Top 10 Finance Companies in India
The financial system has a significant impact on the economy, with financial service companies being accountable for the nation's healthy economic growth. When establishing a nation's financial system, there must be a direct link between the regulatory agencies and the intermediate institutions.
Insurance, home financing, mutual funds, credit bureaus, debt recovery, stockbroking, financial analysis, and investment consulting are some of the financial services offered by finance businesses.
Here is the list of the top ten financial services companies in India.
1. Bajaj Finance Limited
Bajaj Finance Ltd is a significant NBFC and one of India's top ten finance businesses. Pune is the Company's headquarters. The business of the Company is lending and related activities. Company deals with a variety of sectors, including wholesale and retail deposits. It is involved in both medium and small-sized company financing (SME). Some of their services include rural and commercial lending, fixed deposits, Consumer loans, value-added services, and other financial services. It works in the distribution of life insurance, general insurance, and mutual funds, among other things.
Bajaj Auto Finance Limited was established on March 25, 1987, as a non-banking financial enterprise specializing in two- and three-wheeler financing. The firm entered the consumer durables lending market around the end of the century and began issuing small-size loans at zero interest rates. Bajaj Auto Finance expanded into company and property loans in the years. It has over 33,000 distribution sites and 294 consumer branches, and 497 rural outlets.
2. Cholamandalam Investment & Finance Co Ltd
In 1978, Cholamandalam Investment and Finance Company was established. It has 1029 branches around the country and is headquartered in Chennai. It is one of India's top ten finance businesses. Vehicle financing, house loans and corporate mortgage loans, small and medium enterprises (SME) loans, investment advisory services, stockbroking, and a variety of other financial services are among the services provided by the Company.
Chola started its firm as an equipment financing company. However, it later expanded itself into various domains like house loans, stockbroking, investment advisory service, financing, home equity loans, etc. Chola also provides other financial services. It has now transformed into a full-service financial company.
Chola's mission is to help clients live better lives. The firm has maintained a clear vision of its ideals from its foundation and throughout its expansion. These principles are based on a strong commitment to ethics and a duty to all those who come into contact with the Company - customers, shareholders, workers, and society. Chola has a growing customer base of over 8 lakh satisfied clients throughout the country.
BOARD OF DIRECTORS
Mr. VellayanSubbiah - Chairman & Non-Executive Director
Mr. Ashok Kumar Barat - Independent Director
Mr. N Rajesh Rajan - Independent Director
Ms. Bhama Krishnamurthy - Independent Director
Mr. RohanVerma - Independent Director
Mr. M A M Arunachalam - Non-Executive Director
Mr. Anand Kumar - Independent Director
Mr. BharathVasudevan - Independent Director
Mr. Ravindra Kumar Kundu - Executive Director
3. Ebix Cash World Money India Ltd (Weizmann Forex)
In 1985, Ebix Cash World Money India Ltd was established. The firm provides foreign exchange (FX) services. EBIXCASH World Money India Ltd, a subsidiary of EbixCash World Money Limited, was founded in 1985 and is a prominent Foreign Exchange Services Company headquartered in Mumbai, India. Previously known as Weizmann Forex Limited, EbixCash World Money Limited purchased the Company in 2019, and it was renamed EBIXCASH World Money India Ltd on January 1, 2020. They provide a variety of services to their customers. Some of them include integrated financial solutions for businesses and retail clients. Their other services are gift cards, remittances, travel assurance, prepaid cards, and foreign exchange services.
The firm has grown by leaps and bounds in these 34 years, hitting new milestones and setting new benchmarks, thanks to the desire to develop and a hardworking leadership team dedicated to achieving that ambition. Its brand advantage is its capacity to recognize, adapt, and adopt evolving technology while focusing on the foundations and core capabilities.
4. Housing Development Finance Corporation Ltd (HDFC)
Housing Development Financing Corporation Limited, or HDFC, is a Mumbai-based finance company that ranks among the top ten in India. It was founded as India's first private sector life insurance business. It is one of the major finance companies in India which provides a variety of services to its customers. Education loans, banking, asset management, venture capital, general insurance, and other services. It was one of India's earliest specialist mortgage firms.
HDFC Asset Management Company began offering mutual fund products in 2000. The Insurance Regulatory and Development Authority of India (IRDA) registered HDFC Standard Life Insurance as India's first private sector life insurance firm in the same year. It has operations in Saudi Arabia, India, Qatar, Oman, Singapore, Kuwait, the United Arab Emirates, and the United Kingdom. And serves as one of India's major home loan providers.
Through its subsidiary HDFC Standard Life Insurance Firm Limited, the Company has offered life insurance since 2000. There are 33 individual goods and eight group products available. It takes advantage of the HDFC group's network to cross-sell tailored goods. It employs 451 people in 451 offices across India, serving 965 locations. As of September 30, 2013, it has a 4.6 percent market share in India's life insurance sector. HDFC Life employs nearly 15,000 people.
5. L&T Infrastructure Finance Co Ltd
L&T Infrastructure Finance Company Ltd is based in Mumbai, Maharashtra, created in 2006. The firm provides financial services. L & T provides services to its customers like financial counseling, house equipment, two-wheelers, supply chain, infrastructure, etc. Apart from these services, it also provides microloans, wealth management guidance, and other financial counseling services to its customers. Project financing is one of the Company's services in electricity, telecommunications, highways, water, oil, and gas.
The Company, founded in 2008 and based in Mumbai, provides a wide variety of financial products and services in rural, housing, and infrastructure finance. In addition, it provides investment management services.
The business after an agreement sold its wholly-owned subsidiary L&T Investment Management (LTIM) to HSBC Asset Management India (HSBC AMC) for USD 425 million. The L&T Mutual Fund's investment manager is LTIM.Until the deal L&T Finance Holdings was entitled to surplus funds in LTIM.
According to L&T Finance Holdings, the disposal of the mutual fund business has been done with its strategic aim of unlocking value from its subsidiaries and improving its balance sheet.
L&T Finance Holdings is a non-banking financial company that is one of India's most valued and quickly developing (NBFCs). In the rural, housing, and infrastructure financing sectors, the company offers various financial products and services. In addition, it offers asset management services.
6. LIC Housing Finance Ltd
LIC Housing Finance Ltd was established in 1989. Mortgage loans and house loans are among the Company's offerings. It is one of India's top ten financial firms, offering financing for flat refurbishment, acquisition, and building, among other things. It also helps to fund the development of commercial space.
Since January 2019, the LIC of India has become a supporter and controller of IDBI Bank Ltd. The firm is well-known for offering long-term finance to those in the endeavor of building houses or flats for residential usage. The Company's central objective is to provide long-term financing to individuals to purchase or build residential houses or flats; it also provides funding for repairing and refurbishing living flats and houses.
7. Mahindra & Mahindra Financial Services Ltd
Mahindra & Mahindra Financial Services Ltd is based in Mumbai, India, formed in 1991. The Company caters to the financial requirements of Indians living in rural and semi-urban areas. The Company offers a variety of retail goods and services, including commercial and personal car finance, tractors, small and medium business (SME) loans, and other financial products. Mutual funds, term deposit plans, and personal loans are also available through the Company. It is one of India's top ten financial institutions.
Mahindra Finance was founded on January 1, 1991, as Maxi Motors Financial Services Limited. In 2002, the firm began financing non-M&M automobiles, and in 2009, it expanded into commercial vehicles and construction equipment finance. In 2011, they formed a joint venture for tractor financing in the United States with a Rabobank affiliate. They consolidated their product line by incorporating small and medium businesses (SME) finance. Mahindra Mutual Fund's Investment Manager is Mahindra AMC Pvt Ltd.
Mahindra Mutual Fund aims to provide a diverse range of mutual fund plans across India, emphasizing rural and semi-urban areas. From Rs. 46.6 crores in 2011-12 to Rs. 86.3 crores in 2012-13, the income climbed by 85 percent through Company's brokerage insurance business. MIBL formed a strategic collaboration with LeapFrog Investments, the world's largest investor in underserved insurance, throughout the year. LeapFrog bought a 15% stake in MIBL for Rs. 80.4 crores through its subsidiary firm, Inclusion Resources Private Limited.
8. Muthoot Finance Ltd
Muthoot Finance Ltd is based in Kochi, India, established in 1939. The Company's business is to provide loans (finance) against gold jewelry as collateral. Financing and Power Generation are the two segments in which the Company works. The Company generally provides personal and Company loans (secured by gold jewelry) to persons who do not have access to formal credit for a fair period to satisfy their short-term working capital needs. In India, the Company has a branch network of around 4,294 locations.
The Muthoot Finance Private Limited was formed as a private limited company under the Companies Act on March 14, 1997, "The Muthoot Finance Private Limited". The corporation is also involved in several philanthropic efforts, including the M George Foundation, which focuses on education, the environment, health, financial help, and environmental friendliness. Muthoot Finance's charitable initiatives are coordinated through the Muthoot M George Foundation, which organizes tree-planting drives and provides scholarships to deserving students every month. In addition, the firm hosts regular agricultural seminars called "EnteAdukkalathottum" ("My Kitchen Garden"), in which farmers are educated on the consequences of pesticide residues in food and how to avoid them for a healthy lifestyle. In addition, the firm hosts regular agricultural seminars called "EnteAdukkalathottum" ("My Kitchen Garden"), in which farmers are educated on the consequences of pesticide residues in food and how to avoid them for a healthy lifestyle. It has also been actively involved in assisting cancer patients and others who have been diagnosed with renal disease by covering medical costs. The corporation manages the Kochi Chapter of the "Horn Not Ok Please" program, promoting awareness about traffic noise pollution's adverse impacts.
9. Power Finance Corporation Ltd
The Power Finance Corporation Ltd was founded in 1986 and is established in New Delhi. The Company's forthright trade is to give financial aid to the electricity industry. Interest on loans and income from different services are two of the Company's principal products/services. PFC Consulting Ltd, PFC Green Energy Ltd, and PFC Capital Advisory Services Ltd are some of the Company's subsidiaries. The government of India owns the entire corporation.
The Indian government authorized PFC's acquisition of REC on December 6, 2018. The deal was finalized on March 28, 2019, with PFC paying the government of India around Rs. Fourteen thousand five hundred crores for the 52.63 percent ownership.
Ravinder Singh Dhillon, the corporation's chairman and managing director is now in charge. Commercial, Projects Division, and Finance & Financial Operations Division are the three branches of the organization, each led by a Functional Director. Credit evaluation and classification of borrower businesses are handled by the Commercial Division, as are power sector reforms, review, and analysis. The Projects Division is in charge of overseeing operations in several states and project evaluation. PFC is a lean business. As of March 31, 2019, there were around 500 workers.
It has recently begun to fund various infrastructure projects with backward links to the power industry, such as coal mine development, fuel transportation, oil and gas pipelines, etc.
10. Tata Capital Financial Service Ltd
Tata Capital Financial Services Ltd is a Tata Capital Ltd subsidiary. The Company provides a variety of services to its customers. Some are wealth management counseling, consumer loans, commercial and infrastructure financing, and other financial services. They entertain diverse groups of clients, including corporate clients, retail clients, and institutions. It is one of India's top ten financial organizations. The headquarters of the Company are in Mumbai, Maharashtra.
Tata Capital was founded in 2007 as a subsidiary of Tata Sons Limited. It is the financial services division of the Tata Group, which has a market capitalization of USD 108 billion. Tata Capital Financial Services Limited (TCFSL), Tata Securities Limited, and Tata Capital Housing Finance Limited are all part of it.