Banking, financial services, and insurance (BFSI) is the industry’s umbrella term for companies that provide a range of such financial products or services.
This includes universal banks that provide a range of financial services or companies that operate in one or more of these financial sectors. BFSI comprises of commercial banks, insurance companies, non-banking financial companies, cooperatives, pension funds, mutual funds, and other smaller financial entities.
The Banking part of BFSI may include core banking, retail, private, corporate, investment, and cards. Financial services may include stock-broking, payment gateways, and mutual funds. Insurance covers both life insurance and general insurance.
This term is commonly used by information technology (IT), information technology-enabled services (ITES), business process outsourcing (BPO) companies, and technical/professional services firms that manage data processing, application testing, and software development activities in this domain.
List of 10 Companies:
- Bajaj Holdings and Investment Ltd.
- Bajaj Allianz Life Insurance Co. Ltd.
- Bajaj Finance Ltd.
- GIC Housing Finance Ltd.
- HDFC Bank Ltd.
- Housing Development Finance Corporations Ltd. (HDFC Ltd.)
- ICICI Bank Ltd.
- ICICI Prudential Life Insurance Company Ltd.
- Life Insurance Corporation of India
- State Bank of India (SBI)
1. Bajaj Holdings and Investment Ltd.
It is one of the Top 10 BFSI Companies in India. The company focuses on earning income through dividends, interest, and gains on investments held. The company’s other equities portfolio is a combination of listed and unlisted investments. BHIL invests in equities based on the company’s views of returns from public equity markets, as well as opportunities in the private equity space.
2. Bajaj Allianz Life Insurance Co. Ltd.
The insurance company is a joint venture between Bajaj Finserv Limited (formerly part of Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE. Being one of the private insurance companies in India, it offers insurance products for financial planning and security. The company offers a range of insurance services, operating through participating, Non-Participating, and Linked segments. It is one of the Top 10 BFSI Companies in India.
3. Bajaj Finance Ltd.
The company was founded by Sriniwash Chaudhry Bajaj. It is headquartered in Pune, Maharashtra.
Bajaj Finance’s main products are Fixed Deposits, Mutual Funds, and Landing.
Its various subsidiaries are Bajaj Financial Services Ltd and Bajaj Housing Finance Ltd.
Bajaj Finance is dealing in commercial lending, consumer finance, SME, and wealth management. It is one of the Top 10 BFSI Companies in India.
4. GIC Housing Finance Ltd.
The company was incorporated under the name ‘GIC Grih Vitta Limited’. The company started its operations in 8 locations. The company launched the Employee and Builder Scheme Housing Scheme.
GIC Housing Finance Ltd. is a subsidiary of General Insurance Corporation of India. The company is engaged in the housing finance activity. They operate in the retail loan segment. They provide loans to individuals and to persons or entities engaged in the construction of houses or flats for residential purposes.
The company was promoted by General Insurance Corporation of India and their erstwhile subsidiaries namely National Insurance Company Ltd. The New India Assurance Company Ltd., The Oriental Insurance Company Ltd., and United India Insurance Company Ltd. together with erstwhile ICICI, IFCI, HDFC, and SBI all of them contributing to the initial share capital.
5. HDFC Bank Ltd.
The Bank was Incorporated on 30th August. A new private sector Bank promoted by Housing Development Corporation Ltd. (HDFC), a premier housing finance company. The bank is the first of its kind to receive an in-principle approval from the RBI for the establishment of a bank in the private sector. Certificate of Commencement of Business was received on 10th October 1994 from RBI. The Bank transacts both traditional commercial banking as well as investment banking. HDFC, the promoter of the bank has entered into an agreement with National Westminster Bank Pc. and its subsidiaries. (NatWest Group) for subscribing to 20% of the bank’s issued capital and providing technical assistance in relation to the bank’s proposed banking business.
6. Housing Development Finance Corporations Ltd. (HDFC Ltd.)
Housing Development Finance Corporation Limited (HDFC) is an Indian financial services company based in Mumbai. It is a major housing finance provider in India.
It also has a presence in banking, life and general insurance, asset management, venture capital, realty, education, deposits, and education loans. HDFC was promoted by the Industrial Credit and Investment Corporation of India (ICICI). Hasmukhbhai Parekh played a key role in the foundation of this company which started with the main aim of solving the housing shortage in India and started rising steadily thereafter.
The company provides housing finance to individuals and corporations for the purchase/construction of residential houses. The type of loans offered by the company includes loans for the purchase and construction of residential units, purchase of land, home improvement loans, home extension loans, non-residential premise loans for professionals, and loans against property and repayment options including step-up repayment facility and flexible loan installment plan. It is one of the largest providers of housing loans in India.
7. ICICI Bank Ltd.
ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Vadodara. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital, and asset management. ICICI Bank was established by the Industrial Credit and Investment Corporation of India (ICICI). Also, ICICI Bank launched Internet Banking operations.
8. ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential Life Insurance Company Limited is a life insurance company in India. It was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in the life insurance and asset management business. In 2016, the firm became the first insurance company in India to be listed on the domestic stock exchanges. ICICI Prudential Life Insurance started its operations in 2001. The life insurance arm was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited with assets under management (AUM) of approximately ₹100 crore. ICICI Prudential Life became the first insurance company to be listed in the Indian stock market, namely the Bombay Stock Exchange, and National Stock Exchange.
9. Life Insurance Corporation of India.
Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment corporation headquartered in the city of Mumbai, India. It is under the ownership of the Government of India.
The Life Insurance Corporation of India was established on 1st September 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.
10. State Bank of India (SBI)
State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector Banking, and Financial services statutory body headquartered in Mumbai.
The rich heritage and legacy of over 200 years, accredit SBI as the most trusted bank by Indians through generations.
The bank has successfully diversified businesses through its various subsidiaries i.e. SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its presence globally and operates across time zones through 229 offices in 31 foreign countries.
FAQs:
What are BFSI companies?
Bajaj Holdings and Investment Ltd.Bajaj Allianz Life Insurance Co. Ltd.Bajaj Finance Ltd.GIC Housing Finance Ltd.HDFC Bank Ltd.Housing Development Finance Corporations Ltd. (HDFC Ltd.)ICICI Bank Ltd.ICICI Prudential Life Insurance Company Ltd.
How many BFSI companies are there in India?
More than 400 companies are there in India.
What all comes under the BFSI sector?
BFSI comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pension funds, mutual funds, and other smaller financial entities. The Banking part of BFSI may include core banking, retail, private, corporate, investment, and cards.
What is BFSI in TCS?
TCS provides end-to-end Banking and Financial Services (BFS) across corporate banking, capital markets, and consumer banking value chain. We partner with BFS companies to design, enable, and execute business operations to drive customer value.
What is the BFSI industry in India?
Banking, financial services, and insurance (BFSI) is the industry’s umbrella term for companies that provide a range of such financial products or services. This includes universal banks that provide a range of financial services or companies that operate in one or more of these financial sectors.
