms will improve risk management systems
and governance and make banks more capital efficient, thereby, improving banking sectors ability to absorb
shocks arising from financial and economic crisis. Infusion of bank capital will facilitate banks to improve its
core business of lending for further growth.
However, though Indian banks are well-capitalised with an overall CRAR of 13.5% as on June 30, 2013; to
adopt Basel III norms PSBs alone will require an additional capital of ` 4.15 trillion, of which equity capital
would be of ` 1.4 - 1.5 trillion, while non-equity capital would be of ` 2.65 - 2.75 trillion; leading to fiscal
burden of Basel III to maintain Government ownership. Nonetheless, as PSBs adopt the Basel III framework,
the quantity and quality (common equity) of capital needs to be enhanced, while addressing the increasing
credit requirements of the economy.
The Indian banking sector in near term is confronted by the challenge to support economic recovery through
enhanced credit off-take.
Asset quality of SCBs continue to remain stressed under persistent adverse macro-economic
conditions
The non-performing assets of Indian banks continued to remain a great concern, with gross NPAs as a
percentage of gross advances increasing significantly from 3.1% in FY12 to 3.6% in FY13. On the other hand,
Net NPAs as the percentage of net advances grew from 1.3% in FY12 to 1.7% in FY13. (Please refer chart
titled Gross NPA and Net NPA ratio of Scheduled Commercial Banks (SCBs)). Prevailing slowdown in the
domestic economy, declining business confidence in the industry due to slackening demand, prevailing high
interest environment, and high exposure of Indian banks, especially public sector banks, to the real estate,
textile, infrastructure (specifically power and telecom segments), in addition to the priority sector are few of
the reasons for the substantial increase in NPAs during FY13. The doubtful assets of the SCBs increased by
729.5% in FY 13 compared to 17% in FY12, indicating the deteriorating assets quality of Indian SCBs.
XX
Gross NPA and Net NPA ratio of Scheduled Commercial Banks (SCBs)
Deterioration in asset quality was more pronounced in case of public sector banks. The gross NPA ratio of
public sector banks grew from 2.32% in FY11 to 3.8% in FY12. Although the gross NPAs of public sector
banks have grown consistently from 2.10% in FY09, they recorded a steep increase in FY12, growing from
2.32% in FY11 to 3.17% in FY12. Similarly, the net NPA ratio of the public sector banks increased from 1.09%
in FY11 to 1.80% in FY13.
On the other hand, private sector banks have been able to reduce their NPAs during the same period. After
registering a steep growth in gross NPA ratio in FY09, which grew from 2.75% in FY08 to 3.25% in FY09, the
gross NPAs of private sector banks reduced consistently from 3.25% in FY09 to 2.08% and FY12 and further
to 1.90% in FY13. Net NPA of the private banks though declined from 1.29% in FY09 to 0.46% in FY12,
registered a marginal growth in during FY13.
Gross NPA ratio of the foreign banks that had reduced from 4.30% in FY09 to 2.54% in FY11, registered in
marginal growth in FY12 and grew significantly during FY13. The Net NPA ratio of foreign banks that declined
from 0.67% in FY11 to 0.61% in FY12, due to excessive provisioning of NPAs, increased to 1.00% during FY13.
Foreign banks increased their NPA provisioning by 271% in FY12 over FY11 leading to a decline in Net NPAs.
However, a reduction in their NPA provisioning by 48% during FY13 impacted their net asset quality thereby
leading to an increase in their Net NPA ratio.
Although all banks are taking adequate measures to control NPAs, there has been fresh accretion of NPAs
during FY13, as captured by the slippage ratio, which increased from 2.5% in FY12 to 2.7% in FY13. With the
implementation of Basel III underway, the banking norms especially, the norms for NPAs are set to become
more stringent and in the near-term, Indian banks would have to devise innovative ways for reducing their
NPAs rather than resorting to provisioning of their bad assets.
XXI
XXII
NBFCs
Classification of NBFCs
Liabilities based classification:
On the basis of liabilities, NBFCs are classified into two categories (i) NBFCs-Deposit taking (NBFCs-D) and
(ii) NBFCs-Non-Deposit taking (NBFCs-ND). NBFCs-D are subject to requirements of capital adequacy, liquid
assets maintenance, exposure norms (including restrictions on exposure to investments in land, building, and
unquoted shares), ALM discipline and reporting requirements, whereas in contrast, until 2006 NBFCs-ND were
subject to minimal regulation.
Business based classification:
The NBFCs, depending upon its nature of business, are broadly categorized as loan companies (LC), investment
companies (IC), infrastructure finance companies (IFC), asset finance companies (AFC), core investment
companies (CIC), infrastructure debt funds (IDF), micro finance institutions (MFI), and factors. NBFCs-IDF and
NBFCs-MFI were created in FY12 and were brought under a separate regulatory framework. NBFCs-Factors
were introduced in Sep 2012.
During FY13, the non-banking financial sector witnessed further consolidation as the number of Non-Banking
Financial Companies (NBFCs) operating in the economy declined.
Size based classification:
Among NBFCs-ND, companies with asset size of ` 1 bn and more have been categorised as systemically
important NBFCs-ND (NBFC-ND-SI), and those with asset size of not more than ` 1 bn have been categorised
as non-systemically important NBFCs-ND.
NBFCs that form a significant segment of the shadow banking system play an important role in broadening
access to financial services and enhancing competition and diversification of the financial sector. NBFCs have
emerged an important intermediary for financing and have provided strong competition to banks and financial
institutions. The regulatory and supervisory framework for NBFCs has been continuously strengthened in order
to ensure their strong and healthy functioning, limit excessive risk-taking practices, and protect the interests
of the deposit holders. In lieu of this, RBI has issued proposed draft guidelines for NBFCs in Dec 2012, based
on the recommendations of the Usha Thorat Committee, which was set up to review the existing regulatory
and supervisory framework of NBFCs. These proposed guidelines focus on enhanced corporate governance,
capital requirement, risk weights, disclosure standards, asset classification and tightened liquidity management
requirements.
Over the years, NBFCs have become a crucial part of the Indian financial system. The total number of NBFCs
registered with the RBI declined marginally to 12,225 as on end-June 2013 from 12,385 as on end-June 2012
XXIV
and 12,409 as on end-June 2011. The number of deposit taking NBFCs (NBFC-D) also reduced from 271 as on
end-June, 2012 to 254 at end-June 2013. This reduction in numbers is largely due to migration to non-deposittaking category and cancellation of Certificates of Registration (CoR). Despite the decline in the number of
NBFCs, their total assets and net owned funds increased marginally. The size of total assets of NBFCs grew
only by 1.8% from ` 1,298 bn as on March 31, 2012 to ` 1,322 bn (P:provisional) as on March 31, 2013. Net
owned funds of NBFCs too grew merely by 0.40% from ` 249 bn on end-March 2012 to ` 250 bn (P) on endMarch 2012. Public deposits of NBFCs also grew by 6% and stood at ` 106 bn (P) as at end-March 2013.
In FY13, total assets of NBFCs-D sector grew by (provisional) 2.2% to ` 1,249 bn primarily due to an increase
in the assets of Asset Finance Companies (AFCs) whereas the assets of Loan Companies declined by around
46%. During the same year, total assets of NBFCs-ND-SI registered a 19.5% increase as loans and advances,
which formed a major part of the assets, increased by 22%
Funding source of NBFC sector
Funding source of NBFCs comprises of debentures, borrowings from banks and FIs, public deposits, commercial
papers and inter-corporate loans. In FY13, borrowings from banks and FIs, followed by debentures, constituted
an important source of funds for NBFCs-D. Borrowings from banks and FIs accounted for 42.3% and debentures
accounted for 37.5% of the total borrowings of NBFCs-D in FY13. Debentures form an important source
of funds for NBFCs-ND-SI. In FY13, debentures accounted for 47% (P) and borrowings from banks and FIs
accounted for 30% (P) of the total borrowings of NBFCs-ND-SI.
Sources of Funds of NBFCs-D
Source: RBI
Note: P denotes Provisional
Source: RBI
Note: P denotes Provisional
As at the end of FY13 balance sheet size of NBFC-D stood at ` 1,249 bn registering an marginal increase of
around 2.2% on a y-o-y basis. As of March-2013, more than two-thirds of NBFCs-D sectors total assets were
held by AFCs. Component wise, the advances accounted for a predominant share of the total assets, followed
by cash and bank balances. Borrowings, a major source of funding, grew by 3.4% and public deposits which are
subjected to credit rating, continued to increase, with around 25% growth. However, borrowings from banks
which constitute the biggest source of funding for NBFCs-D, albeit declined, during FY13. Borrowings from
FIs picked up significantly by 200% during the year while borrowings from government and inter-corporate
borrowings declined substantially by 22% and 25% respectively during FY13. However, total Investments
continued to register a 2.7% decline mainly on the back of a decline in investments in equity shares and in
commercial paper. The ratio of public deposit to net owned funds improved marginally and stood at 32% as
at end-March 2013, as against 26% as at end-March 2012.
XXV
Source: RBI
Note: P denotes Provisional
The balance sheet size of NBFCs-ND-SI as at end-FY13 stood at ` 11,177 bn, as against ` 9,353 bn as at endFY12, indicating 19.5% growth. Secured borrowing constitutes a major source of borrowings for NBFCs-ND-SI
and grew by 19.4% during FY13. Unsecured borrowings of NBFCs-ND-SI, constituting slightly less than half
the total borrowings, expanded significantly and outpaced the growth in secured borrowings during FY13.
The leverage ratio of the NBFCs-ND-SI sector increased marginally to 3.2% during FY13. On the deployment
side, loans and advances continue to constitute the largest share, followed by investments and hire purchase
assets. During FY13, loans and advances grew 22.0% on account of 26.1% growth in secured loans and
advances. Hire purchase assets grew 22.8%, and investments grew by 12.8%.
NBFCs-D demonstrated a marginal increase, while NBFCs-ND-SI demonstrated deterioration in their
financial performance
During FY13, total income (TI) of NBFCs-D grew marginally by 5% to ` 188 bn and expenditure grew by
7% to ` 138 bn. Thus, net profit of NBFCs-D increased marginally by 3% to ` 34 bn in FY13 compared with
` 33 bn in FY12. Even though the net profit of NBFCs-D showed marginal improvement, RoA remained at
the previous years level at 2.7%. In view of increased costs, cost-to- income ratio of the NBFCs-D also rose
during the year.
Financial Performance (` bn)
Particulars
Total income
Operating Profit (PBT)
Net profit (PAT)
Total Assets
NBFCs-D
2012
NBFCs-ND-SI
2013 P
2012
RNBC
2013 P
2012
2013 P
179
188
988
1,246
3.32
3.14
50
50
N.A.
N.A.
1.67
1.69
33
34
171
222
1.1
1.2
1,222
1,249
9,353
11,177
75.43
73.14
14.6
15.0
10.6
11.2
4.4
4.3
2.7
2.7
1.8
2.0
1.5
1.6
72.2
73.4
75.40
74.64
50.00
46.18
Ratios in %
Income as % of total assets
Net Profit as % of total assets
Cost to Income Ratio
Source: RBI
Note: P stands for Provisional, N.A. not available
XXVI
Total income of NBFCs-ND-SI registered 26.1% increase to ` 1,246 bn, while expenditure increased by 24.8%
to ` 930 bn. As a result net profit of NBFCs-ND-SI grew significantly by 28.9% to ` 222 bn in FY13. Net profit
as a percentage to total income as also to total assets increased marginally during the year.
In FY13, total income of RNBCs declined by 5.4%, but as the decline in expenses exceeded the decline in total
income, operating profit of RNBCs increased marginally by 1.2%. However, net profit of RNBCs increased by
9.1% due to decline in provision for taxation.
Captive NBFCs, NBFCs focusing on sensitive sectors and gold loan companies proposed to maintain
Tier I of 12%, as other NBFCs proposed to maintain 10%
Currently, NBFCs-D and NBFCs-ND-SI are required to have minimum Capital Adequacy Ratio (CRAR) of 15%
as against 9% in case of banks. Consequently, Tier l capital cannot be less than 7.5% for these NBFCs and for
NBFCs-IFCs Tier l capital cannot be less than 10%. Similarly, NBFCs primarily engaged in lending against gold
jewelry have to maintain a minimum Tier l capital of 12% w.e.f. Apr 01, 2014.
However, as per the proposed RBI guidelines, w.e.f. Apr 1, 2014, all captive NBFCs (90% and above of total
assets (net of intangibles) are on financing parent companys products/services) and NBFCs that are engaged
in lending to sensitive sectors like capital market, commodities, and real estate will have to maintain the Tier
I capital of 12%. Other NBFCs including IFCs, shall maintain Tier l capital at 10%. It is also proposed that risk
weight for NBFCs that are not sponsored by banks, should be 125% for commercial real estate exposure and
150% for capital market exposure.
Over the years, the NBFC sector has undergone a fair degree of consolidation leading to the emergence of
companies having larger asset size. Capital adequacy norms that were mandatory for NBFCs-D were made
applicable to NBFCs-ND-SI too in 2007, considering their growing importance in the segment and to ensure
their sound development. As of March 2013, out of 209 reporting NDFCs-D, 206 (P) had CRAR of more than
15%, whereas in March 2012, 242 of 246 NDFCs-D had CRAR of more than 15%. In case of NBFCs-ND-SI, 368
out of 418 companies had CRAR of more than 15%, indicating an availability of capital for further expansion.
Only 12% of reporting NBFCs-ND-SI reported CRAR of less than 15% and almost all of them were either
investment companies or loan companies.
Capital Adequacy Ratio of NBFCs-D (No of companies)
CRAR Range
Less than 15%
2012-13 P
AFC
LC
Total
19
24
Above 30%
144
29
173
Total
171
38
209
Source: RBI
Note: P: Provisional; AFC - Asset Finance Company; LC - Loan Company.
XXVII
2012-13 P
AFC
IC
IDF
Total
24
37
10
30
46
Above 30%
LC
Total
34
IFC
15
50
182
95
285
16
233
164
418
Source: RBI
Note: P: Provisional;
-: Indicates nil.
AFC - Asset Finance Company; LC - Loan Company; IC - Investment Company; IFC - Infrastructure Finance Company; IDF - Infrastructure Debt Fund.
2011
2012
2013 P
1.3
0.7
2.2
2.4
0.5
0.8
Source: RBI
Note P: Provisional, #: Provisions exceeded NPA
Mar-13 P
2.12
2.2
1.29
1.09
1.54
1.63
0.93
0.8
Source: RBI
Note P: Provisional
XXVIII
XXIX
XXX
Broking
Broking
Vibrant equity and debt market have been currently growing at a steady pace as compared to some of its
peers in the global market. Domestic savings and investment plays a critical role in the Indian capital markets
and fight backs to channelise the maximum savings into the financial system, thereby increasing the depth
of the markets. Regardless of the global economic downturn, Indian capital markets have done well in the
last decade and have managed to achieve a balanced inflow of funds from FIIs and DIIs.
Gradual move in distribution pattern of household savings during FY10-13
The volume and composition of domestic savings in India have undergone changes in the past few years.
Domestic savings are mainly derived from three sources - public sector, private sector and households. The
savings rate stood close to 23.8% in FY01 and exceeded ever since to reach 30.7% in FY13. However, it
displayed a descent from 33% in FY10 to 30.7% in FY13. The decline in savings rate coupled with the change
in distribution pattern of household savings has had an adverse impact on the flow of funds into the securities
market.
Households have accounted for nearly three-fourth of the gross domestic savings during the last few years
growing at 10.7% CAGR during FY10-13. Share of savings of the private corporate sector has seen a steady
growth of 23.4%, registering CAGR of 9.7% during FY10-FY13. The public sector accounted for an average
share of around 3.8% of the gross household savings.
Segment-wise % share of domestic savings
Source: D&B Research, RBI
Within household savings, the share of financial savings vis--vis physical savings has been declining in the
recent years. Financial savings such as bank deposits, shares and debentures and life insurance funds have
seen a declined trend from FY10 at 35.5% to 22.4% in FY12 but witness a slight increase in share to 23.6% in
FY13. Conversely, physical savings such as gold witnessed an ascending trend in share from 39.2% in FY10 to
50.2% in 2012 but recorded a slight decreased to 49.1% in FY13. Negative returns on deposits in real terms
due to high inflation and sharp slide in stocks, have led to reallocation of financial savings to non-productive
assets such as gold, bullion, or land.
XXXII
The corporate bond market which was dormant in FY09 started increasing substantially as it provides the
corporate sector with a secure source of funding. Share of resources mobilized through bonds increased from
mere 9.2% in FY09 to 53.3% in FY13. Similarly, on a yearly basis, in absolute terms resource mobilization
through the bond market also saw an appreciation from FY09 to FY12 but registered a decline in FY13.
Resource mobilisation
Source: SEBI
The resource mobilisation in the primary market through IPOs increased marginally to ` 65.3 bn through 33
equity issues during FY13, compared with ` 59 bn mobilised through 34 issues in the last financial year.
Although there was slight decline in number of equity public issues to 33 in FY13 (34 in FY12 and 53 in FY11),
resource mobilisation through public issues from bonds/NCDs saw an outstrip from 10 in FY11 to 20 in FY13.
This change of preference towards debt market was mainly observed due to low risk hunger emanating from
poor/negative returns on a number of IPOs and a fairly volatile secondary market.
Industry-wise classification reveals that financial companies/institutions raised the maximum amount of
resources during FY13. The share of finance companies was 51% of the total resource mobilised. The number
of issues for financial sector was the highest in FY12 and FY13 at 18 and 16 respectively. Telecom industry
with its remarkable IPO issue garnered 12.9% of the total resource mobilisation whereas banks had a relatively
lesser share of 7.1% in FY13 compared with 42.3% in FY12.
XXXIII
Source: SEBI
Since its inception, a large number of companies have utilized QIP for raising the much needed funds as
evident from the above chart. In FY13, issuers raised ` 159.96 bn through 45 QIP issues compared with
` 21.6 bn raised through 16 issues during 2011-12. This was mainly due to guidelines issued by SEBI, which
required listed companies to achieve and maintain public shareholding share at 25% by June 2013 thereby
encouraging resource mobilisation through this route.
Secondary equity markets
Sensex and Nifty both depicted an uphill trend of 8.2% and 7.3% respectively in FY13. The BSE Sensex gained
1432 points in FY13 compared with 1740 in FY12. The CNX Nifty also increased 387 points in FY13 over 5269
in FY12. The equity market showed signs of recovery owing to IPOs and FIIs being turned as net investors in
Indian market during FY13.
Indicators of the equity market
Particulars
FY09
FY10
FY11
FY12
FY13
12,365.6
15,585.2
18,605.2
17,423.0
18,836.0
3,731.0
4,657.8
5,583.5
5,243.0
5,520.0
BSE Sensex
43.6
29.2
21.1
20.2
12.5
41.5
29.4
21.4
20.4
12.9
BSE
30,860.8
61,656.2
68,390.8
62,149.4
63,878.9
NSE
28,961.9
60,091.7
67,026.2
60,965.2
62,390.4
BSE Sensex
13.7
21.3
21.2
17.8
16.9
14.3
22.3
22.1
18.7
17.6
P/E Ratio
Source: SEBI
XXXIV
The market capitalisation of all listed companies on the BSE indicated an upturn trend as it increased at CAGR
of 19.9% during FY09-13 to reach ` 63,878.9 bn. At NSE, market capitalization of all listed companies for end
of FY13 grew at 21.1% CAGR amounting to ` 62,390.4 bn.
The valuation of the shares can be gauged from the P/E ratio. During FY13, there was a moderation in the
P/E ratio compared with the preceding year. P/E ratio of the BSE Sensex and the S&P CNX Nifty stood at 16.9
and 17.6 compared with 17.8 and 18.7 respectively at end of FY12.
The volatility measured by the annualized standard deviation witnessed considerable downfall in FY13 compared
with FY12. Annualized volatility of the BSE Sensex decreased from 20.2% in FY12 to 12.5% in FY13. Similarly,
the same trend was observed in the NSE CNX Nifty, which decreased from 20.4% in FY12 to 12.9% in FY13.
Selected sectoral indices and their returns
Year
CNX IT
%
variation
CNX
Bank
%
variation
CNX PSE
%
variation
BSE Oil
and Gas
%
variation
BSE
FMCG
%
variation
FY09
2319
-55.3
4133
-22.2
2454
-1.2
7053
9.9
2036
17.1
FY10
5856
152.6
9460
128.9
3766
53.5
10159
44
2831
39.1
FY11
7148
22.1
11705
23.7
3567
-5.3
10241
0.8
3596
27
FY12
6516
8.8
10213
-12.8
2900
-18.7
8088
-21
4493
24.9
FY13
7219
10.8
11362
11.3
2748
-5.2
8329
5919
Source: SEBI
Although the benchmark indices saw an upsurge, the trend in returns generated by the sectoral indices varied.
Among the major sectorial indices at the BSE and NSE, all the indices have seen an upward trend except the
CNX PSE index. Better corporate earnings and improved economic environment led to increase in the indices
of major sectors. The CNX Bank indices saw the highest improvement recording a rise of 11.3%, which had
earlier declined by 12.8% in FY12. This was followed by CNX IT at 10.8% and BSE Oil & Gas and BSE FMCG
at 3% each.
Market capitalisation-to-GDP ratio have shown downfall for three consecutive years
Market cap to GDP ratio is monitored to estimate the extent of development of the stock market. The market
cap is important as the market is interrelated with the facility to mobilize capital and spread risk. For past
three consecutive years since FY11, market cap to GDP ratio has shown a declining trend from 87.7% in FY10
to 63.7% in FY13. Similarly, the NSE also witnessed the same trend as the BSE, from recording a decline of
86% in FY11 to 62.2% in FY13 mainly owing to domestic slowdown and sinking returns by the exchanges.
Market cap to GDP ratio
Source: SEBI
One can measure market liquidity through the traded value to GDP. This is the ratio of value of the shares
traded to GDP (at current market prices). The all India cash turnover to GDP ratio declined to 32.5% in FY13
from 38.8% FY12. However, in the derivatives segment there was a jump in the turnover to GDP ratio from
358.3% in FY12 to 385.9% in FY13
XXXV
During FY13, the total number of contracts traded in the derivatives market by NSE declined by 6.1% on the back
of weak investor sentiment in the midst of global and domestic slowdown. Conversely, at the BSE the number
of contracts rose substantially as these were mainly driven by the incentives offered by the exchange.
During FY13, the value of contracts traded in the derivatives market of the NSE recorded a paltry growth of
0.6% whereas the derivatives market of the BSE jumped by 786.1%.
Index option derivatives dominate the share in turnover at the BSE and NSE
The product composition of the derivatives market has undergone a drastic change in the past decade.
Prior to FY07, futures in general and single stock futures, used to dominate the derivatives product in India
with an average of nearly 58% share in the total derivatives turnover. However, recently, the Indian markets
are dominated by index options with 77% share during FY13. Share of single stock futures have declined
over the years and now constitute merely 10.9% in FY13. Share of index futures constitutes around 6.8% of
the derivatives turnover in FY13 whereas single stock options saw an increase from 3% in FY12 to 5.2% in
FY13.
Net inflow from FIIs and mutual funds shows contrarian investment position in FY13
FII investments in the Indian market have maintained momentum with funds continuing to flow into the
domestic market. Net inflows from FIIs have shown an upward trend from FY10. However, an abrupt reversal
in trend was observed in 2012 owing to the widening of financial woes in the US and the UK markets and high
inflation leading to poor inflows in the country. During FY13, net investment made by FIIs in India stood at
` 1,683.7, a jump of more than 75% from FY12 when it was ` 937.3 bn. This was the highest net FII inflows
in any year since the FIIs were permitted to invest in the Indian market.
XXXVI
Source: SEBI
Source: SEBI
The composition of net FII inflows shows that majority of the FIIs inflows were largely driven by equity inflows
(around 82% share of total inflows) which remained buoyant, signifying FIIs confidence in the performance
of the Indian economy. This has been a trend over the past three years except for FY12, which noticed a drop
in the net FII inflows into the equity markets. In FY13, the net FII inflows into the equity market increased
remarkably by 220.2% reaching ` 1,400.3 bn whereas net FII inflows into the debt market witness a fall of
around 43% during the same period.
Traditionally, mutual funds have been dominant investors in the debt market rather than the equity markets.
During FY13, the combined net investment by mutual funds in both debt and equity segments stood at
` 4,507.1 bn compared with ` 3,334.6 bn in FY12, accounting for 35.2% increase. Since FY10, there has been
offloading of investment by mutual funds from the equity markets. Equity markets have been net sellers to
the tune of ` 227.5 bn in FY13 whereas the debt segment rose to ` 4,734.6 bn in FY13 compared with a year
ago period.
The Way Ahead
The Indian capital market, though placed more favorably than its counterparts, is burdened with certain
challenges in terms of increased access, product complexities, identifying risk management issues and speed
of regulatory reform.
Some of the major initiatives taken by the GoI was the SME platform, which was dedicated for listing and
trading of SME securities thereby, providing a push to the SME sector. This platform was extended to small
and medium sized companies with high growth potential whose paid-up capital would be less than or equal
to ` 0.3 bn. It assists in providing SMEs with easier access to equity finance for expansion and lower cost
of compliance post listing. As of FY13, 24 companies have been listed on the SME platform raising around
` 2.4 bn.
Launch of the MCX Stock Exchange (MCX-SX) is the other initiative taken. This exchange was a step to provide
investors with wider choice of investment and risk management products that match with diverse risk profiles
and investment appetites. Initially, equities of 1,116 companies have been admitted for trading.
Thus, a way forward for the Indian capital markets means that they need to be tuned in to adjust to the
constantly evolving developments in the financial services sector with focus on product innovation, continued
integration of technology, financial literacy and awareness, regulatory reforms, flexible bond market and a
favorable environment for the FIIs.
XXXVII
XXXVIII
Mutual Funds
Mutual Funds
Introduction
Over the years, the Indian mutual fund industry has evolved from a single player market in 1963, with the
formation of Unit Trust of India (UTI), to a highly competitive market comprising domestic and foreign players,
supported by favorable regulatory reforms. The mutual fund industry in India has grown at a significant pace,
registering CAGR of more than 17% in terms of assets under management (AUM) between FY06 to FY13.
This growth is driven by several factors such as rising income levels, favorable demographics structure, low
penetration levels, favorable policies, increasing investor awareness and booming economy among others.
Mutual Fund industry clocks double-digit growth
The mutual fund industrys performance is largely dependent on the macroeconomic environment. When the
Indian economy was growing at an average of 9% during FY05 to FY08, the mutual fund industry registered
an average growth of 50% in terms of AUM during the same period. However, after witnessing several years
of persistent growth, the industry recorded a 17% fall in AUM during FY09, led by the impact of the global
financial crisis when Indian economic growth moderated to 6.7%. With the sings of economic recovery, the
AUM rebounded in FY10. However, the recurrence of fresh global economic and European sovereign debt
concerns impacted investor sentiments yet again, causing MF investors to book profits and exit from the
schemes during FY11 and FY12. This led to fall in AUM by 3.5% y-o-y in FY11 and a 0.8% y-o-y fall during
FY12. Improved market sentiments have however helped mutual funds AUM soar by 19.5% to ` 7,014 bn
in FY13.
Trend in AUM
Source: AMFI
from 4,038 folios as of Mar 12 to 7,231 as of Mar 13. HNIs now hold 32% of the assets in such funds, up
from 10% in FY10. HNIs assets in debt mutual funds have also jumped from 20% in FY10 to 35.7% in FY13.
HNI holding in equity funds for the same period has stagnated at around 20%.
Bias towards debt continues
The distribution of AUM continues to be heavily skewed towards debt. After a strict interest rate regime
through 2010 and 2011, the RBI eased its monetary stance in Apr 12. It cut its benchmark lending rate - the
repo rate - by a total of 100 bps between Apr 12 and Mar 13.The price of a debt instrument and interest
rates (yields) move in opposite directions, i.e., price of the bond rises when interest rates fall and vice versa.
Accordingly, long term debt oriented funds benefit from a fall in interest rates and attract more AUM. In a
scenario of declining interest rates, long-term debt funds emerged as an appropriate tool of investment. During
FY13, investors adopted a cautious approach and turned their attention towards relatively safer investments
by directing their investments into the debt bucket that invests in securities such as corporate bonds, money
market instruments and G-secs. This has contributed to the growth of AUM in this category (including liquid
schemes) to ` 4,974. 51 mn as on Mar 13, representing an increase of 32.7% (y-o-y). Corporates had a share
of over 50% in the AUM of debt oriented funds.
Category-wise AUM
Source: AMFI
The equity-oriented schemes faced redemption pressures due to profit-booking by the investors during
positive market rallies. This is reflected in the fact that, while the BSE Sensex gained around 8% during the
FY13, the industry AUM of equity funds fell by about 5%. Net outflows from equity funds totalled ` 145.87
mn in FY13.
Corporates continued to dominate mutual fund AUM with a 46% share in March 2013 while HNIs with a 28%
share were the second biggest AUM contributors followed by retail investors with 23% share.
AUM by Investor Type (%)
Source: AMFI
XLI
Source: AMFI
The industry is focusing on improving the penetration ratio and increasing its presence in other cities. With an
aim to expand the reach of MFs to tap beyond the urban landscape of the 15 major cities, market regulator
SEBI and the Government has taken certain key steps for the benefit of the mutual fund industry:
SEBI has allowed MFs to charge up to 30 percentage points of additional TER (Total Expense Ratio) - a fee
charged to investors for MF investments under fund management and other heads - if the new inflows
from beyond top 15 cities are at least 30% of gross new inflows in the scheme or 15% of the average
assets under management (year to date), whichever is higher.
In a bid to enhance customer awareness towards mutual funds, SEBI has mandated Asset Management
Companies (AMCs) to set aside at least 2 basis points of their daily net assets annually for the investor
education campaign. AMCs should also make disclosures on educating investors and enhancing their
awareness.
XLII
SEBI has advised AMCs to make complete disclosures in their half yearly report to SEBI regarding the
efforts to increase geographical penetration and the details of opening of new branches, especially those
beyond top 15 cities.
SEBI has asked MFs to provide a separate plan for direct investments i.e., investments not routed through
distributor, in existing as well as new schemes. Such separate plans shall have a lower expense ratio
excluding distribution expenses and commission, and no commission shall be paid from such plans.
A new cadre of distributors, such as postal agents, retired government and semi-government officials
(class III and above or equivalent) with a service of at least 10 years, retired teachers with a service of at
least 10 years, retired bank officers with a service of at least 10 years, and other similar persons (such as
Bank correspondents) as may be notified by AMFI/AMC from time to time, shall be allowed to sell units
of simple and performing mutual fund schemes.
SEBI has allowed cash transactions in mutual fund schemes to the extent of ` 20,000 to enhance the
reach to small investors.
The Government introduced Rajiv Gandhi Equity Savings Scheme (RGESS) for first time equity investor
with annual income less than or equal to ` 1 mn. They will be eligible for a 50% tax deduction under
Section 80 CCG (new section) on investments upto ` 50,000 in pre-defined stocks, close-ended mutual
fund schemes (listed) and ETFs besides public offerings from selected government companies.
Increasing role of public sector in distribution of MF products
Until now, banks played a limited role in the distribution of mutual fund products, however, gradually, they
are enhancing their focus on distribution of such products to boost their fee income and move up the value
chain. As banks, especially nationalised banks, have a large customer base, it offers a significant opportunity to
AMCs to tap their huge customers base beyond the top 15 major cities. Further, along with the banks, AMCs
are also leveraging the extensive reach of the Indian postal services. India post, with a very large customer
base and branches spread across urban and rural India, acts as a ready network for mutual fund distribution.
Currently however, it is not fully utilized, and it sells MF products through a little over 200 designated post
offices. The postal department has kept one AMFI qualified personnel at each of the designated post offices
to sell MF products. However, the staff needs to be well qualified and trained in order to sell MF products to
avoid mis-selling. Thus, as per SEBIs recent regulation, it is compulsory for MF sellers or advisors to clear the
National Institute of Securities Markets (NISM) fund advisors module certificate test. Along with this, they
are also required to register themselves with AMFI.
Retail investors shy away from direct investment plans
In Sep 12, SEBI came out with guidelines to offer direct investment plan (DIP) option to investors, effective Jan
2013. The purpose of the regulation is to offer an option to the informed investors to plan their investments
on their own. Following the guidelines, AMCs have launched DIPs. Under this plan, investors can invest directly
by either submitting the requisite documents personally at the AMCs office or through the AMCs online
platform or through various service centers.
The plan has met with reasonable success so far. While some well-informed investors like corporates and HNIs
have made the shift to direct plans, retail investors have adopted a wait-and-watch approach. Retail investors
too could start shifting to these plans as awareness about the benefits of these plans increases. For the majority
of retail investors, intensive education initiatives from all stakeholders as well as strong advisory support are
needed. For the new breed of investors (from tier II and tier III towns), distributors would need to lead till the
Indian mutual fund industry reaches a reasonable level of penetration and investor education.
Future Outlook
The low penetration level of domestic AMCs as well as limited share of mutual funds in the household financial
savings point towards the future potential of the Mutual fund industry in India. Further, given the rise in
income levels and household financial savings, an increasing number of households are expected to invest in
mutual fund products that yield higher returns with reasonable risk. The continuous process of urbanisation,
enhanced financial literacy and a huge young population with an increased risk appetite are also likely to be
instrumental in the long term growth of the retail segment of the Mutual fund industry.
The success of the industry however hinges on increasing financial literacy and showcasing the suitability
of mutual funds in an investors portfolio. Innovations in the areas of cost efficiency, product design and
positioning of products would be pivotal to attract more investors.
XLIII
XLIV
Insurance
Insurance
Insurance holds a significant place in the modern economy since risk, which can be insured, has increased
immensely in every walk of life. This has led to growth in the insurance business and development of various
types of insurance covers. The insurance industry acts as a mobiliser of savings, a financial intermediary and a
promoter of investment activities. The Indian insurance industry has grown significantly over the past decade,
which is evident in strong growth witnessed in insurance premium, increase number of players, product
modernization and enhanced regulatory framework. A combination of the above factors, along with strong
economic growth in the past few years, has situated India as a regional insurance hub and a developing
financial centre.
The insurance market comprises of 52 insurance companies operating in India, of which 24 are in the life
insurance business whereas 27 are in the general insurance business. In addition, General Insurance Company
(GIC) is the sole national reinsurer company.
Domestic Life Insurance Sector
The Indian Insurance market has expanded rapidly since liberalisation in 2000 and is now the tenth largest
market globally. Liberalization of the sector has enabled access to a host of new players with significant
growth aspirations and capital commitments. Intensifying competition amongst competing companies has
resulted in number of product innovation and operational innovation. The period also witnessed increased
coverage of lives, increased level of competitiveness in the industry (from 4 private players in FY01 to 24 in
FY13), and significant growth through multiple channels (agency, banc-assurance, direct selling, broking,
and corporate agents).
The life insurance segment grew at an impressive 25.3% CAGR between FY01 to FY11. However, during
the last couple of years, the life insurance industry went through a transition phase that has changed the
dynamics and approach of the insurance players. After a strong growth phase, the business environment has
been challenging for life insurance companies. This was on account of a combination of factors including
slowdown in GDP growth, inflation, high interest rates and uncertainty on other macro-economic and regulatory
parameter that impacted investor sentiments. As a consequence, the insurance players are struggling with
slow growth, rising costs, deteriorating distribution structure and other constraints. A number of regulatory
changes aimed primarily at encouraging need based selling of insurance products have resulted in industry
players re-configuring their product mix and distribution structure. The industry players are regulating their
cost structures to align their business model to the regulatory and macro-economic environment.
been the fall in financial savings of households in the recent past. The RBI data suggests that financial savings
of the household sector declined to a two-decade low of 7.8% of GDP in FY12 from 9.3% in FY11 and 12.2%
in FY10. This has resulted in an absolute decline in small savings and slower growth in households holdings
of bank deposits, currency as well as life insurance funds. Households seem to now favour investments in
traditional assets such as gold. Consequently, FY13 witnessed de-growth in new business premiums: total
first year life insurance premium declined by 5.8% to ` 1,073.61 bn. This is the second consecutive year of
market contraction.
Life Insurance-Total Premium
Product Mix
The share of Unit Linked Insurance Plans (ULIPs) in the overall product mix is declining year after year. IRDA
during July 2010 (and with modification in September 2010) came up with Unit Linked Insurance Plan (ULIP)
guidelines. Among other things, the lock in period for ULIPs was raised from three to five years and commission
and expenses had also been reduced and evenly distributed during the lock-in period. Immediately following
these guidelines, during FY11 to FY13, the industry witnessed a shift in the product mix from linked products
to non-linked or commonly known traditional products. ULIP products also witnessed a decline of 29.89% in
premium income during FY13, while the growth in premium income of traditional products was at 9.64%.
Accordingly, the share of ULIPS in total premium declined considerably to 17% in FY13 as against 24.26% in
the previous year.
Channel Mix
Individual agents continued to play a major role in procuring new business in FY13, although the contribution
of new business premium procured by them have fallen to 77.53% in FY13 from 83.75% in FY08. Between
banks and other corporate agency channels, the share of banks in total new business has increased to 16.18%
in FY13 from 14.6% in the previous year. The Indian insurance industry has seen the emergence of large bankbacked insurers. Since bank branches have a physical presence, selling insurance products through the branch
workforce generates a higher degree of trust in the policyholder. In distribution channel mix, Bancassurance
channel is gaining more prominence due to its cost effectiveness, wide network availability and easy crossselling. In the past five years, bancassurance has been the force behind the success of private sector life
insurance. Private sectors bancassurance share increased at a faster rate from 18.89% in FY08 to 43.08% in
FY13 whereas LICs share increased from 1.3% in FY08 to 3.16% in FY13.
XLVII
Source: IRDA, D&B Research
However, in order to augment insurance penetration, multi-distribution network would be more appropriate
in building range of opportunities for insurers to attract keeping customers preferred mix of products, pricing,
service and mode of channel. It is a method to get in touch with customers who could not be reached earlier,
and to obtain out more value from existing customers.
Focus on rural areas for inclusive growth
The large section of un-insured rural population poses tremendous growth opportunities. Several policy
initiatives have been undertaken to promote financial inclusion such as insurance companies being statutorily
required to conduct rural business and cover lives from social sector -rural, un-organized socially underprivileged
from first year of operation. The Union Budget FY14 also permits insurance companies to open branches in
Tier-II cities and below without prior approval of IRDA. The budget has also proposed for public insurance
companies to have offices in all towns of India with a population of 10,000 or more. Further, as of Mar-13,
72% of the total 10,253 branches of insurance companies have been set up in semi-urban and rural areas.
Insurers are keen to use the well diversified and huge reach of bank branches in rural and semiurban areas to
increase penetration. IRDA has new guidelines permitting insurers to utilize licensed Common Service Centres
(CSCs) as distribution networks in rural areas. Insurers utilize CSCs to expand reach - 0.1 million CSCs each
serving a cluster of 6-7 villages, covering 0.65 million villages across India.
The government is also encouraging business correspondents of banks to sell micro insurance policies in rural
areas. Micro insurance refers to insurance products designed for low-income people characterized by low
premium and margin for which insurers have been making efforts to increase awareness.
Non-Life Insurance Industry
Non-life insurance premium showed a notable 17.7% CAGR between FY08 and FY13. Intense competition
that followed the de-tariffication and pricing deregulation in 2007 decelerated the growth momentum.
Nonetheless, it resulted into better product customization and risk pricing. The lower premium resulted in an
upswing in demand of non-life insurance products.
The high co-relation between the growth rates in general insurance premiums and the GDP growth rates
implied a slowdown in growth in gross premium to 19% in FY13 as compared with 24% growth in the previous
year. The private sector players have maintained a higher growth rate compared to their PSU peers and have
seen a gradual increase in their market share. Public sector insurers reported 14.6% growth in FY13 over the
previous years growth rate of 21.5%. The private non-life insurers registered 25.25% growth, lower than the
28.07% attained in the previous year. Motor insurance segment constituted the highest share of 43% of gross
direct premium in FY13 followed by health insurance (22%) and fire and engineering insurance (13%).
XLVIII
Source- IRDA
*within & outside India
The penetration of general insurance as a percentage of GDP and per capita spend on general insurance
remains small in relation to other emerging markets as well as developed markets. The penetration of NonLife Insurance in India is very low as compared to many Asian peers due to lack of awareness, understanding
of Non-Life insurance products and low perceived benefits among others. The Non-Life insurance penetration
in India has remained constant in the range of 0.5 -0.7% in the last 10 years and increased only slightly to an
estimated 0.78% in 2012 from 0.70% in 2011. Similarly, per capita spend on non-life insurance in India was
only US$ 10.50 as of 2012, as against US$ 188.7 in Brazil and US$ 76 in China. The share of Indian non-life
insurance premium in global non-life insurance premium was small at 0.66% in 2012 and India ranks 19th in
the global non-life insurance market.
Health Insurance set to witness strong growth
The Health Insurance sector has been the fastest growing segment in the non-life insurance business over the
last 7 years. This segment has growth at a CAGR of 30.05% between FY07 and FY13, which is significantly
higher than the CAGR (17.5%) of the GDP during the same period. The total health insurance premium in FY13
reached ` 139.74 bn from ` 117.77 bn in FY12, registering 18.66% growth. The share of health insurance in
non-life premium has surged to 22.19% in FY13, up from 10.91% in FY06.
In recent times, the competition in the space of Health Insurance has become intense but it is not in terms of
price alone but innovative products and better services also. With the emergence of more standalone health
insurance companies and private sector general insurers focusing on health as a specialist line of business,
the health insurance segment is set to see significant growth over the coming years.
In terms of portfolio composition, health insurance consists of Retail Health, Group Health (where corporates
buy insurance policy for its employees) and Govt. schemes, (RSBY has become one of the largest insurance
scheme where people below poverty line are covered).The retail segment is expected to grow at a robust pace
driven by a rising demand for high-quality and speciality healthcare services in tier 2 and 3 cities, increasing
urbanisation and demographic shifts. The government sub-segment would continue to be driven by improving
penetration arising from increasing public awareness and government sponsored schemes such as the Rashtriya
Swasth Bima Yojana (RSBY).
Motor Insurance
General insurance companies incurred total claims of ` 175.89 bn in the motor segment in FY13, an increase
of 16.6% y-o-y as per data released by the Insurance Information Bureau of India (IIB). Of the total claims,
private cars accounted for ` 75.06 bn, while the share of goods carrying vehicles was ` 56.26 bn. The total
number of claims stood at a staggering 6.4 mn, while the total policies stood at 63.6 mn. The third party (TP)
claims stood at ` 91.77 bn whereas own damage claims were at ` 84.12 bn. While TP insurance is compulsory,
own damage motor insurance is not.
XLIX
From April 1, 2012, Irda had dismantled the TP pool for commercial vehicles and a declined risk pool was set
up. The move had assumed importance, as it freed the pricing model and had given insurers rights to price
vehicles based on claims.
However, inadequate price rises in the TP motor segment and unlimited compensation for TP claims have led
to extraordinarily high claims ratio in the segment, thereby impacting the overall profitability and solvency
requirements for non-life insurers. With steady rise in death claims year-on year - companies have been paying
claims that were significantly higher than the premium earned. To compensate for the losses in this segment,
general insurance companies are seeking for at least a 40-50% increase in third-party motor insurance premium
rates to compensate for the losses in this segment. In the medium to long term, revival in auto sales and
increased penetration in the renewal business are likely to drive growth in this segment.
Incurred Claims Ratio- Non-life Insurers
Source: IRDA
Regulatory Initiatives
During the year, a number of new regulations and guidelines affecting multiple facets of the insurance
industry were issued by the regulator, IRDA. The IRDA is tightening and standardizing the rules of the business
to protect the policy holders interest and to establish life insurance as a long term contract. These include
regulations on amalgamation and transfer of life insurers; standardising application forms across insurers;
amendments to Broker regulations, enhancing regulatory reporting and revised guidelines on architecture
of traditional products.
Key guidelines & regulations
The most notable regulatory development is the finalisation of the much debated product regulations.
The CEO and Appointed Actuary need to certify compliance with the new regulations or refile group and
individual products with the IRDA as necessary by June 30, 2013 and September 30, 2013 respectively.
All existing group and individual products not in conformity with the provisions of the new regulation
will need to be withdrawn from July 1, 2013 and October 1, 2013 respectively.
The IRDA has issued guidelines allowing life insurance agents to sell health insurance products of standalone
health insurers. Earlier, life insurance agents wanting to sell these products needed to clear two different
certification programmes, but now only the life insurance certification programme will suffice.
The IRDA has released regulations on scheme of amalgamation and transfer of life insurance business.
The regulations specify the disclosure and valuation requirements to obtain approval of the regulator for
any life insurance mergers or acquisitions
With the objective of ensuring transparency in the sales process and policyholder protection, the IRDA
has made the adoption of a standard proposal form mandatory for every life insurer. Companies will
need to collect a separate form for each individual life insured.
IRDA (Investment) (Fifth Amendment) Regulations, 2013- This regulation governs the method and types of
investment that insurance companies are permitted to make. The minimum limits for investing in central
government securities and central, state and other approved securities combined have been raised to 25%
and 50% respectively. The limit for housing and infrastructure investments has been set at a minimum
of 15%, allowing investment in housing and infrastructure bonds. The IRDA has increased the limit for
insurance companies to hold up to 15% equity stake in any company from the previous 10% limit.
The IRDA has mandated life insurance companies to reinsure a percentage of sum assured on each policy
with domestic reinsurers. This percentage will be notified by the regulator and will not exceed 30% of
the sum assured. The IRDA has also asked insurers to have maximum retention within the country and
enter into reinsurance arrangements with only those foreign companies having a minimum credit rating
of BBB (with S&P) over the past five years. The IRDA has increased the limit for insurance companies to
hold up to 15% equity stake in any company from the previous 10% limit.
IRDA has authorized five repositories to open e-Insurance Accounts. The insurance repository system,
which was launched on Sep 16, 2013 enables policyholders to hold insurance policies in the electronic
format thereby protecting policyholders against loss of details in case of mutilation or loss of physical
document and enabling customers to take an informed decision.
In order to control frauds, companies would now be required to put a risk-based management system in
place for continued monitoring of risks across all lines of business and also initiate measures to address
them.
Outlook
While the insurance industry is likely to volatility in the short to medium term, the long-term prospects are
bright given the basic needs of the economy and population. The favourable Indian demography of India
holds the key for the future expansion of the sector. Higher demand for retirement products such as pension/
annuity coming from rapidly aging population, improving insurance product propositions and relative under
penetration of insurance in India compared to global benchmarks, growing awareness/education level along
with sustained growth in urbanization rate are expected to be the primary drivers of the sector during the
forthcoming years. The future looks optimistic for insurance industry with several changes in regulatory
framework and economic policy which will necessitate a change in the way industry conducts its business
and engages with its customers.
LI
LII
Primary Insights
Primary Insights
New Delivery Channels: A Key to Growth of BFSI Sector
Technology adoption and mobile phone penetration to drive the financial delivery systems
Distribution of financial services is primarily concerned with how the service or the product is delivered to the
consumer, ensuring that it is available in a place, at a time and in a format that is appropriate and convenient
for the customer. The types of financial services and products provided to customers and the ways in which
they are provided vary considerably across countries due to different institutional and regulatory structures.
Despite this variability, there are several aspects of marketing of financial services and products across the
world which point to a series of common drivers of change and development. Few of these important trends in
relation to distribution are the development of bancassurance model and the growth in multi-channeling.
Factors that will drive enhancement in Delivery Systems (% of respondents)
Factors that will enhance financial delivery systems
Source: D&B Research
Our survey of factors that will drive enhancement in financial delivery systems identified technology adoption
as the key factor that will drive innovation in financial delivery systems. Over 35% of the respondents identified
technology adoption as the most significant factor. Adoption of appropriate technology can serve as the key
enabler for the BFSI sector growth by driving their initiative to tap the untapped markets e.g. adoption of ICT
enabled Business Correspondent (BC) model; enhancing new delivery channels such as e-commerce, micro
ATMs, use of predictive analytics tools as well as to become more competitive.
Mobile phone penetration emerged as second important factor that will enhance the financial delivery
system. Over 24% of the respondents identified mobile phone penetration as the most significant factor. The
IFCs country report on Mobile Money Scoping in India indicates that there are around 919 million mobile
subscribers in India, accounting for approximately 76% of mobile penetration in India. However the banking
penetration in India stands at 310 million, direct or indirect, banking customers; indicating the scope of
possible developments in mobile financial services market.
Enabling regulatory environment, low cost of infrastructure deployed and marketing campaigns emerged as
other significant factors that will drive the financial delivery systems.
LIV
Internet and mobile systems emerge as popular channels for driving the enhancement in the delivery
systems
Channels that will drive enhancement in Delivery Systems (% of respondents)
Internet and mobile systems emerged as the key channels that will drive enhancement in the financial delivery
systems. Over 84% of the respondents cited internet as the most significant channel that will enhance the
delivery systems. Usage of the internet in the financial service industry would have a significant impact on the
sector. Primarily it would facilitate transparency in product pricing and characteristics; secondly it would be
enable product segmentation to suit the distinct group of customers and lastly it will reduce the distribution
costs.
Over 62% of the respondents cited mobile systems as the second most significant channel that will drive
innovation in the delivery channels. e.g. As per the RBI data the number of transactions through mobile devices
and services has increased from 1.08 mn in April, 2011 to 7.16 mn in November, 2013. With advances made
by internet technology and mobile systems and role played by social media in marketing, BFSI companies
have started focusing on social media for reaching out to their customers. Over 53% of the respondents cited
social media as the third most significant factor that will drive delivery systems. E-commerce, which is a part
of internet technology; and business correspondents were cited as other significant factors.
Factors that will support BFSI companies in adoption of new Delivery Channels (% of respondents)
Source: D&B Research
LV
Factors that would play a key role for supporting BFSI companies in adoption of new delivery channels:
Low technology cost (26.1% of the respondents)
Availability of in-house experience (23.3% of the respondents)
Information/Data security solutions (22.8% of the respondents)
Integration of various delivery channels (14.4% of the respondents)
Availability of customized solutions (13.3% of the respondents)
Usage of mobile technology in financial service to drive financial inclusion initiative
Despite the immense progress made by banks, insurance and other financial services companies, still a large
number of households in India lack access to formal financial services. Though the Indian government have
taken various measures to enhance the reach of financial services, Indias rapidly growing population has
made it challenging to ensure that the financial services are accessible to all those who need them.
Delivery Channels that would boost the financial inclusion initiative
Our survey to identify the key delivery channels that would boost the financial inclusion initiative identified
that almost 79% and over 73% of the respondents felt mobile wallets and mobile systems will provide a boost
to the financial initiatives. As per the RBI data the number of transactions through mobile devices and services
has increased from 1.08 mn in April, 2011 to 7.16 mn in November, 2013. Despite this progress, usage of
mobile for accessing financial services is yet to gain popularity in rural and semi-urban area, which indicates
the scope for development of mobile technology to enhance the financial inclusion.
Business correspondents, Regional Rural Banks and branchless banking were identified as the other key
channels that would boost financial inclusion initiative.
Conclusion
The technology innovations, new delivery channels and changing macro-economic conditions are likely to
shape the future of the financial services industry. The growth and transformation in the financial industry,
in the future, would be decided by the steps taken to identify and adopt effective technologies, enhance
market reach and their response to the changing economic factors. Adoption of technology and new delivery
channels to enhance market reach, drive operational efficiencies and reduce cost would become priority of
BFSI companies.
LVI
LVII
LVIII
Alphabetical Listings
L1
Company Name
Segment
AB Bank Limited
Banks
Banks
Broking
Life Insurance
General Insurance
Broking
10
Allahabad Bank
Banks
11
Broking
12
Banks
13
Broking
14
Andhra Bank
Banks
15
16
Banks
17
General Insurance
18
Broking
19
Banks
20
Life Insurance
21
AMCs
22
Banks
23
General Insurance
24
Life Insurance
25
26
27
28
L2
Alphabetical Listings
Sr No
Company Name
Segment
29
Banks
30
Banks
31
Bank of Baroda
Banks
32
Banks
33
Bank of India
Banks
34
Bank of Maharashtra
Banks
35
Banks
36
Banks
37
Banks
38
39
BF Investment Limited
40
General Insurance
41
Life Insurance
42
AMCs
43
Life Insurance
44
BLB Limited
Broking
45
BNP Paribas
Banks
46
AMCs
47
Broking
48
BSE Limited
49
Canara Bank
Banks
50
Life Insurance
51
AMCs
52
53
54
55
Banks
56
Banks
57
58
59
60
General Insurance
61
Citibank N.A.
Banks
62
Banks
Alphabetical Listings
L3
Company Name
Segment
63
64
65
Corporation Bank
Banks
66
Banks
67
Credit Suisse AG
Banks
68
Banks
69
Banks
70
Dena Bank
Banks
71
AMCs
72
Deutsche Bank
Banks
73
Banks
74
75
Dhanlaxmi Bank
Banks
76
Life Insurance
77
AMCs
78
Broking
79
80
Broking
81
Life Insurance
82
Broking
83
General Insurance
84
85
Broking
86
87
88
Banks
89
90
91
Banks
92
AMCs
93
General Insurance
94
Life Insurance
95
General Insurance
96
Broking
L4
Alphabetical Listings
Sr No
Company Name
Segment
97
98
AMCs
99
100
101
AMCs
102
Banks
103
General Insurance
104
Broking
105
Life Insurance
106
Banks
107
108
109
AMCs
110
Banks
111
112
General Insurance
113
AMCs
114
Life Insurance
115
Broking
116
Broking
117
Banks
118
Broking
119
Life Insurance
120
AMCs
121
122
IDFC Limited
123
Broking
124
IFCI Limited
125
General Insurance
126
127
128
129
130
Broking
Alphabetical Listings
L5
Company Name
Segment
131
132
133
Broking
134
Life Insurance
135
Indian Bank
Banks
136
Banks
137
138
139
Banks
140
Banks
141
AMCs
142
Banks
143
Life Insurance
144
145
146
Banks
147
AMCs
148
JM Financial Limited
149
AMCs
150
Banks
151
Banks
152
153
Banks
154
Broking
155
156
AMCs
157
Banks
158
159
160
Life Insurance
161
162
Broking
163
164
L6
Alphabetical Listings
Sr No
Company Name
Segment
165
General Insurance
166
167
168
AMCs
169
Banks
170
171
AMCs
172
Life Insurance
173
Broking
174
175
General Insurance
176
177
178
179
Broking
180
Mashreq Bank
Banks
181
General Insurance
182
Life Insurance
183
AMCs
184
Banks
185
AMCs
186
AMCs
187
188
Broking
189
190
191
Banks
192
193
194
General Insurance
195
196
197
198
General Insurance
Alphabetical Listings
L7
Company Name
Segment
199
Broking
200
201
Banks
202
General Insurance
203
204
205
206
207
208
209
Life Insurance
210
211
AMCs
212
213
Banks
214
Banks
215
Rabobank International
Banks
216
General Insurance
217
Broking
218
Banks
219
AMCs
220
221
General Insurance
222
Life Insurance
223
Broking
224
Broking
225
226
227
General Insurance
228
AMCs
229
Broking
230
231
Banks
232
General Insurance
L8
Alphabetical Listings
Sr No
Company Name
Segment
233
234
235
S. E. Investments Limited
236
Life Insurance
237
238
239
240
AMCs
241
General Insurance
242
Life Insurance
243
Broking
244
Shinhan Bank
Banks
245
246
247
General Insurance
248
Life Insurance
249
250
SICOM Limited
251
252
253
Broking
254
Societe Generale
Banks
255
Banks
256
257
Banks
258
Broking
259
General Insurance
260
Life Insurance
261
Banks
262
Banks
263
Banks
264
Banks
265
Banks
266
Banks
Alphabetical Listings
L9
Company Name
Segment
267
Banks
268
269
270
AMCs
271
272
Syndicate Bank
Banks
273
Banks
274
275
Life Insurance
276
General Insurance
277
AMCs
278
279
280
281
282
283
UCO Bank
Banks
284
285
Banks
286
Banks
287
General Insurance
288
General Insurance
289
290
AMCs
291
Vijaya Bank
Banks
292
293
294
295
Banks
L10
Profiles
Banks
Alphabetical Listing
Banks
Sector
AB Bank Limited
Foreign
Foreign
Allahabad Bank
Public
Foreign
Andhra Bank
Public
Foreign
Foreign
Private
Foreign
10
Foreign
11
Bank of Baroda
Public
12
Foreign
13
Bank of India
Public
14
Bank of Maharashtra
Public
15
Foreign
16
Foreign
17
Foreign
18
BNP Paribas
Foreign
19
Canara Bank
Public
20
Private
21
Public
22
Citibank N.A.
Foreign
23
Private
24
Corporation Bank
Public
Alphabetical Listing
Sr No
Banks
Sector
25
Foreign
26
Credit Suisse AG
Foreign
27
Foreign
28
Foreign
29
Dena Bank
Public
30
Deutsche Bank AG
Foreign
31
Private
32
Dhanlaxmi Bank
Private
33
Private
34
Foreign
35
Private
36
Foreign
37
Private
38
Public
39
Indian Bank
Public
40
Public
41
Private
42
Foreign
43
Private
44
Private
45
Foreign
46
Private
47
Private
48
Private
49
Private
50
Mashreq Bank
Foreign
51
Foreign
Alphabetical Listing
Sr No
Banks
Sector
52
Private
53
Public
54
Public
55
Public
56
Rabobank International
Foreign
57
Private
58
Foreign
59
Shinhan Bank
Foreign
60
Societe Generale
Foreign
61
Private
62
Foreign
63
Public
64
Public
65
Public
66
Foreign
67
Public
68
Public
69
Public
70
Syndicate Bank
Public
71
Private
72
UCO Bank
Public
73
Public
74
Public
75
Vijaya Bank
Public
76
Private
Banks
1,356,919
484,213
461,093
419,175
Bank of Baroda
388,273
Canara Bank
372,309
Bank of India
356,750
337,337
282,838
10
276,767
11
235,280
12
226,496
13
193,595
14
Allahabad Bank
189,126
15
Syndicate Bank
182,950
16
UCO Bank
177,039
17
Corporation Bank
169,420
18
Indian Bank
151,806
19
Andhra Bank
139,571
20
134,234
21
118,907
22
Citibank N.A.
109,134
23
Bank of Maharashtra
105,254
24
103,231
10
Sr No
Banks
25
103,181
26
Vijaya Bank
96,589
27
Dena Bank
95,549
28
95,514
29
92,879
30
92,032
31
87,574
32
83,462
33
82,245
34
77,573
35
68,320
36
66,205
37
65,611
38
55,885
39
47,692
40
46,950
41
41,619
42
Deutsche Bank
36,395
43
27,191
44
26,879
45
24,624
46
24,374
47
21,072
48
19,576
49
18,087
50
17,640
51
Dhanlaxmi Bank
14,223
Sr No
Banks
52
14,154
53
BNP Paribas
11,466
54
10,407
55
10,331
56
10,058
57
9,950
58
6,462
59
5,234
60
5,207
61
4,230
62
3,309
63
Credit Suisse AG
3,074
64
Societe Generale
2,538
65
Shinhan Bank
2,244
66
1,662
67
1,242
68
1,059
69
1,051
70
Rabobank International
929
71
814
72
614
73
435
74
Mashreq Bank
304
75
292
76
AB Bank Limited
252
11
Banks
22,483,562
Bank of Baroda
8,020,691
7,002,853
Bank of India
6,712,071
Canara Bank
5,980,326
5,828,630
5,359,676
4,718,638
4,495,796
10
4,234,229
11
3,979,741
12
3,624,994
13
Syndicate Bank
3,329,249
14
Allahabad Bank
3,082,313
15
3,048,526
16
UCO Bank
3,017,139
17
Corporation Bank
2,847,221
18
Indian Bank
2,476,227
19
Andhra Bank
2,221,689
20
2,031,808
21
Bank of Maharashtra
1,698,077
22
1,695,602
23
Vijaya Bank
1,667,830
24
Dena Bank
1,629,884
13
14
Sr No
Banks
25
1,624,719
26
1,521,073
27
1,296,512
28
1,239,560
29
1,220,723
30
Citibank N.A.
1,185,949
31
1,139,552
32
1,034,210
33
1,019,016
34
1,017,116
35
994,978
36
984,373
37
925,747
38
760,778
39
731,060
40
681,331
41
612,639
42
Deutsche Bank
431,684
43
364,798
44
355,509
45
293,457
46
273,218
47
252,833
48
211,931
49
Dhanlaxmi Bank
189,792
50
157,132
51
150,010
Sr No
Banks
52
149,499
53
147,167
54
138,217
55
135,355
56
BNP Paribas
133,170
57
109,859
58
72,622
59
58,788
60
48,860
61
Societe Generale
31,395
62
30,005
63
Shinhan Bank
26,465
64
23,850
65
14,159
66
13,884
67
12,241
68
Credit Suisse AG
8,737
69
8,398
70
Rabobank International
6,733
71
5,143
72
4,692
73
3,307
74
2,193
75
AB Bank Limited
1,839
76
Mashreq Bank
1,741
15
AB Bank Limited
Liberty Building, 41-42, Sir Vithaldas Thackersey Marg, New Marine Lines, Mumbai 400020, Maharashtra
Website: www.abbl.com
Business Profile
AB Bank Ltd (ABBL) is one of the first
private sector bank to be incorporated
in Bangladesh in 1981 and started its
operation in April 1982. The bank primarily
operates in retail banking, SME banking,
corporate banking, project finance and
Islamic banking among others. Under the
retail banking, it offers deposit products
such as Max Saver, Double Deposit Scheme
(DDS), Monthly Saving Deposit Scheme
(MSDS), Monthly Income Deposit (MIDS)
and Millionaire Scheme Account (MSA).
The retail loan products offered by the
bank include personal loans, auto loans,
education loans and home loans among
80
1,839
1,983
3.56
26.1
19.10
1.74
8.98
182
12,241
16,378
3.37
271.8
66.82
4.54
Allahabad Bank
2, Netaji Subhas Road, Kolkata 700001, WB
Website: www.allahabadbank.in
Business Profile
Allahabad Bank (Alhd Bank) was
incorporated in 1865. In 1920, it became a
part of P&O Banking Corporations group
and subsequently merged with United
Industrial Bank in 1989. In 2002, the bank
came out with IPO and was listed on BSE
and NSE. In 2007, the bank opened its first
overseas branch at Hong Kong. Alhd Bank
offers various products and schemes in
personal banking, social banking, MSME
banking, retail credit, corporate banking
and international banking. The bank
offers different types of deposit schemes
targeting different types of customers. It
provides credit products to farmers like
16
189,126
11,852
3,082,313
2,043,732
2.51
137.3
11.03
4.37
3.19
6,462
(727)
23,850
25,402
(1.23)
33.0
18.17
7.27
1.87
Andhra Bank
Dr. Pattabhai Bhavan, 5-9-11, Saifabad, Hyderabad 500004, AP
Website: www.andhrabank.in
Business Profile
Andhra Bank was incorporated in1923
as The Andhra Bank Limited. The bank
was nationalized in 1980 and acquired
its present name. The banks business
segments includes treasury, wholesale
and retail banking operations. Under
retail banking, the bank provides various
deposit schemes like super salary account,
recurring deposit scheme, monthly income
deposit scheme, etc. Other schemes
include insurance linked accounts like
AB Abhaya SB account, AB Arogyadaan
scheme, AB Bancassurance Life, etc.
Andhra bank offers various loan schemes
depending on the purpose. Some of these
139,571
12,891
2,221,689
1,462,989
2.77
135.5
11.76
4.86
2.45
814
143
8,398
10,162
3.31
287.2
32.72
20.87
17
43
48,860
49,084
2.95
617.8
26.39
6.57
337,337
51,794
4,495,796
3,405,607
3.09
121.5
17.00
5.86
0.36
18
18,087
4,693
150,010
184,371
4.40
380.7
18.40
5.75
-
175
13,884
11,677
4.46
146.0
34.70
7.87
3.16
Bank of Baroda
Baroda House, Mandvi, Vadodara 390006, Gujarat
Website: www.bankofbaroda.co.in
Business Profile
Bank of Baroda (BoB) was incorporated
in 1908 as The Bank of Baroda Ltd. In 1910,
the bank opened its first branch in the
city of Ahmedabad and in 1953, opened
its first international branch at Mombasa,
Kenya. In 1969, the bank was nationalized
by GOI. BoB operates in treasury,
wholesale banking and retail banking.
Under treasury, the bank handles treasury
activities in financial markets and financial
instruments. Under wholesale banking the
bank offers full range of loan products
and services to its large and mid-corporate
clients. Under retail banking segment,
the bank provides various deposits and
388,273
44,807
8,020,691
5,471,354
2.28
168.9
13.30
2.84
1.28
Bank of Ceylon
No. 20/21, Casa Major Road, Zerald Garden, 2nd Lane, Egmore, Chennai 600008, TN
Website: www.bankofceylon.in
Business Profile
Bank of Ceylon (BOC) is the leading
commercial Bank in Sri Lanka owned by
the Government of Sri Lanka and was
incorporated in August 1939. The bank
provides diversified products and services
including retail banking, wholesale
banking, international banking, investment
banking, credit facilities, credit cards
and pawn broking services. In India, the
bank offers two types of credit advances
namely corporate and retail. Some of the
financing products offered by the bank
under the corporate banking include
term loans, export credit, import finance,
bank guarantee and letter of credit. The
292
136
2,193
3,093
6.35
73.1
71.45
3.27
-
19
Bank of India
Star House, C-5, G Block Bandra-Kurla Complex, Bandra (E), Mumbai 400051, Maharashtra
Website: www.bankofindia.com
Business Profile
Bank of India was founded on 7th
September, 1906 in Mumbai. The bank
was nationalised in 1969 along with 13
other banks. The bank came out with
the public issue in 1997, followed by
qualified institutions placement in 2008.
BOI business segments include treasury
operations, wholesale banking and retail
banking. Under corporate banking, BOI
offers cash management services, project
finance & syndication services, loans and
trade finance. Under the retail banking, BOI
offers various deposits and loan schemes.
The bank offers various card schemes to
the farmers under rural banking which
356,750
27,493
6,712,071
4,526,027
2.16
158.2
11.02
5.75
2.06
Bank of Maharashtra
Lokmangal, 1501, Shivajinagar, Pune 411005, Maharashtra
Website: www.bankofmaharashtra.in
Business Profile
Bank of Maharashtra (BoM) was
incorporated in 1935 and started its
business in 1936. BoM was nationalized
in 1969. In 2004, the bank came out
with public issue and subsequently was
listed on BSE & NSE. The banks business
segments include treasury, wholesale and
retail banking operations. The bank offers
savings account schemes like Mahabank
Yuva Yojana for minors and Mahabank Lok
Bachat Yojana for low income group. BoM
also offer various term deposit schemes
like Maha Lakhpati scheme, Cumulative
Deposit scheme (CDR), Mahasaraswati
scheme, etc. The bank offers full range of
105,254
7,595
1,698,077
1,169,528
2.92
125.6
12.59
5.58
0.52
20
10,407
2,866
138,217
139,078
2.76
576.5
11.95
5.79
0.45
9,950
2,681
109,859
131,675
4.33
334.9
44.53
11.60
-
(564)
135,355
245,819
2.23
275.5
19.09
6.07
1.74
BNP Paribas
BNP Paribas House, 1 North Avenue, Maker Maxity, BKC, Mumbai - 400051, Maharashtra
Website: www.bnpparibas.co.in
Business Profile
BNP Paribas (BNP) is one of the
European leading banking and financial
service provider with presence across 80
countries worldwide. The banks Indian
operations were started in 1860 when it
set up its first branch in Kolkata. Currently
the bank has branches is eight key Indian
cities of Mumbai, Delhi, Kolkata, Chennai,
Hyderabad, Bangalore, Ahmedabad and
Pune. In India, the bank operates under
core business segments which include
corporate and investment banking,
investment solutions and retail banking.
Under corporate and investment banking,
BNP offers expertise and range of products
11,466
1,874
133,170
136,789
3.65
390.5
13.82
6.01
-
21
Canara Bank
112, J C Road, Bengaluru 560002, Karnataka
Website: www.canarabank.in
Business Profile
Canara Bank was incorporated in 1906
as Canara Bank Hindu Permanent Fund Ltd
and was nationalized in 1969. In 1984, the
bank merged with Lakshmi Commercial
Bank Ltd. The bank provides personal
banking, corporate banking, NRI banking,
Priority and SME banking services. Under
personal banking, it offers number of
deposit and loan schemes. Some of the
savings and deposit schemes include tax
saver scheme, Ashraya deposit scheme
(for senior citizens), Kamadhenu deposit
(Re-investment plan), among others.
Under corporate banking, it offers cash
management services, loans, syndication
372,309
28,721
5,980,326
4,123,426
2.00
142.0
12.40
4.33
2.18
327
211,931
136,201
2.64
73.6
12.29
5.10
1.12
22
235,280
10,150
3,979,741
2,681,295
2.30
97.3
11.49
6.00
2.90
Citibank N.A.
1st International Financial Centre, 9th Floor, C-54 & 55, G-Block, BKC, Bandra (East), Mumbai 400051, Maharashtra
Website: www.citibank.co.in
Business Profile
Citibank
N.A.
(Citibank)
was
incorporated in 1812 in New York. In 1865,
it joined the US national banking system
and was renamed as The National City
Bank of New York. Later in 1902, Citibank
forayed into the Asian markets and started
offering banking services in India. In 1968,
The First National City Corporation (later
renamed as Citicorp) became the parent
of the bank and subsequently in 1976; the
bank acquired its present name. Citibank
primarily operates in the segments of
personal banking, corporate banking, SME
banking and NRI banking services in India.
Under the personal banking, the bank
109,134
27,183
1,185,949
1,283,810
4.03
212.4
15.90
7.19
1.47
3,220
355,509
229,771
3.02
93.8
13.98
5.01
0.63
Corporation Bank
Mangaladevi Temple Road, Pandeshwar, Mangalore 575001, Karnataka
Website: www.corpbank.com
Business Profile
Corporation Bank was established
in 1906 and adopted its present name
after its nationalisation in 1980. The bank
mainly offers services in personal banking,
corporate banking, NRI banking and
Priority and MSME banking. Under personal
banking, it provides saving accounts,
deposits, loans, forex services, remittance
services, among others. It offers full range
of loan schemes and some specialised loan
schemes like Corp Tutor Fee (For entrance
exams tutorials), Corp Shubha Vivah (For
wedding expenses), Corp Ghar Shobha
(Furnishing/Renovation of house), etc. The
bank provides current account schemes,
169,420
14,347
2,847,221
1,934,423
1.92
192.1
12.33
5.33
1.19
23
5,234
1,546
30,005
60,331
3.04
325.6
17.27
13.14
Credit Suisse AG
Dr. Annie Besant Road, Mumbai 400018, Maharashtra
Website: www.credit-suisse.com/in
Business Profile
Credit Suisse AG (Credit Suisse)
was incorporated in 1856 in Zurich,
Switzerland. In 2010, the bank received
approval from RBI for setting up a
branch in Mumbai, India. Credit Suisse
commenced banking operations in Feb
2011. Credit Suisse is present across 12
Asia Pacific markets with an employee base
of around 7,600. Credit Suisse operates
mainly in corporate banking, retail
banking, treasury, investment banking and
asset management among others. Under
corporate and retail, it offers banking
facilities to corporates, business entities
and individual. The treasury operations deal
3,074
904
8,737
34,144
4.11
257.0
60.07
11.35
24
435
(131)
4,692
4,330
6.49
117.8
35.12
9.24
9.71
DBS Bank
3rd Floor, Fort House, 221, Dr. D.N. Road, Fort, Mumbai - 400001, Maharashtra
Website: www.dbs.com/in
Business Profile
DBS Bank Ltd (DBS) commenced
operations in India in 1994 with a
representative office in Mumbai that was
upgraded to a full-fledged branch in 1995.
In 2005, DBS opened another branch in
Delhi. DBS classifies its operations into
main businesses of wholesale banking,
retail banking, treasury and funding
management unit (FMU). Under its
wholesale banking business, DBS provides
a wide range of corporate & investment
banking services and SME banking services.
Under wholesale banking, DBS offers
corporate advances, custody operations,
payment and settlement operations and
2,885
293,457
407,081
2.65
356.6
12.99
6.28
2.37
Dena Bank
Dena Corporate Centre, C-10, G Block Bandra Kurla Complex, Bandra (E), Mumbai 400051, Maharashtra
Website: www.denabank.co.in
Business Profile
Dena Bank was incorporated in 1938
as Devkaran Nanjee Banking Company
Ltd. The bank became public in 1939 and
acquired its current name. In 1969, the
bank was nationalized and in 1996 came
out with IPO. Dena Bank offers personal
banking, corporate banking, international
banking and priority & SME lending
services. Under corporate banking, the
bank provides sector specific schemes
to educational institutions, builders &
developers, hospitals, hotels & restaurants
and entertainment industry. Dena Bank
offers trade finance services and NRI
banking services under the international
8,104
1,629,884
1,134,404
2.37
143.1
11.03
8.89
1.39
Deutsche Bank AG
Deutsche Bank House, Hazarimal Somani Marg, Fort, Mumbai - 400001, Maharashtra
Website: www.deutschebank.co.in
Business Profile
Deutsche Bank AG (Deutsche Bank)
was established in 1870 in Berlin, Germany.
The bank commenced Indian operations in
1980. The bank caters to Indian corporates,
institutional as well as individual clients.
In 2006, it launched credit card business
in India. The bank primarily undertakes
global market (treasury), commercial
banking and retail banking activities. It
offers a wide range of banking products,
services and schemes. Loans offered by
the bank include home loans, loan against
property, personal loans, overdraft against
deposits, business instalment loans and
small business overdraft. Under personal
36,395
10,330
431,684
404,924
5.78
257.5
14.08
12.87
0.13
25
1,021
149,499
112,788
2.85
67.4
13.61
4.53
0.75
26
189,792
138,195
1.94
73.0
11.06
4.55
3.36
26
68,320
8,382
1,017,116
710,496
3.00
107.5
14.73
4.76
0.98
1,059
(595)
3,307
11,429
4.77
37.3
47.84
36.08
-
419,175
67,263
5,359,676
4,003,319
4.28
75.0
16.80
4.94
0.20
87,574
19,357
925,747
1,061,704
3.74
189.0
17.10
8.73
0.33
27
484,213
83,255
5,828,630
5,367,947
2.70
73.5
18.74
6.51
0.77
IDBI Bank
IDBI Tower, WTC Complex, Cuffe Parade, Mumbai 400005, Maharashtra
Website: www.idbi.com
Business Profile
IDBI Bank Ltd (IDBI) was established
in 1964 as a wholly-owned subsidiary of
RBI in the name of Industrial Development
Bank of India. In 1976, the ownership of
IDBI was transferred to the GoI. In 2004,
IDBI was transformed into a bank and
subsequently, IDBI merged its banking
subsidiary IDBI Bank Ltd with itself in
2005. The bank acquired its present name
in 2008. IDBI operates primarily under
personal banking, corporate banking,
MSME banking, agriculture banking and
NRI banking segments. Under personal
banking, the bank provides savings
account schemes, flexi current account,
18,821
4,234,229
3,227,685
1.75
256.4
13.13
4.64
1.58
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
28
282,838
Indian Bank
PB No: 5555, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai - 600014, TN
Website: www.indianbank.in
Business Profile
Indian Bank was incorporated in March
1907 as Indian Bank Ltd. In 1962, the bank
acquired the businesses of Royalaseema
Bank, The Bank of Alagapuri, Salem Bank,
The Mannargudi Bank and The Trichy
United Bank. The bank was nationalized
and acquired its present name in July 1969.
Indian Bank offers full range of diversified
banking & financial services and operates
in four main segments namely treasury,
corporate and wholesale banking, retail
banking and other banking operations.
During FY13, the bank expanded its
network by 143 branches, bringing the
total of 2089 branches all over India.
151,806
15,811
2,476,227
1,628,226
2.97
130.1
13.08
4.98
2.26
226,496
5,672
3,624,994
2,446,560
2.26
128.8
11.85
4.87
2.50
83,462
10,612
984,373
733,065
3.41
84.1
15.36
6.01
0.31
29
614
164
5,143
7,788
7.77
205.7
69.43
6.64
6,130
731,060
548,364
3.02
64.4
13.24
4.70
0.03
30
66,205
10,551
1,034,210
717,433
3.51
104.9
12.83
4.20
0.14
6,727
157,132
253,394
3.49
632.7
26.89
8.92
3,481
612,639
415,264
2.32
96.6
13.22
4.76
1.51
46,950
5,503
681,331
467,333
2.75
101.4
14.41
4.21
0.37
31
92,032
13,607
994,978
836,937
4.29
68.6
16.05
4.33
0.64
916
273,218
176,667
2.32
86.3
12.32
4.66
2.43
Mashreq Bank
1305, Raheja Centre, 13th Floor, Nariman Point, Mumbai - 400021, Maharashtra
Website: www.mashreqbank.com
Business Profile
Mashreq
Bank
(Mashreq)
was
established in 1967. Mashreq is engaged
in the business of providing banking and
financial services. The bank operate with
12 offices in nine countries, including
Europe, US, Asia and Africa. In 2004, the
bank started investment business with its
subsidiary Mashreq Asset Management.
Mashreq primarily operates into four
verticals
namely
personal
banking,
corporate banking, business banking
and international banking. Personal
banking comprises accounts & deposits,
loan products, overdrafts, credit cards,
insurance, convenience banking etc. Under
32
304
116
1,741
2,466
4.42
67.8
49.62
6.95
-
5,207
1,728
72,622
76,225
5.61
419.8
48.11
12.73
1.59
511
58,788
43,181
3.54
74.8
14.43
4.95
193,595
13,279
3,048,526
2,006,972
2.49
162.0
12.04
4.65
2.27
33
3,392
1,220,723
804,779
2.14
137.0
12.91
4.60
2.16
461,093
47,477
7,002,853
4,788,770
3.17
116.5
12.72
4.57
2.35
Rabobank International
2/F, Forbes Building, Charanjit Rai Marg, Fort, Mumbai 400001, Maharashtra
Website: www.rabobank.com
Business Profile
Rabobank International started its
operation in India in 1998. Rabobank
initiated its banking operations in India by
setting up its first branch and corporate
office in Mumbai. The bank offers a wide
range of banking services and also offers
specialised financial products and services
through its wholly owned subsidiary, Rabo
India Finance Ltd. The products offered
by Rabobank includes corporate banking,
global financial markets solutions, mergers
& acquisitions solutions, equity capital
markets solutions, renewable energy &
infrastructure finance, food & agri research
& advisory services and trade commodity
34
929
122
6,733
8,521
8.36
132.0
70.34
27.75
925
147,167
129,634
2.55
73.9
17.11
3.49
0.11
2,226
252,833
263,596
3.52
162.1
14.50
7.10
0.29
Shinhan Bank
Wockhardt Towers, 5th floor, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra
Website: www.shinhanbankindia.com
Business Profile
Shinhan Bank (Shinhan), a wholly
owned subsidiary of Shinhan Financial
Group established its operation in May
1996 in Mumbai. In 2006, the bank opened
its second branch in New Delhi and later
in Dec 2010, opened its third branch in
Vellore. Shinhans main area of operation
in India is wholesale banking business and
corporate banking unit. The bank offers
fixed deposits, pay order, demand drafts,
current account and savings accounts
under accounts and deposit schemes.
It also offers loan schemes, treasury
products and internet banking facilities.
Apart from traditional banking products
2,244
440
26,465
24,729
4.75
294.1
34.48
7.38
-
35
Societe Generale
Maker Chambers IV, 13th Floor, Nariman Point, Mumbai - 400021, Maharashtra
Website: www.societegenerale.in
Business Profile
Societe Generale (Societe Generale),
a part of Societe Generale Group has
presence in India since 1978 with the
establishment of a representative office
in Delhi. In 1985 following the closure of
the representative office, Societe Generale
opened its branch in Mumbai and later in
1993 in Delhi. The bank operates under the
license of a scheduled commercial bank
and provides gamut of banking facilities
and services. Under corporate banking,
the bank offers trade finance, investment
banking and M&A advisory services. Under
forex services, treasury services & capital
markets solutions the bank offers plain
369
31,395
31,793
3.96
304.0
29.35
5.53
5,023
760,778
497,950
2.84
120.1
13.91
3.83
0.78
36
118,907
29,602
1,239,560
1,197,580
4.15
168.8
13.00
5.06
1.63
7,302
1,296,512
860,168
3.24
90.0
12.16
8.54
2.27
134,234
12,502
2,031,808
1,360,781
3.08
138.8
12.36
5.63
1.61
1,356,919
141,050
22,483,562
15,662,610
3.06
94.4
12.92
5.47
2.10
37
331
14,159
14,724
4.66
289.0
55.01
4.74
1.88
4,161
1,019,016
672,328
2.88
95.5
11.79
4.22
2.69
38
103,231
6,668
1,624,719
1,085,506
2.37
113.5
11.12
4.52
1.62
6,150
1,521,073
1,015,793
2.27
125.9
11.70
5.37
1.46
Syndicate Bank
Door No. 16/355 & 16/365A, Manipal, Udupi - 576104, Karnataka
Website: www.syndicatebank.in
Business Profile
Syndicate Bank (Syndicate Bank) was
incorporated in 1925 as Canara Industrial
and Banking Syndicate Ltd. In 1953,
Maharashtra Apex Bank Ltd and Southern
India Apex Bank Ltd along with other 18
banks merged with the bank. In 1962,
the bank forayed into foreign exchange
business and the name of the bank changed
to Syndicate Bank Ltd in 1963. In 1969,
when Syndicate Bank was nationalized, it
had a network of 306 branches. In 1976,
the bank opened its first overseas branch
at London. Syndicate Bank offers a range
of deposit products, NRI banking, mutual
fund, loan products and cash management
182,950
20,044
3,329,249
2,151,223
2.74
125.7
12.59
4.37
0.76
27,191
4,403
364,798
236,843
3.91
113.3
15.01
4.54
0.66
39
UCO Bank
10, B T M Sarani, Barbourne Road, 7th floor, Kolkata - 700001, WB
Website: www.ucobank.com
Business Profile
UCO Bank (UCO) was incorporated in
1943 as The United Commercial Bank Ltd.
The bank was nationalised by the GoI in
1969 by acquiring 100% ownership in the
bank. In 1985, the bank acquired its present
name by an act of parliament. UCO offers a
wide range of product & services including
personal banking, corporate banking,
international and rural banking. In personal
and corporate banking, the bank offers a
wide variety of deposit and loan schemes
for its clients. UCOs international banking
includes NRI banking, foreign currency
loans, finance to exporters and importers,
remittances, forex and treasury services
177,039
6,182
3,017,139
1,986,514
2.42
118.9
14.15
3.29
3.17
276,767
21,579
4,718,638
3,118,608
2.63
121.5
11.45
4.08
1.61
40
103,181
3,919
1,695,602
1,146,151
2.30
108.3
11.66
3.82
2.87
Vijaya Bank
41/2, Trinity Circle, MG Road, Bengaluru - 560001, Karnataka
Website: www. vijayabank.com
Business Profile
Vijaya Bank (Vijaya Bank), a GoI
undertaking, was established in 1931 in
Mangalore, Karnataka. In 1958, the bank
became a SCB. During the period of 196368 Vijaya Bank merged with nine smaller
banks. Vijaya bank was nationalised in
April 1980. Vijaya Banks product portfolio
includes savings & deposits, loan products,
NRI services, cards services and remit and
collection services. The bank provides
advances to infrastructure and agricultural
segments, SMEs, weaker sections, SHGs,
women and minority community. The
bank also provides merchant banking,
depository, cash management and money
5,856
1,667,830
1,109,818
1.82
124.0
11.32
4.04
1.30
95,514
13,007
1,139,552
991,041
2.57
177.4
18.30
4.99
0.01
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
41
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
42
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
43
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
D&B D-U-N-S
Performance for FY13
Total Income (` mn)
Net Profit (` mn)
Total Business (` mn)
Total Assets (` mn)
Net Interest Margin (%)
Business Per Employee
(` mn)
CRAR Basel II (%)
C-D Ratio (%)
Net NPA/Net Advances (%)
44
Alphabetical Listing
Company Name
10
BF Investment Limited
11
BSE Limited
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
IDFC Limited
47
48
Alphabetical Listing
Sr No
Company Name
35
IFCI Limited
36
37
38
39
40
41
42
43
44
45
46
JM Financial Limited
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
Sr No
Company Name
73
74
75
76
77
78
79
80
81
82
83
84
S. E. Investments Limited
85
86
87
88
89
90
91
SICOM Limited
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
Alphabetical Listing
49
Company Name
211,476.2
172,725.5
135,188.6
128,834.2
IDFC Limited
77,764.9
76,588.8
65,635.9
59,795.5
55,515.4
10
54,012.1
11
53,871.4
12
47,062.0
13
44,759.2
14
41,403.6
15
38,946.9
16
38,680.0
17
32,874.4
18
31,113.7
19
30,830.1
20
30,304.1
21
29,232.4
22
28,346.6
23
IFCI Limited
27,593.0
24
27,008.6
25
25,556.8
26
23,221.4
27
22,641.3
28
22,616.8
29
22,587.3
30
21,317.8
31
20,793.9
32
18,656.9
33
17,551.0
34
16,939.8
51
52
Company Name
35
16,844.9
36
16,664.7
37
16,061.5
38
15,997.8
39
15,811.4
40
SICOM Limited
10,015.0
41
9,631.9
42
9,301.0
43
8,000.5
44
7,451.5
45
7,295.6
46
7,200.1
47
6,614.4
48
6,504.5
49
5,539.0
50
4,753.5
51
4,113.6
52
4,059.7
53
4,050.3
54
3,926.9
55
3,484.9
56
3,182.2
57
BSE Limited
3,119.7
58
2,902.4
59
2,886.5
60
2,865.2
61
2,844.2
62
2,689.7
63
2,447.3
64
2,339.3
65
2,208.1
66
S. E. Investments Limited
2,190.4
67
2,158.2
68
2,061.7
69
2,006.7
70
1,965.7
71
1,824.0
72
1,568.7
Sr No
Company Name
73
1,522.5
74
1,453.9
75
1,431.7
76
1,287.2
77
1,221.5
78
1,209.3
79
1,176.6
80
1,154.6
81
1,105.3
82
1,072.2
83
1,064.8
84
1,044.9
85
1,032.1
86
949.0
87
943.3
88
887.9
89
832.6
90
712.0
91
698.3
92
696.6
93
677.9
94
JM Financial Limited
561.9
95
456.3
96
427.9
97
417.5
98
415.9
99
396.2
100
BF Investment Limited
385.3
101
350.3
102
346.6
103
331.5
104
330.3
105
317.9
106
312.5
107
295.2
108
271.9
53
1,105.3
316.7
(22.99)
1.90
NP Growth (%)
28.65
NPM (%)
7,200.1
1,003.0
TI Growth (%)
105.40
NP Growth (%)
78.38
NPM (%)
13.93
54
331.5
82.7
TI Growth (%)
24.91
NP Growth (%)
60.58
NPM (%)
24.93
4,113.6
633.5
TI Growth (%)
11.78
NP Growth (%)
(7.28)
NPM (%)
15.40
31,113.7
5,913.1
TI Growth (%)
43.26
NP Growth (%)
45.49
NPM (%)
19.00
1,522.5
508.4
5.60
(33.60)
33.39
55
7,451.5
6,633.3
TI Growth (%)
14.57
NP Growth (%)
16.89
NPM (%)
89.02
330.3
311.2
TI Growth (%)
8.64
NP Growth (%)
9.45
94.22
NPM (%)
56
295.2
125.8
TI Growth (%)
NP Growth (%)
NPM (%)
4.68
(14.15)
42.60
BF Investment Limited
Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra
Website: www.kalyanigroup.com
Business Profile
BF Investment Limited (BFIL) is a nondeposit taking core investment company, as
defined in the Core Investment Companies
(Reserve Bank) Directions, 2011. The
company is a part of Kalyani Group. BFIL
was formed by demerging investment
business of BF Utilities Limited by way of a
composite scheme of arrangement. Under
the said business restructuring, investment
business was transferred to BF Investment
Ltd. The company has investments in
major listed companies including Kalyani
Steels Limited (39.06%), Automotive Axles
Limited (35.52%) and Bharat Forge Limited
(2.61%). The company also has investments
385.3
263.7
TI Growth (%)
(23.83)
NP Growth (%)
(39.37)
68.44
NPM (%)
BSE Limited
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001, Maharashtra
Website: www.bseindia.com
Business Profile
Formerly known as Bombay Stock
Exchange Ltd, BSE Ltd (BSE) was
established in 1875 as The Native Share
& Stock Brokers Association and is one
of Asias first stock exchange and one
of Indias leading exchange group. BSE
offers platform for trading in equity, debt
instruments, derivatives and mutual funds
to the market participants. In addition it
offers a host of other services such as risk
management, clearing, settlement, market
data services and education and training
services. To enhance the flow of finance to
the SME segment, BSE launched BSE-SME
Exchange platform in 2012 and in 2013
3,119.7
295.5
NA
NP Growth (%)
NA
9.47
NPM (%)
3,926.9
541.2
TI Growth (%)
36.91
NP Growth (%)
23.68
NPM (%)
13.78
57
8,000.5
697.7
TI Growth (%)
13.84
NP Growth (%)
(24.32)
8.72
NPM (%)
18,656.9
742.7
226.05
NP Growth (%)
84.43
3.98
NPM (%)
58
1,044.9
410.9
2.19
(13.42)
39.33
712.0
137.1
TI Growth (%)
18.17
LP
NP Growth (%)
19.26
NPM (%)
25,556.8
3,065.5
TI Growth (%)
42.92
NP Growth (%)
77.66
NPM (%)
11.99
4,753.5
2,646.5
TI Growth (%)
38.95
NP Growth (%)
47.94
NPM (%)
55.67
59
1,064.8
42.0
(53.94)
NP Growth (%)
2.07
NPM (%)
3.95
41,403.6
4,518.5
TI Growth (%)
67.65
NP Growth (%)
47.49
NPM (%)
10.91
60
1,568.7
467.9
TI Growth (%)
(24.32)
NP Growth (%)
(31.83)
NPM (%)
29.83
Business Profile
Export-Import Bank of India (Exim
Bank) was incorporated in 1982 under the
Export-Import Bank of India Act to enhance
Indias export and also to integrate the
countrys foreign trade and investment
with the economic development. Exim
Bank offers a wide range of products and
services at all stages of business cycle;
starting from import of technology and
export product development to export
production, export marketing, preshipment and post-shipment and overseas
investment. Financial products offered
by the bank include overseas investment
finance, project exports, line of credit,
59,795.5
7,423.2
TI Growth (%)
31.37
NP Growth (%)
9.96
12.41
NPM (%)
3,484.9
869.6
TI Growth (%)
42.99
NP Growth (%)
2,634.59
24.95
NPM (%)
887.9
141.2
TI Growth (%)
NP Growth (%)
NPM (%)
135.59
LP
15.90
61
Business Profile
Finaventure Capital Ltd (Finaventure)
was incorporated on Jan 19, 1985 as
Streamlink Trading and Finance Company
Ltd and was granted the Certificate of
Commencement of Business on Jan 23,
1985. The name of the company was
changed to Aridhi Hi- Tech Industries Ltd
in 1990, Indusvista Ventures Ltd in 2007,
Finaventure Capital Ltd in 2009, Aasda
Life Care Ltd in 2010 and again adopted
the previous name of Finaventure Capital
Ltd in 2011. Finaventure is listed on BSE
and DSE. The company is an investment
company which makes the majority of its
investments in Aanjaneya Lifecare Ltd.
Service Offerings
Investment Activities
317.9
308.1
n.a.
TI Growth (%)
LP
NP Growth (%)
96.89
NPM (%)
2,447.3
347.3
TI Growth (%)
14.71
NP Growth (%)
9.84
14.19
NPM (%)
62
5,539.0
850.3
TI Growth (%)
26.05
NP Growth (%)
44.02
NPM (%)
15.35
6,504.5
1,458.8
TI Growth (%)
26.49
NP Growth (%)
21.22
NPM (%)
22.43
9,631.9
1,024.5
TI Growth (%)
123.08
NP Growth (%)
100.45
10.64
NPM (%)
29,232.4
7,005.6
TI Growth (%)
5.20
NP Growth (%)
11.14
NPM (%)
23.97
63
211,476.2
48,483.4
TI Growth (%)
21.86
NP Growth (%)
17.60
NPM (%)
22.93
9,301.0
2,202.2
TI Growth (%)
(13.16)
NP Growth (%)
(15.19)
23.68
NPM (%)
64
456.3
157.5
TI Growth (%)
62.26
NP Growth (%)
NPM (%)
1,755.67
34.52
IDFC Limited
Naman Chambers, C-32, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra
Website: www.idfc.com
Business Profile
IDFC Ltd (IDFC) was incorporated in Jan
1997. In 2002, the company set up IDFC
Private Equity as an investment manager
for private equity funds and Uttaranchal
Infrastructure Development Company
Ltd. The company went public in 2005.
In 2007, the company established IDFC
Projects to develop, implement, own and
operate projects in the infrastructure space
and subsequently set up IDFC Foundation
in 2011 for all its developmental work. The
company is primarily engaged in financing
by way of loans. IDFCs strategic business
units are structured into four broad
platforms including project finance, fixed
77,764.9
17,649.8
TI Growth (%)
25.51
NP Growth (%)
10.11
NPM (%)
22.70
IFCI Limited
IFCI Tower, 61 Nehru Place, New Delhi 110019, Delhi
Website: www.ifciltd.com
Business Profile
IFCI Ltd (IFCI) was established in
1948 by the GoI as the first Development
Financial Institution in the country to
cater to the long-term finance needs of
the industrial sector. The company was
established as a statutory corporation
as The Industrial Finance Corporation of
India. IFCI commenced project financing
and set up its merchant banking division
in 1980. In 1993, IFCI was converted
into a company and acquired its present
name in 1999. IFCI is primarily engaged in
providing long term lending to industrial
and infrastructure sectors with their range
of products and services including financial
27,593.0
4,508.7
TI Growth (%)
(3.19)
NP Growth (%)
(32.06)
NPM (%)
16.34
427.9
70.6
TI Growth (%)
59.89
NP Growth (%)
81.46
NPM (%)
16.50
65
17,551.0
3,496.1
TI Growth (%)
22.91
NP Growth (%)
36.70
NPM (%)
19.92
1,032.1
424.4
TI Growth (%)
(1.02)
3.41
NP Growth (%)
41.12
NPM (%)
66
16,939.8
1,747.5
TI Growth (%)
86.08
NP Growth (%)
71.57
NPM (%)
10.32
32,874.4
10,469.9
TI Growth (%)
29.19
NP Growth (%)
78.72
NPM (%)
31.85
47,062.0
12,279.1
TI Growth (%)
496.51
NP Growth (%)
391.19
26.09
NPM (%)
55,515.4
5,215.7
TI Growth (%)
19.57
NP Growth (%)
8.48
NPM (%)
9.39
67
7,295.6
2,026.5
TI Growth (%)
36.41
NP Growth (%)
17.04
NPM (%)
27.78
271.9
244.5
TI Growth (%)
(20.18)
NP Growth (%)
(22.08)
89.91
NPM (%)
68
1,154.6
131.2
TI Growth (%)
42.56
NP Growth (%)
38.60
NPM (%)
11.37
JM Financial Limited
7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra
Website: www.jmfinancial.in
Business Profile
JM Financial Ltd (JM Financial) is the
dedicated financial services arm of the JM
Financial Group. The company along with its
subsidiaries offers wide range of products
and services in terms of investment banking,
institutional equity sales, trading, research
and broking, private and corporate wealth
management, equity broking, portfolio
management,
asset
management,
commodity broking, NBFC activities,
private equity and asset reconstruction.
The company deals into commodity
market through its subsidiary, JM Financial
Commtrade Ltd which is registered under
MCX and NCDEX and provides demat
561.9
448.1
TI Growth (%)
(11.25)
5.44
NP Growth (%)
79.76
NPM (%)
2,844.2
170.2
TI Growth (%)
21.22
NP Growth (%)
53.51
5.99
NPM (%)
415.9
396.9
TI Growth (%)
(73.37)
NP Growth (%)
(69.68)
NPM (%)
95.41
69
832.6
167.1
1.98
TI Growth (%)
NP Growth (%)
181.46
20.07
NPM (%)
1,176.6
335.9
TI Growth (%)
(0.65)
NP Growth (%)
120.23
28.55
NPM (%)
70
22,587.3
4,306.9
TI Growth (%)
24.20
NP Growth (%)
11.91
NPM (%)
19.07
2,006.7
3,113.3
TI Growth (%)
55.05
NP Growth (%)
336.95
NPM (%)
155.14
20,793.9
2,110.3
TI Growth (%)
16.59
NP Growth (%)
6.04
10.15
NPM (%)
350.3
243.9
TI Growth (%)
NP Growth (%)
NPM (%)
6.93
761.66
69.63
71
15,997.8
3,442.1
TI Growth (%)
35.13
NP Growth (%)
30.41
NPM (%)
21.52
76,588.8
10,232.1
TI Growth (%)
23.23
NP Growth (%)
11.92
NPM (%)
13.36
72
16,061.5
1,227.9
TI Growth (%)
56.75
NP Growth (%)
94.17
NPM (%)
7.65
38,946.9
8,826.9
TI Growth (%)
39.37
NP Growth (%)
42.34
NPM (%)
22.66
22,641.3
2,084.3
TI Growth (%)
(14.75)
NP Growth (%)
(64.76)
NPM (%)
9.21
396.2
55.5
TI Growth (%)
25.10
NP Growth (%)
33.08
NPM (%)
14.02
73
949.0
387.5
TI Growth (%)
15.81
NP Growth (%)
(31.17)
40.83
NPM (%)
1,072.2
217.6
TI Growth (%)
59.19
NP Growth (%)
40.29
NPM (%)
20.29
74
53,871.4
10,042.4
TI Growth (%)
18.42
NP Growth (%)
12.58
NPM (%)
18.64
128,834.2
18,080.7
TI Growth (%)
17.35
NP Growth (%)
10.59
NPM (%)
14.03
30,304.1
4,499.4
TI Growth (%)
21.62
NP Growth (%)
16.23
NPM (%)
14.85
1,209.3
205.3
TI Growth (%)
NA
NP Growth (%)
NA
NPM (%)
16.98
75
15,811.4
623.6
TI Growth (%)
17.39
NP Growth (%)
51.31
3.94
NPM (%)
16,844.9
8,776.1
TI Growth (%)
11.06
NP Growth (%)
24.50
NPM (%)
52.10
76
1,221.5
620.5
TI Growth (%)
18.24
NP Growth (%)
12.40
NPM (%)
50.79
698.3
454.6
TI Growth (%)
(75.06)
NP Growth (%)
(76.53)
65.10
NPM (%)
1,431.7
0.4
TI Growth (%)
n.a.
LP
NP Growth (%)
0.03
NPM (%)
realty business.
1,965.7
1,589.4
TI Growth (%)
313.92
NP Growth (%)
271.72
NPM (%)
80.85
77
28.2
19.02
TI Growth (%)
NP Growth (%)
(28.73)
6.76
NPM (%)
2,886.5
612.5
TI Growth (%)
74.62
NP Growth (%)
190.92
21.22
NPM (%)
78
6,614.4
915.1
TI Growth (%)
42.83
NP Growth (%)
21.69
NPM (%)
13.84
172,725.5
44,196.0
TI Growth (%)
32.49
NP Growth (%)
45.78
NPM (%)
25.59
2,865.2
1,041.6
TI Growth (%)
(6.73)
NP Growth (%)
(32.38)
36.35
NPM (%)
38,680.0
6,620.0
TI Growth (%)
16.61
NP Growth (%)
27.55
NPM (%)
17.11
79
2,208.1
(7,609.5)
287.73
LL
NP Growth (%)
NPM (%)
(344.61)
22,616.8
1,854.1
TI Growth (%)
21.68
NP Growth (%)
34.52
8.20
NPM (%)
80
4,059.7
800.2
TI Growth (%)
27.31
NP Growth (%)
30.19
NPM (%)
19.71
135,188.6
38,176.2
TI Growth (%)
29.69
NP Growth (%)
35.52
NPM (%)
28.24
operations.
696.6
589.6
TI Growth (%)
71.64
NP Growth (%)
87.58
NPM (%)
84.64
S. E. Investments Limited
M-7, 1st Floor, M Block Market, Greater Kailash Part -11, New Delhi 110048, Delhi
Website: www.seil.in
Business Profile
S.E. Investments Ltd (SE Investments)
is registered as a category A deposit
taking NBFC with Reserve Bank of India.
It was promoted as a private limited
company in 1992. The company got
converted into a public limited company
in 1995. SE Investments focuses on small
finance and works with low-income
families to offer financial assistance.
The company also offers term loans and
working capital support to traders and
medium sized companies. The company
offers personal loans, business loans,
loans against property, etc. to individuals/
corporate companies. The company has
2,190.4
704.5
TI Growth (%)
3.82
NP Growth (%)
0.18
NPM (%)
32.16
81
1,287.2
139.9
TI Growth (%)
10.82
NP Growth (%)
20.50
NPM (%)
10.88
38.9
67.77
NP Growth (%)
178.64
4.13
NPM (%)
82
3,182.2
802.9
TI Growth (%)
57.60
NP Growth (%)
84.55
NPM (%)
25.23
30,830.1
4,496.2
TI Growth (%)
49.92
NP Growth (%)
31.26
NPM (%)
14.58
4,050.3
893.3
TI Growth (%)
92.77
NP Growth (%)
73.05
NPM (%)
22.06
65,635.9
13,606.2
TI Growth (%)
11.36
NP Growth (%)
8.20
NPM (%)
20.73
83
SICOM Limited
6th floor, Building No. 4, Solitaire Corporate Park, Guru Hargovindji Road, Chakala, Andheri (East), Mumbai 400093, Maharashtra
Website: www.sicomindia.com
Business Profile
SICOM Ltd (SICOM) was incorporated
on Mar 31, 1966. The company majorly
operates in the business of corporate
lending. SICOM is registered as a NonBanking Financial Company (non-deposit
accepting) with RBI. SICOM offers various
fund-based and non-fund based products
and services (including advisory to
corporates) to entrepreneurs. The products
and services of SICOM include fund-based
and non-fund based advisory services,
and treasury and forex. Fund based
services include long term loan, corporate
loan, short term loan, bill discounting,
factoring of receivables and IPO financing.
10,015.0
1,956.5
TI Growth (%)
8.93
NP Growth (%)
9.37
19.54
NPM (%)
86.6
TI Growth (%)
0.69
NP Growth (%)
(16.13)
27.72
NPM (%)
84
54,012.1
8,373.5
TI Growth (%)
17.25
NP Growth (%)
47.72
NPM (%)
15.50
16,664.7
949.6
TI Growth (%)
41.14
NP Growth (%)
63.84
5.70
NPM (%)
2,689.7
788.1
TI Growth (%)
74.29
NP Growth (%)
69.62
NPM (%)
29.30
2,902.4
500.8
TI Growth (%)
11.10
NP Growth (%)
38.69
NPM (%)
17.25
85
21,317.8
4,101.1
TI Growth (%)
21.19
NP Growth (%)
15.38
NPM (%)
19.24
2,158.2
350.4
TI Growth (%)
11.67
NP Growth (%)
(27.60)
16.24
NPM (%)
86
27,008.6
2,761.2
TI Growth (%)
22.45
NP Growth (%)
63.65
NPM (%)
10.22
1,453.9
229.8
(31.44)
NP Growth (%)
(76.17)
15.81
NPM (%)
2,061.7
1,671.4
TI Growth (%)
2.12
NP Growth (%)
3.44
81.07
NPM (%)
28,346.6
3,093.0
TI Growth (%)
36.74
NP Growth (%)
28.93
NPM (%)
10.91
87
1,824.0
555.3
TI Growth (%)
39.96
NP Growth (%)
12.24
NPM (%)
30.44
2,339.3
338.5
TI Growth (%)
49.66
NP Growth (%)
1,874.09
14.47
NPM (%)
88
677.9
313.9
TI Growth (%)
(12.08)
NP Growth (%)
(18.84)
NPM (%)
46.31
23,221.4
18.5
TI Growth (%)
8.68
(14.10)
NP Growth (%)
0.08
NPM (%)
13.3
(0.62)
TI Growth (%)
LP
NP Growth (%)
3.82
NPM (%)
44,759.2
204.6
TI Growth (%)
5.54
NP Growth (%)
0.21
NPM (%)
0.46
89
D&B D-U-N-S
Service Offerings
D&B D-U-N-S
Service Offerings
D&B D-U-N-S
Service Offerings
90
Broking
Alphabetical Listing
Company Name
BLB Limited
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
93
Company Name
8,302.2
7,378.4
6,069.9
5,504.7
3,474.1
3,473.5
3,368.8
3,232.5
2,693.9
10
2,327.9
11
2,321.0
12
1,773.9
13
1,751.3
14
1,319.9
15
1,145.2
16
1,132.8
17
997.2
18
973.7
19
913.2
20
823.9
21
798.7
22
768.2
23
719.1
24
BLB Limited
718.6
25
715.7
26
501.8
27
486.1
28
442.0
29
421.1
30
360.1
31
283.4
32
275.3
95
(126.7)
(1.12)
TI Growth (%)
LL
NP Growth (%)
NPM (%)
(17.70)
66.7
(19.82)
LP
NP Growth (%)
8.68
NPM (%)
96
486.1
0.2
(20.04)
LP
0.03
1,132.8
32.9
(5.38)
NP Growth (%)
34.23
2.90
NPM (%)
26.4
(2.01)
NP Growth (%)
36.02
7.32
NPM (%)
BLB Limited
3rd Floor, ECE House, Annexe - II, 28A, Kasturba Gandhi Marg, New Delhi - 110001, Delhi
Website: www.blblimited.com; SEBI Registration Number: BSE: INB010642837; NSE: INB/INF231134539
Business Profile
BLB Ltd (BLB), the flagship company of
BLB Group is one of the leading providers to
the equity and derivative markets in India.
The group consists of equity, derivative
and commodity trading companies with
more than 40 years of trading expertise
in the Indian capital markets. BLB was
incorporated in 1981 and is listed on both
the NSE and BSE. It also holds membership
of MCX-SX and United Stock Exchange. The
company operates under cash segment of
BSE and the cash and derivative segment
of NSE. BLB operates through four
different verticals namely trading and
hedging, investment, special situation
718.6
(27.7)
TI Growth (%)
NP Growth (%)
NPM (%)
(45.68)
LL
(3.85)
97
22.8
(18.19)
NP Growth (%)
(18.99)
2.50
NPM (%)
501.8
(79.8)
TI Growth (%)
(1.51)
LL
NP Growth (%)
NPM (%)
(15.89)
98
3,232.5
159.3
TI Growth (%)
(28.10)
NP Growth (%)
151.67
NPM (%)
4.93
798.7
(78.9)
TI Growth (%)
(11.50)
LL
NP Growth (%)
(9.89)
NPM (%)
1.3
(4.57)
NP Growth (%)
(19.79)
0.46
NPM (%)
2,327.9
419.6
TI Growth (%)
(1.15)
NP Growth (%)
NPM (%)
5.65
18.03
99
2,321.0
668.2
TI Growth (%)
10.52
NP Growth (%)
23.53
NPM (%)
28.79
7,378.4
682.1
2.73
TI Growth (%)
NP Growth (%)
(11.56)
9.24
NPM (%)
100
8,302.2
1,216.8
TI Growth (%)
38.74
NP Growth (%)
42.02
NPM (%)
14.66
1,751.3
242.3
TI Growth (%)
85.87
NP Growth (%)
(5.24)
NPM (%)
13.84
0.5
(13.03)
NP Growth (%)
(94.35)
0.13
NPM (%)
5,504.7
958.1
(11.87)
NP Growth (%)
51.37
NPM (%)
17.41
101
1,319.9
558.4
(20.23)
LP
NP Growth (%)
42.30
NPM (%)
2,693.9
42.2
TI Growth (%)
4.99
NP Growth (%)
10.21
1.57
NPM (%)
102
6,069.9
1,145.0
TI Growth (%)
(0.44)
NP Growth (%)
(8.99)
NPM (%)
18.86
442.0
(31.9)
2.76
TI Growth (%)
LL
NP Growth (%)
(7.22)
NPM (%)
719.1
144.9
TI Growth (%)
3.80
NP Growth (%)
27.30
NPM (%)
20.16
3,368.8
820.8
TI Growth (%)
(7.25)
NP Growth (%)
NPM (%)
0.68
24.36
103
56.2
TI Growth (%)
1.15
LP
NP Growth (%)
5.77
NPM (%)
3,473.5
(65.2)
(31.86)
PL
NP Growth (%)
(1.88)
NPM (%)
104
1,145.2
(73.5)
TI Growth (%)
(4.77)
NP Growth (%)
NPM (%)
PL
(6.42)
823.9
110.9
TI Growth (%)
(21.75)
NP Growth (%)
(49.32)
13.46
NPM (%)
3,474.1
1,767.5
TI Growth (%)
(18.37)
NP Growth (%)
NPM (%)
LP
50.88
283.4
35.8
TI Growth (%)
5.28
NP Growth (%)
27.18
NPM (%)
12.65
105
1,773.9
106.0
TI Growth (%)
NP Growth (%)
2.75
1,251.70
NPM (%)
5.98
Management Details
Chairman & Managing Director
Subhash Chand Aggarwal
Vice Chairman & Managing Director
Mahesh C. Gupta
Pradeep Aggarwal
Ajay Garg
Anurag Bansal
106
Advertorial
Research
Insurance
Wealth Management
Institutional Broking
Advertorial
CEO Speak
Views of Mr. Subhash C. Aggarwal on
the following:
1. Key emerging trends in the Indian
broking industry
Growing popularity of online trading,
launch of mobile and tablet trading,
introduction of newer contracts,
instruments
and
innovative
products like interest rate futures,
trading in VIX, launch of trading in
international indices, new types of
contracts in agri commodities and
international commodities are some
of the positive emerging trends that
are being seen in the Indian broking
industry. On the negative side,
reducing retail participation, reducing
brokerage, increasing transaction
cost and competition from low cost
brokerages are some of the trends
which are being seen affecting the
Indian brokerage industry.
2. Key delivery channels currently
used and emerging new channels
Currently, we have network of
regional offices, branches, franchises
and direct sales team apart from
online trading portal to reach out
to our customers. We have also
launched tablet trading and mobile
trading to reach out to the tech
savvy investors. We are constantly
working and spending a lot of
money in technology to refine and
develop and innovate our existing as
well as our new initiatives to reach
out to our customers. We have also
installed the state of art technology
to facilitate algorithmic trading and
high frequency trading in the most
efficient manner.
3. Impact of adopting multi-channel
delivery channels such as mobile
broking or e-commerce
By adopting multi-channel delivery
channels such as mobile broking or
e-commerce, we are able to cater all
kind of clients, be it general investor
or a tech savvy investor thus offering
wide choice of connectivity to the
investors under one roof i.e. online
trading as well as offline trading.
Secondly, we are able to offer very
competitive rate of brokerage and
excellent client service to our clients
as the amount saved on account of
the use of online trading platform
can be spent on providing quality
service to the clients.
107
D&B D-U-N-S
Service Offerings
D&B D-U-N-S
Service Offerings
108
997.2
(592.4)
50.41
LL
(59.41)
D&B D-U-N-S
Service Offerings
D&B D-U-N-S
Service Offerings
D&B D-U-N-S
Service Offerings
109
D&B D-U-N-S
Service Offerings
D&B D-U-N-S
Service Offerings
D&B D-U-N-S
Service Offerings
110
Asset Management
Companies
Alphabetical Listing
Company Name
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
113
Company Name
7,839.8
7,126.7
4,930.4
4,350.5
3,892.1
3,546.6
3,050.2
2,432.2
1,637.1
10
1,433.6
11
1,183.0
12
1,170.8
13
701.1
14
645.6
15
602.5
16
558.5
17
514.7
18
476.3
19
446.6
20
431.8
21
410.2
22
405.3
23
370.8
24
348.1
25
342.7
26
322.1
27
288.9
28
271.5
115
AAUM Listing
Company Name
*AAUM (` mn)
1,017,202.8
945,801.9
878,350.7
770,464.3
694,503.9
549,054.4
415,642.6
353,613.5
328,859.9
10
323,423.3
11
198,970.9
12
181,141.8
13
158,557.0
14
148,712.7
15
142,020.3
16
121,143.4
17
111,693.8
18
88,509.5
19
74,114.7
20
71,847.3
21
55,734.6
22
52,297.7
23
47,997.3
24
37,260.4
25
26,603.7
26
9,925.9
27
5,398.9
28
5,385.3
Note: * AAUM - Average Assets Under Management for the quarter ended March 2013
117
(63.4)
(10.52)
NPM (%)
Q1 AAUM (` mn)
87,587.4
Q2 AAUM (` mn)
104,903.1
Q3 AAUM (` mn)
105,503.9
Q4 AAUM (` mn)
121,143.4
873.1
20.07
NPM (%)
Q1 AAUM (` mn)
672,059.5
Q2 AAUM (` mn)
729,044.9
Q3 AAUM (` mn)
768,897.8
Q4 AAUM (` mn)
770,464.3
118
514.7
(15.7)
NPM (%)
(3.05)
Q1 AAUM (` mn)
45,620.4
Q2 AAUM (` mn)
38,419.9
Q3 AAUM (` mn)
32,163.4
Q4 AAUM (` mn)
37,260.4
558.5
135.5
24.26
NPM (%)
Q1 AAUM (` mn)
75,799.1
Q2 AAUM (` mn)
73,285.5
Q3 AAUM (` mn)
75,129.2
Q4 AAUM (` mn)
88,509.5
96.0
14.87
NPM (%)
Q1 AAUM (` mn)
138,524.5
Q2 AAUM (` mn)
168,070.4
Q3 AAUM (` mn)
180,373.6
Q4 AAUM (` mn)
181,141.8
2,432.2
573.8
23.59
Q1 AAUM (` mn)
300,017.6
Q2 AAUM (` mn)
302,273.3
Q3 AAUM (` mn)
308,376.0
Q4 AAUM (` mn)
323,423.3
119
3,546.6
897.1
25.30
NPM (%)
Q1 AAUM (` mn)
355,326.6
Q2 AAUM (` mn)
390,455.8
Q3 AAUM (` mn)
408,685.7
Q4 AAUM (` mn)
415,642.6
(294.1)
(61.75)
NPM (%)
Q1 AAUM (` mn)
43,126.8
Q2 AAUM (` mn)
43,042.0
Q3 AAUM (` mn)
47,857.6
Q4 AAUM (` mn)
47,997.3
120
7,839.8
3,187.5
NPM (%)
Q1 AAUM (` mn)
40.66
926,245.2
Q2 AAUM (` mn)
977,736.6
Q3 AAUM (` mn)
1,013,925.4
Q4 AAUM (` mn)
1,017,202.8
(212.2)
(49.13)
NPM (%)
Q1 AAUM (` mn)
45,538.8
Q2 AAUM (` mn)
49,916.8
Q3 AAUM (` mn)
53,466.6
Q4 AAUM (` mn)
52,297.7
3,892.1
1,102.0
28.31
NPM (%)
Q1 AAUM (` mn)
730,496.6
Q2 AAUM (` mn)
763,876.1
Q3 AAUM (` mn)
813,942.1
Q4 AAUM (` mn)
878,350.7
1,637.1
266.4
16.27
Q1 AAUM (` mn)
271,465.3
Q2 AAUM (` mn)
280,041.9
Q3 AAUM (` mn)
300,018.6
Q4 AAUM (` mn)
328,859.9
121
(287.2)
(77.44)
Q1 AAUM (` mn)
9,227.1
Q2 AAUM (` mn)
9,353.4
Q3 AAUM (` mn)
9,327.7
Q4 AAUM (` mn)
9,925.9
22.3
7.71
NPM (%)
Q1 AAUM (` mn)
58,119.4
Q2 AAUM (` mn)
56,237.3
Q3 AAUM (` mn)
74,669.0
Q4 AAUM (` mn)
74,114.7
122
405.3
(178.9)
(44.13)
52,808.0
Q2 AAUM (` mn)
89,888.2
Q3 AAUM (` mn)
132,997.0
Q4 AAUM (` mn)
158,557.0
1,170.8
34.7
2.96
NPM (%)
Q1 AAUM (` mn)
253,235.3
Q2 AAUM (` mn)
303,160.3
Q3 AAUM (` mn)
317,728.3
Q4 AAUM (` mn)
353,613.5
(584.9)
(170.69)
Q1 AAUM (` mn)
30,461.7
Q2 AAUM (` mn)
38,831.2
Q3 AAUM (` mn)
120,641.0
Q4 AAUM (` mn)
111,693.8
446.6
8.3
1.87
Q1 AAUM (` mn)
59,192.2
Q2 AAUM (` mn)
63,556.7
Q3 AAUM (` mn)
68,820.9
Q4 AAUM (` mn)
71,847.3
123
11.9
4.38
NPM (%)
Q1 AAUM (` mn)
4,639.0
Q2 AAUM (` mn)
5,008.8
Q3 AAUM (` mn)
5,269.9
Q4 AAUM (` mn)
5,399.0
(88.9)
(21.68)
NPM (%)
Q1 AAUM (` mn)
22,503.5
Q2 AAUM (` mn)
23,535.5
Q3 AAUM (` mn)
25,391.1
Q4 AAUM (` mn)
26,603.7
124
348.1
52.8
15.18
Q1 AAUM (` mn)
4,530.9
Q2 AAUM (` mn)
5,286.1
Q3 AAUM (` mn)
5,883.6
Q4 AAUM (` mn)
5,385.3
(112.1)
(34.82)
NPM (%)
Q1 AAUM (` mn)
46,603.4
Q2 AAUM (` mn)
47,705.1
Q3 AAUM (` mn)
49,554.5
Q4 AAUM (` mn)
55,734.6
7,126.7
1,975.4
27.72
NPM (%)
Q1 AAUM (` mn)
806,944.7
Q2 AAUM (` mn)
863,269.0
Q3 AAUM (` mn)
906,358.2
Q4 AAUM (` mn)
945,801.9
701.1
(49.5)
NPM (%)
(7.06)
Q1 AAUM (` mn)
109,583.2
Q2 AAUM (` mn)
126,555.0
Q3 AAUM (` mn)
140,248.3
Q4 AAUM (` mn)
142,020.3
125
3,050.2
856.8
28.09
NPM (%)
Q1 AAUM (` mn)
471,841.1
Q2 AAUM (` mn)
509,588.0
Q3 AAUM (` mn)
533,112.6
Q4 AAUM (` mn)
549,054.4
1,183.0
168.6
14.26
NPM (%)
Q1 AAUM (` mn)
132,284.1
Q2 AAUM (` mn)
136,688.8
Q3 AAUM (` mn)
145,948.8
Q4 AAUM (` mn)
148,712.7
126
1,433.6
154.3
10.77
Q1 AAUM (` mn)
207,537.8
Q2 AAUM (` mn)
202,474.9
Q3 AAUM (` mn)
197,417.3
Q4 AAUM (` mn)
198,970.9
4,930.4
1,489.0
NPM (%)
30.20
Q1 AAUM (` mn)
609,226.2
Q2 AAUM (` mn)
707,827.8
Q3 AAUM (` mn)
706,381.4
Q4 AAUM (` mn)
694,504.0
D&B D-U-N-S
Name of the Sponsor
D&B D-U-N-S
Name of the Sponsor
127
D&B D-U-N-S
Name of the Sponsor
D&B D-U-N-S
Name of the Sponsor
NPM (%)
Q1 AAUM (` mn)
Q2 AAUM (` mn)
Q3 AAUM (` mn)
Q4 AAUM (` mn)
D&B D-U-N-S
!
"
#
$
128
NPM (%)
Q1 AAUM (` mn)
Q2 AAUM (` mn)
Q3 AAUM (` mn)
Q4 AAUM (` mn)
Insurance
Life Insurance
General Insurance
Life Insurance
Alphabetical Listing
Company Name
Sectors
Private
Private
Private
Private
Private
Private
Private
Private
Private
10
Private
11
Private
12
Private
13
Private
14
Private
15
Private
16
Public
17
Private
18
Private
19
Private
20
Private
21
Private
22
Private
23
Private
24
Private
133
Company Name
3,263,954.3
200,378.1
149,373.1
138,978.8
103,110.6
80,902.8
72,744.6
59,866.7
42,111.7
10
37,389.8
11
32,163.9
12
27,228.1
13
23,896.2
14
22,790.4
15
19,625.6
16
13,593.5
17
10,191.2
18
9,205.1
19
8,347.5
20
7,888.3
21
4,937.2
22
2,786.6
23
2,675.0
24
982.4
135
137
Company Name
2,088,035.8
135,382.4
113,226.8
104,500.3
68,927.0
66,387.0
52,163.0
40,453.9
27,777.8
10
27,604.3
11
24,295.2
12
21,406.7
13
19,121.5
14
17,423.6
15
16,900.8
16
10,688.0
17
8,046.8
18
7,445.2
19
6,782.9
20
6,180.7
21
4,305.0
22
2,367.9
23
2,053.8
24
548.3
4,937.2
4,305.0
1,359.0
60.11
10,794.7
1.91
Solvency Ratio
27,228.1
21,406.7
6,874.0
58.56
78,899.9
4.23
Solvency Ratio
138
103,110.6
68,927.0
29,879.0
35.04
379,779.8
6.34
9,205.1
7,445.2
2,489.2
62.86
20,903.1
1.82
Solvency Ratio
72,744.6
52,163.0
18,365.1
70.72
227,793.3
2.67
Solvency Ratio
23,896.2
19,121.5
6,067.2
76.02
64,174.2
3.84
139
2,675.0
2,367.9
1,400.1
26.17
4,126.6
2.67
Solvency Ratio
982.4
548.3
473.3
22.43
AUM (` mn)
4,371.8
1.96
Solvency Ratio
140
8,347.5
6,782.9
2,404.3
28.51
20,902.1
4.17
138,978.8
113,226.8
44,360.7
64.65
401,078.3
2.17
Solvency Ratio
200,378.1
135,382.4
48,086.2
71.37
733,705.1
3.96
Solvency Ratio
10,191.2
8,046.8
3,451.4
33.28
28,764.8
4.90
141
19,625.6
16,900.8
13,164.2
37.63
38,486.1
4.20
Solvency Ratio
22,790.4
17,423.6
6,382.0
21.43
65,998.3
1.80
Solvency Ratio
142
37,389.8
27,777.8
11,881.0
59.29
108,616.6
5.21
3,263,954.3
2,088,035.8
766,115.0
3.13
14,029,914.2
1.54
Solvency Ratio
80,902.8
66,387.0
18,993.4
35.36
204,578.8
2.07
Solvency Ratio
32,163.9
24,295.2
8,400.8
54.69
99,253.5
2.93
143
59,866.7
40,453.9
13,765.7
41.72
181,977.1
4.29
Solvency Ratio
2,786.6
2,053.8
614.3
27.04
AUM (` mn)
11,121.9
5.78
Solvency Ratio
144
149,373.1
104,500.3
51,828.8
47.29
518,188.6
2.15
7,888.3
6,180.7
4,206.5
36.14
18,795.4
5.59
Solvency Ratio
13,593.5
10,688.0
7,448.0
53.33
36,842.2
3.46
Solvency Ratio
42,111.7
27,604.3
5,601.6
51.86
159,872.1
3.41
145
General Insurance
Alphabetical Listing
Company Name
Sector
Public
Private
Private
Private
Private
Public
Private
Private
Private
10
Private
11
Private
12
Private
13
Private
14
Public
15
Public
16
Public
17
Private
18
Private
19
Private
20
Private
21
Private
22
Private
23
Private
24
Private
25
Public
26
Private
Re-Insurer
Sr No
1
Company Name
Sector
Public
149
Company Name
123,291.7
95,809.5
91,141.5
72,536.7
46,000.1
34,087.2
18,831.7
17,855.1
16,357.0
10
15,936.0
11
14,554.9
12
14,119.7
13
13,379.1
14
12,698.4
15
12,066.0
16
10,075.2
17
8,444.4
18
5,297.4
19
4,853.5
20
4,024.4
21
2,946.4
22
1,490.3
23
1,427.8
24
334.8
25
332.1
26
266.7
Re-Insurer
Sr No
1
Company Name
General Insurance Corporation of India
151
Company Name
94,506.4
74,684.8
72,509.4
53,871.1
40,092.5
29,243.3
16,240.8
14,762.4
13,877.4
10
13,598.2
11
12,425.7
12
12,406.3
13
11,674.3
14
10,093.4
15
8,863.8
16
7,960.4
17
7,391.0
18
5,112.3
19
4,421.3
20
3,413.1
21
2,241.3
22
1,283.7
23
1,196.2
24
144.4
25
142.7
26
130.8
Re-Insurer
Sr No
1
Company Name
General Insurance Corporation of India
153
17,855.1
14,762.4
97.9
39,941.0
2.47
Solvency Ratio
4,853.5
4,421.3
59.25
5,387.5
1.77
Solvency Ratio
154
34,087.2
29,243.3
72.43
56,152.0
1.79
10,075.2
8,863.8
86.55
14,840.9
1.36
Solvency Ratio
13,379.1
11,674.3
77.12
17,261.5
1.42
Solvency Ratio
12,066.0
7,960.4
102.01
AUM (` mn)
Solvency Ratio
50,339.0
9.64
155
8,444.4
7,391.0
80.05
12,951.5
1.78
Solvency Ratio
164,049.2
133,217.9
82.13
261,320.4
2.39
Solvency Ratio
156
14,554.9
12,425.7
76.54
26,962.2
1.61
46,000.1
40,092.5
84.32
77,466.4
1.55
Solvency Ratio
18,831.7
16,240.8
76.69
31,174.2
1.43
Solvency Ratio
1,427.8
1,196.2
98.9
2,553.5
2.26
157
334.8
142.7
87.93
AUM (` mn)
2,729.0
11.44
Solvency Ratio
1,490.3
1,283.7
58.45
2,597.6
2.12
Solvency Ratio
158
95,809.5
74,684.8
85.57
131,061.8
1.5
123,291.7
94,506.4
86.16
178,825.5
2.5
D&B D-U-N-S
Product Offerings
D&B D-U-N-S
Product Offerings
159
Dr. A. K. Saxena
Chairman Cum Managing Director
D&B D-U-N-S 65-010-8491
Key Information
Product Offerings
Fire & Property, Motor, Health, Professional, Business, Industry Insurance
Performance for FY13
Total Income (` mn)
72,536.7
53,871.1
Chairman Cum MD
Dr. A.K. Saxena
81.54
105848.0
1.51
Motor Insurance
Directors
Mr. S.L. Bansal
Dr. N. Srinivasa Rao
Mrs. Kaushalya Roy
Mr. Vijay Garg
Mr. Amardeep Singh Bali
Mr. Kuldip Singh
Oriental House
160
Advertorial
Advertorial
CEO Speak
Views of Dr. A. K. Saxena on the
following:
1. Key emerging trends in the Indian
insurance industry
Indian insurance industry is poised
for a giant leap. The growth of
economy, growing middle class, rising
incomes have resulted in increased
demand for both life & non-life
insurance products. Health insurance
sector coupled with growth in the
automobile sector are likely to drive
the growth in the non life sector.
The credibility and rating of Indian
insurers are enabling them to get
good support in reinsurance market
worldwide. The enabling regulatory
environment and increased focus
of Indian government on financial
inclusion are assisting the industry
to increase its market reach. Product
innovation,
customer
centric
approach and new & innovative
distribution channels are likely to
shape the future of Indian insurance
industry.
2. Key delivery channels currently
used and emerging new channels
The individual agents continue
to be our key delivery channel
contributing about 58% to the
total premium. Besides this we have
brokers, bancassurance partners and
corporate agents that contribute
about 20% of the total premium.
The new emerging channels are
the e-commerce through web
portal, mobile insurance and web
aggregators. GoIs initiative CSCs
(common service centers) promises
to be very important distribution
tool. In fact we have already in place
web portal and mobile application
and are in process to sign MOU with
CSC.
3. Impact of adopting multi-channel
delivery channels such as mobile
insurance or e-commerce
The e-commerce channels are likely
to be great facilitator in future. The
beauty of these channels is that they
do not compete with the existing
channels but rather supplement their
efforts. In the remote corners of the
country they are the most effective
modes of delivery of insurance
products. Oriental already generates
more than ` 400 mn premium
through its web portal every year
and the target in the next two years
is to cross ` 1,000 mn. The web
aggregators are also emerging as the
key channel enabling the customers
to make informed choices.
161
332.1
144.4
62.87
AUM (` mn)
2,170.8
3.96
Solvency Ratio
16,357.0
13,598.2
92.72
32,578.0
1.62
Solvency Ratio
162
266.7
130.8
100.81
AUM (` mn)
1,612.9
Solvency Ratio
2.45
14,119.7
12,406.3
74.51
20,800.0
1.44
Solvency Ratio
2,946.4
2,241.3
79.95
10,080.7
3.2
Solvency Ratio
12,698.4
10,093.4
88.29
37,005.4
1.57
163
5,297.4
5,112.3
63.17
4,223.2
1.91
Solvency Ratio
15,936.0
13,877.4
69.8
24,352.1
1.61
Solvency Ratio
164
91,141.5
72,509.4
84.61
159,384.5
2.52
4,024.4
3,413.1
71.37
7,771.8
2.38
D&B D-U-N-S
Product Offerings
D&B D-U-N-S
Product Offerings
165
D&B D-U-N-S
Product Offerings
D&B D-U-N-S
Product Offerings
D&B D-U-N-S
Product Offerings
166
abbreviations - Products
ABBREVIATION
Term
CV
Commercial Vehicles
ELSS
ETF
FCCB
FCNR
HCV
LC
Letter of Credit
LCD
LCV
LDS
MCV
MF
Mutual Funds
MRTA
MUV
Multi-Utility Vehicle
NRNR
NRO
PMS
PV
Passenger Vehicles
RFC
TV
Television
ULIP
UV
Utility Vehicles
167
ABBREVIATION
Term
AAUM
ADR
AMC
ANBC
ATM
AuM
bn
Billion
BOLT
BOSS
BPO
CAR
CBS
C-DR
CRA
DP
Depository Participants
DSA
ECB
EPF
ESOP
EWS
EXIM
Export Import
F&O
FII
FIs
Financial Institutions
FPO
FTP
FXYCS
FY
Financial Year
GDR
168
ABBREVIATION
Term
Govt
Government
HLA
HNI
ICD
IPO
IRDP
ITeS
JEDS
JNNURM
JV
Joint Venture
M&A
MME
mn
Million
MoU
Memorandum Of Understanding
MSE
MSME
MW
Mega Watts
n.a.
Not Applicable
NA
Not Available
NBFC
NBFI
NCFM
NFO
NGO
Non-Governmental Organization
NPA
NPE
NPS
NRI
OEM
169
ABBREVIATION
Term
OLTAS
PE
Private Equity
PPP
PSU
QIP
R&D
RGGVY
RTGS
SBU
SC
Scheduled Caste
SCB
SDF
SENSEX
Sensitive Index
SFCs
SHG
SLR
SME
SNEHH
SPV
SSI
ST
Scheduled Tribes
STU
TEDF
UTs
Union Territories
WDM
WEDS
y-o-y
Year On Year
170
abbreviations - Institutions
ABBREVIATION
Institutions
AAAM Asia
ADAG
AMFI
BlackRock
BlackRock Inc.
CRISIL
DeAM Asia
DGCX
DIHPL
GoI
Government of India
HSCI
IPSTA
IRDA
ISO
JMFICS
MCX
MCX-SX
MoR
Minstry of Railways
NASD
NCDEX
NMCE
NMCEIL
OTCEI
RBI
RRB
S&P
SEB
SEBI
TSL
UTI
171
abbreviations
Abbreviations Month
Jan
January
Feb
February
Mar
March
Apr
April
Aug
August
Sep
September
Oct
October
Nov
November
Dec
December
Abbreviation
AP
Andhra Pradesh
DNH
HP
Himachal Pradesh
J&K
MP
Madhya Pradesh
NER
TN
Tamil Nadu
UP
Uttar Pradesh
WB
West Bengal
SAARC
UAE
US
United States
172
abbreviations - Institutions
173
abbreviations - Institutions
174
Index
Index
A
A. K. Capital Services Limited....................................................54
AB Bank Limited........................................................................16
Abu Dhabi Commercial Bank.....................................................16
Aditya Birla Finance Limited......................................................54
Aditya Birla Money Limited.......................................................96
Ad-Manum Finance Limited......................................................54
AEGON Religare Life Insurance Company Limited...................138
Agriculture Insurance Company of India Limited.....................154
Alankit Assignments Limited.....................................................96
Allahabad Bank.........................................................................16
Almondz Global Securities Limited............................................96
American Express Banking Corp................................................17
Anand Rathi Share and Stock Brokers Limited...........................97
Andhra Bank.............................................................................17
Andhra Pradesh State Financial Corporation.............................55
Antwerp Diamond Bank N.V......................................................17
Apollo Munich Health Insurance Company Limited.................154
Arihant Capital Markets Limited................................................97
Australia and New Zealand Banking Group Limited..................18
Aviva Life Insurance Company India Limited...........................138
Axis Asset Management Company Limited..............................118
Axis Bank Limited......................................................................18
C
Canara Bank..............................................................................22
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited...........................................................................139
175
Index
Central Depository Services (India) Limited................................58
Citibank N.A..............................................................................23
Corporation Bank......................................................................23
Dena Bank.................................................................................25
176
Index
IDBI Bank Limited......................................................................28
IDBI Capital Market Services Limited.......................................101
IDFC Limited..............................................................................65
IFCI Limited...............................................................................65
123
177
Index
Mashreq Bank...........................................................................32
Rabobank International.............................................................34
Raheja QBE General Insurance Company Limited....................162
Ratnabali Capital Markets Limited...........................................104
Ratnakar Bank Limited, The ......................................................35
P
Parag Shilpa Investments Limited..............................................77
Pilani Investment and Industries Corporation Limited...............77
Pioneer Investcorp Limited........................................................78
PNB Gilts Limited.......................................................................78
PNB Housing Finance Limited....................................................78
PNB MetLife India Insurance Company Limited.......................143
178
S
S. E. Investments Limited..........................................................81
Sahara India Life Insurance Company Limited.........................144
Sakthi Finance Limited..............................................................82
Satin Creditcare Network Limited..............................................82
SBI DFHI Limited........................................................................82
SBI Funds Management Private Limited..................................126
SBI General Insurance Company Limited.................................163
Index
SBI Life Insurance Company Limited........................................144
Shinhan Bank............................................................................35
SICOM Limited..........................................................................84
SIL Investments Limited.............................................................84
Small Industries Development Bank of India.............................84
SMC Global Securities Limited......................................... 106-107
Societe Generale.......................................................................36
South Indian Bank Limited, The . ..............................................36
Srei Infrastructure Finance Limited............................................85
Standard Chartered Bank..........................................................36
Standard Chartered Securities (India) Limited.........................108
Star Health and Allied Insurance Company Limited.................164
Star Union Dai-ichi Life Insurance Company Limited...............145
State Bank of Bikaner & Jaipur..................................................37
State Bank of Hyderabad...........................................................37
UCO Bank..................................................................................40
Ujjivan Financial Services Private Limited...................................88
Union Bank of India..................................................................40
United Bank of India.................................................................40
United India Insurance Company Limited................................164
Universal Sompo General Insurance Company Limited............165
Urban Infrastructure Venture Capital Limited............................88
UTI Asset Management Company Limited...............................127
V
Vijaya Bank................................................................................41
VLS Finance Limited..................................................................89
T
Tamilnad Mercantile Bank Limited . ..........................................39
Tamilnadu Industrial Investment Corporation Limited...............86
Tata AIA Life Insurance Company Limited................................145
179
Notes