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Tag: ICICI Bank

  • Banking on Dreams: How ICICI Bank Redefined Financial Success

     Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. 

    ICICI Bank is one of India’s leading private-sector banks, offering a wide range of financial products and services to individuals, businesses and corporations.

    With a robust presence across the country and a growing international footprint, ICICI Bank has consistently leveraged advanced technology to drive its banking operations.

    As it continues to evolve, the bank remains dedicated to enhancing customer experience, maintaining operational efficiency and embracing future-forward banking solutions.

    In this Startuptalky article, we will explore ICICI Bank’s journey, innovations and future prospects.

    ICICI Bank Limited – Company Highlights

    Name ICICI Bank Limited
    Headquarters Mumbai
    Sector Private Sector Bank
    Founder Industrial Credit and Investment Corp of India
    Founded 1994
    Website www.icicibank.com

    ICICI Bank Limited – About
    ICICI Bank Limited – Industry 
    ICICI Bank Limited – Founders and Team
    ICICI Bank Limited – Startup Story
    ICICI Bank Limited – Mission and Vision
    ICICI Bank Limited – Name, Tagline and Logo
    ICICI Bank Limited – Business Model
    ICICI Bank Limited – Revenue Model
    ICICI Bank Limited – Challenges Faced
    ICICI Bank Limited – Funding and Investors
    ICICI Bank Limited – Investments
    ICICI Bank Limited – Mergers and Acquisitions
    ICICI Bank Limited – Mergers and Acquisitions
    ICICI Bank Limited – Financials
    ICICI Bank Limited – Advertisements and Social Media Campaigns
    ICICI Bank Limited – Awards and Achievements
    ICICI Bank Limited – Competitors
    ICICI Bank Limited – Future Plans

    ICICI Bank Limited – About

    ICICI Bank Limited, based in Mumbai and registered in Vadodara, is one of India’s leading banks. It serves both businesses and individuals with a variety of financial services, including investment banking, insurance (life and non-life), venture capital and asset management. These services are delivered through its branches, ATMs and specialized subsidiaries.

    The bank operates an extensive network of 6,613 branches and 16,120 ATMs across India, making it easily accessible. It also has an international footprint, with operations in 11 countries.

    ICICI Bank Limited – Industry 

    The Indian banking system has made remarkable progress since 2016. By 2022, the total assets in the sector had grown to $2.67 trillion. Between FY16 and FY22, credit saw a modest compound annual growth rate (CAGR) of 0.62%, while deposits expanded at a strong CAGR of 10.92%, reaching $2.12 trillion.

    Public sector banks held a significant share of the total banking assets, accounting for 59.53%, which includes assets from public, private and foreign banks. In 2024, public banks generated $128.1 billion in interest income, while private banks contributed $95.7 billion in interest income, highlighting the sector’s consistent growth and robust performance.

    ICICI Bank Limited – Founders and Team

    ​ICICI Bank was established in 1994 as a wholly-owned subsidiary of ICICI Ltd., which was founded in 1955 through a collaboration between the World Bank, the Government of India, and Indian industry leaders. Sir Arcot Ramasamy Mudaliar, a distinguished Indian statesman, served as the first Chairman of ICICI Ltd., laying the foundation for the institution’s future growth.

    Sandeep Bakhshi – Managing Director and CEO

    Sandeep Bakhshi - Managing Director and CEO
    Sandeep Bakhshi – Managing Director and CEO

    Sandeep Bakhshi has been leading ICICI Bank as Managing Director and CEO since October 15, 2018. Before stepping into this role, he served as a Whole-Time Director and Chief Operating Officer (COO) of the bank.

    A seasoned professional with ICICI Group since 1986, Mr. Bakhshi has taken on various leadership roles across its subsidiaries, including ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance. Notably, he was the MD & CEO of ICICI Prudential Life Insurance from 2010 to 2018 and ICICI Lombard General Insurance from 2002 onwards.

    Growing up in a defense family, Mr. Bakhshi had the opportunity to study in schools and colleges across India. He later completed his management education at XLRI Jamshedpur, setting the foundation for his long and accomplished career.

    ICICI Bank Limited – Startup Story

    ICICI Bank was founded in 1994 as part of the ICICI Group, which has a rich history dating back to 1955. The Industrial Credit and Investment Corporation of India (ICICI) was established in 1955 as a joint initiative by the World Bank, the Government of India and Indian public-sector banks and insurance companies. Its primary goal was to support Indian businesses by offering medium- and long-term project financing.

    For decades, ICICI focused on funding industrial projects, but the financial sector liberalization in the 1990s marked a turning point. The institution evolved from a development-focused financial entity into a diversified provider of financial services. Through its subsidiaries and group companies, it began offering a broad range of products to cater to the growing and varied needs of businesses and individuals.

    ICICI Bank, created as part of this transformation, rapidly grew to become a key player in India’s banking sector. In 1999, ICICI made history by becoming the first Indian company—and the first non-Japanese Asian bank or financial institution—to be listed on the New York Stock Exchange (NYSE), solidifying its position on the global stage.

    ICICI Bank Limited – Mission and Vision

    Mission

    ICICI Bank is dedicated to offering practical financial solutions that make a real difference for its customers. With a focus on financial stability, ethical practices and delivering quality products.

    Vision

    It’s focus is on building trust through a customer-first approach, driving innovation and always staying true to its core values.

    ICICI stands for Industrial Credit and Investment Corporation of India and has its roots as a government-established institution. Over the years, it has grown into one of India’s leading private sector banks.

    The bank’s logo reflects simplicity and clarity, combining geometric shapes with text to create a professional and approachable design.

    ICICI Bank - Logo
    ICICI Bank – Logo

    Taglines

    • Primary Tagline: “Leading the way in banking innovation”
    • Other Tagline: “Hum Hai Na” (We are here for you)

    ICICI Bank Limited – Business Model

    Whether it’s savings accounts, fixed deposits, personal or home loans, credit cards, or wealth management, there’s something for everyone. For businesses, the bank offers specialized services like trade finance, treasury management and corporate lending, making it a go-to partner for individuals and companies alike. This variety reflects ICICI Bank’s focus on serving a broad customer base with dedication and care.

    ICICI Bank Limited – Revenue Model

    By offering a wide range of products, including retail banking, corporate banking and treasury services, ICICI Bank caters to a broad audience. Its focus on digital banking and value-added services boosts non-interest income, which plays a big role in enhancing profitability. This balanced approach not only drives growth but also helps maintain a loyal and growing customer base.

    ICICI Bank Limited – Challenges Faced

    Credit Risk

    Volatile markets and rising interest rates impacted customers’ financial stability. ICICI Bank tackled this through strong risk management practices across all business areas. Regular reviews, stress testing and maintaining robust capital and liquidity positions—well above regulatory requirements—helped mitigate these risks.

    Market and Liquidity Risk

    Tight monetary policies, reduced liquidity from central banks and fluctuating exchange rates created hurdles. The Bank countered these challenges with well-defined policies, frequent reviews by the Board and committees and a focus on asset-liability management. Strengthening the Bank’s liability franchise was a strategic priority.

    Cyber Risk

    With increasing digitization, the threat of cyberattacks and security vulnerabilities grew, especially through third-party partnerships. ICICI Bank invested heavily in resilience, data privacy and data loss prevention. Thanks to these efforts, no significant security breaches or data losses occurred in fiscal 2023.

    Technology Risk

    As digital transactions and customer reliance on them rose, ensuring system availability and scalability became critical. ICICI Bank made proactive technology investments and maintained robust governance frameworks. Board-level oversight ensured alignment between IT and business strategies. The Bank’s IT systems remained stable and uninterrupted throughout fiscal 2023.

    ICICI Bank Limited – Funding and Investors

    ICICI Bank primarily raises funds through deposits, debt instruments and equity capital, leveraging its robust financial position to fuel growth. The bank’s key investors include institutional investors, mutual funds and foreign portfolio investors, reflecting strong market confidence in its operations.

    Announced Date Transaction Name Money Raised Lead Investors
    Oct 3, 2023 Post IPO – Debt INR 40 crore —
    Dec 12, 2022 Post IPO – Debt INR 50 crore —
    Dec 17, 2021 Post IPO – Debt INR 50 crore —
    Aug 18, 2020 Post IPO – Equity INR 150 crore People’s Bank of China

    ICICI Bank Limited – Investments

    ICICI Bank strategically invests in technology, digital transformation and innovative financial solutions to enhance customer experience and drive sustainable growth.

    Announced Date Organization Name Funding Round Money Raised
    April 16, 2024 GPS Renewables Debt Financing INR 4.1 crore
    Sept 22, 2023 Quantum CorpHealth Corporate Round INR 50 lakh
    Jul 25, 2023 Auxilo Venture Round INR 4.7 lakh
    May 5, 2023 PropertyPistol Series A INR 5.5 lakh
    Apr 29, 2023 Affordmed Debt Financing INR 14 lakh
    Feb 15, 2023 Mufin Green Finance Post IPO Debt INR 5.3 lakh
    Feb 6, 2023 SatSure Series A —
    Jan 31, 2023 SwirePay Seed Round INR 1 lakh
    Jan 11, 2023 LEAD Debt Financing INR 1.6 crore
    Oct 17, 2022 Snapmint Debt Financing INR 10.5 lakh

    ICICI Bank Limited – Mergers and Acquisitions

    ICICI Bank has pursued strategic mergers and acquisitions, such as its merger with Bank of Rajasthan in 2010, to expand its market presence and strengthen its financial services portfolio.

    Acquisition Date Acquiree Name Price Current Acquirers
    Aug 12, 2010 Bank of Rajasthan — —
    Sept 12, 2011 i-Process — ICICI Bank
    Mar 23 , 2024 Trident Microfin $15M ICICI Bank, HDFC Bank, Indian Overseas Bank, Bank of India, Axis Bank, Union Bank of India

    ICICI Bank Limited – Financials

    ICICI Bank Financials Consolidated FY24 (INR crore) FY23 (INR crore)
    Total Income 236,037.73 186,178.80
    Total Expenditure 191,030.98 151,715.77
    Net Profit/Loss 45,006.74 34,463.03
    ICICI Bank Financials
    ICICI Bank Financials

    ICICI Bank Limited – Advertisements and Social Media Campaigns

    iMobile Pay with Anil Kapoor

    iMobile Pay with Anil Kapoor

    ICICI Bank launched a witty and relatable campaign highlighting the ease of making UPI payments with its iMobile Pay app. The campaign features a film starring Anil Kapoor, who cleverly demonstrates the app’s utility during a playful interaction.

    In the story, Kapoor’s bike tyre bursts, leading him to a shop for repairs. The enthusiastic shopkeeper insists on upfront payment, leaving Kapoor seemingly in a fix as he only has his phone. To everyone’s surprise, Kapoor effortlessly pays using the iMobile Pay app, showcasing how the app simplifies everyday transactions. The film concludes with a humorous twist, as Kapoor demands a payment from the shopkeeper before sharing the secret to his fitness.

    This engaging campaign emphasizes convenience and showcases the seamless functionality of iMobile Pay in a memorable and fun way.

    The Bench – Solving Space Crunch, Creatively

    In a country where personal space is often a luxury, ICICI Bank introduced an innovative concept called The Bench, a smart bench that automatically expands to accommodate more people when fully occupied.

    Placed in high-traffic areas like R City Mall and select ICICI Bank branches, The Bench addresses the challenge of overcrowding in public spaces with a touch of ingenuity. By expanding as needed, it becomes a symbol of inclusivity and adaptability, resonating with the bank’s values of serving all without limits.

    This initiative isn’t just about providing a seat; it’s about sparking conversations on solving real-world problems with creativity. It also reflects ICICI Bank’s commitment to innovation, not just in banking but in creating a better everyday experience.

    ICICI Bank Limited – Awards and Achievements

    Retail Banking

    • Best Retail Bank in India – Won at the Asian Banker Excellence in Retail Financial Services International Awards for nine consecutive years.
    • Best Retail Bank – India – Awarded at the Retail Banker International Asia Trailblazer Awards 2019.

    Technology

    • Excellence in Technology – Won at The Signature Awards London 2022.
    • Best Use of IT & Data Analytics – Awarded at the Indian Banks’ Association (IBA) Banking Technology Awards 2021.
    • Best Fintech Adoption – Won at the IBA Banking Technology Awards 2021.

    Financial Services

    • Best Banking & Finance Legal Team of the Year
    • Award for Consistent Excellence – Presented by Global Custodian, a publication covering international securities services.
    • Best in Talent & Workforce Management – Awarded at the Business Today Annual Awards.

    Workplace Recognition

    • Recognized as India’s Coolest Workplace by Business Today magazine.

    ICICI Bank Limited – Competitors

    The following competitors operate across similar segments as ICICI Bank, such as retail banking, corporate banking and technology-driven services, creating a highly competitive landscape in the Indian banking industry, such as:

    ICICI Bank Limited – Future Plans

    • Tackling Revenue Fluctuations – Financially, ICICI Bank is projecting a slight decline in revenue, forecasted to decrease at a rate of 2% annually. However, the bank expects its earnings to grow at a steady pace of 8.5% per year, with earnings per share (EPS) also rising by 8.1% annually. The return on equity (ROE) is anticipated to reach an impressive 16.6% over the next three years. Overall, while revenue may see a slight dip, ICICI Bank’s focus on digital innovation, retail banking expansion and international diversification, combined with strong risk management practices, is expected to drive sustainable profitability and improve shareholder returns in the long term.
    • Impending Digital Transformation – One of the key priorities is digital transformation, with a focus on investing in technology to enhance the customer experience. The bank plans to digitize its underwriting process, enabling instant loan approvals for customers.
    • Retail banking offerings – In terms of international expansion, the bank is exploring opportunities to diversify its revenue streams by entering global markets. To complement these growth initiatives, ICICI Bank is committed to strengthening its risk management practices, ensuring financial stability with a strong balance sheet, prudent provisioning and healthy capital levels.

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    FAQs

    What is ICICI Bank?

    ICICI Bank is a leading private sector bank in India that offers a wide range of banking and financial services. It was established in 1994 by the Industrial Credit and Investment Corporation of India (ICICI). 

    Who is the CEO of ICICI Bank?

    Mr. Sandeep Bakshi is the CEO of ICICI Bank.

    What is the full form of ICICI ?

    ICICI stands for Industrial Credit and Investment Corporation of India.

  • Vishakha Mulye: A Transformational Journey of ABCL’s First Women Director

    Vishakha Mulye is a trailblazer in India’s financial sector. She has reached here with her transformative impact on the financial services industry, leadership, and strategic vision. Mulye has shattered glass ceilings for women in business. She is the first woman to join the Aditya Birla Management Corporation board. She has been on a roll of tremendous achievements since she started her career. She has come a long way from being a Chartered Accountant to becoming the CEO of Aditya Birla Capital. She is known for driving the company to grow, being digital and customer-first.

    This StartupTalker story explores Vishakha Mulye’s leadership journey, which has led her to where she is today. We’ll examine how she built her legacy at ICICI Bank and discuss how she managed and transformed ABC into a tech-driven powerhouse.

    Vishakha Mulye’s story is one of resilience, a reputation for excellence, and vision. In this article, we will learn about her achievements, net worth, controversies, interesting facts, and more.

    Vishakha Mulye – Biography

    Name Vishakha Mulye
    Education Chartered Accountant
    Position CEO, Aditya Birla Capital
    Net worth $96 million
    Website Adityabirlacapital.com

    Vishakha Mulye – Career
    Vishakha Mulye – Aditya Birla
    Vishakha Mulye – Controversies
    Vishakha Mulye – Awards and Recognitions
    Vishakha Mulye – Interesting Facts

    Vishakha Mulye – Career

    Vishakha Mulye’s stellar career demonstrates her exceptional leadership capacities and powerful strategic acuity in the Indian financial space. Mulye has been able to innovate and inspire excellence in the changing world of finance. This is possible only because of her foundational years at ICICI Bank and her transformative role at Aditya Birla Capital.

    Vishakha Mulye started her professional life at ICICI Bank. She reached the top because of her analytical skills and strategic sense. Having graduated as a chartered accountant, she executed her strategies and helped ICICI build its position in the banking ecosystem.

    She played key leadership roles in ICICI Bank. She was positioned as the Chief Financial Officer (CFO) at ICICI Bank. Financial restructuring, corporate strategy, and operational improvements have been a part of her organizational growth.

    Mulye transformed the private equity arm of ICICI Ventures into a powerhouse as the Managing Director and CEO. Under her, it steered bold investments, diversified into new sectors, and put the stakeholder’s best interests front and center.

    ICICI Ventures sustained growth despite challenging economic conditions because Mulye identified high-potential opportunities. She introduced new investment strategies in ICICI. Moreover, she improved ties with global partners and defined the firm as the private equity leader.

    Vishakha Mulye, the general insurance arm of ICICI Bank, proved herself versatile. Beyond understanding financial risk management and operational excellence, her deep knowledge of the company contributed much to its market dominance.

    Her time at ICICI has allowed her to navigate regulatory landscapes. Moreover, she introduced technology-driven solutions and improved customer satisfaction.

    In 2022, Vishakha Mulye, the CEO of Aditya Birla Capital (ABC), led the company towards a new chapter. She became the financial services arm of the Aditya Birla Group, Aditya Birla Capital. This arm consists of businesses ranging from life insurance to asset management, private equity, and lending services.

    Mulye brought her experience, strategic vision, and leadership skills to strengthen ABC as a leader. Her charge was to steer the organization through a dynamic competitive landscape while focusing on sustainable growth and innovation.

    Transformative initiatives have characterised Vishakha Mulye’s tenure at Aditya Birla Capital:

    • Mulye has been working on expanding ABC into India’s markets. Her plans include especially the underserved regions. She has championed inclusive financial products and services that reach a broader customer base.
    • Mulye knows that technology plays a vital role in modern finance. She has strived to digitize ABC’s operations to make its employees and customers happier. She’s taken ABC to the forefront of digital transformation, using advanced analytics and AI-driven customer solutions to achieve this.
    • Mulye has overseen ABC’s diversification of offerings. New products and increased emphasis on existing portfolios in life insurance and more were being offered.
    • She has transformed ABC’s core strategy to integrate sustainable and global best practices, with a keen eye on environmental, social, and governance (ESG) principles.
    • She also leads the ABC culture of excellence. She has invested in building talent, collaboration, and organization.

    ABC under Vishakha is not about numbers and financial performance. She’s one of the most respected leaders in the financial services industry. Thanks to her ability to inspire her teams and drive impactful results.

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    Vishakha Mulye – Aditya Birla

    Vishakha became CEO of ABCL in 2022. Since then, she has helped transform the company’s course. ABCL, the Aditya Birla Group’s financial services arm, is the conglomerate’s cornerstone. Moreover, under Vishakha’s leadership, it has undergone a complete turnaround.

    Her journey into leadership at ABCL has been a relentless focus on transformation. She planned to do all this by integrating data, digital capabilities, and technology. This strategic vision has accelerated growth momentum and increased profitability of the company’s diverse business verticals, making it even more dominant in the market. Vishakha has reimagined the company’s business model. Furthermore, she made ABCL a genuinely modern, customer-centric organization. Under her leadership, ABCL never failed to provide financial solutions precisely and efficiently.

    Vishakha’s digital-first, customer-first approach leads this transformation. She has led the development and launch of Aditya Birla Capital Digital (ABCD). ABCD is an omnichannel D2C solution that combines the group’s full suite of financial services. This platform has grown with a massive investment of INR 100 crore. Moreover, this makes it a much-needed platform to unify the customers’ experience. The platform offers a single interface for loans, investments, insurance, and payments. The accompanying mobile app was built to be intuitive and user-friendly. Moreover, it mimics a seamless digital-first solution to meet evolving customer expectations.

    Besides improving the individual customer experience, Vishakha has prioritized supporting the MSME sector. Moreover, she launched Udyog Plus, a pioneering digital B2B lending platform. This initiative provides seamless lending and value-added services to the specific needs of micro, small, and medium enterprises. Aditya Birla Group encompasses over 250 million customers across 14 ABCLs. Moreover, it is a trusted partner to businesses and individuals alike.

    Vishakha’s managerial leadership has been focused on digital innovation and making significant strides in business growth and fundraising. Marquee investors who have invested in the company have bolstered its capital base. Her efforts have resulted in ABCL seeing its profitability improve across its operations. Moreover, its status as a market leader in the financial services sector is reinforced.

    Vishakha is a key figure in the Aditya Birla Group. Moreover, she is a member of the board of directors of ABCL’s operating companies. The ABCL’s operating companies include:

    • Aditya Birla Finance Limited
    • Aditya Birla Housing Finance Limited
    • Aditya Birla Sun Life AMC Limited
    • Aditya Birla Sun Life Insurance Company Limited
    • Aditya Birla Health Insurance Co. Limited

    She also leads the strategic direction at ABC Foundation and NPCI International Payments Limited.

    Vishakha launched ABCL’s omnichannel architecture, which reflects her commitment to digital reinvention. The company has blended the physical and digital by allowing customers to interact on their preferred channels. Moreover, this enables frictionless acquisition and retention of customers at scale. Her vision is born from a profound knowledge of the changing financial landscape. She is committed to delivering on customer needs with precision, simplicity, and innovation.

    Aditya Birla Capital has become an innovative and forward-looking organization under her leadership. Her strategic focus has revitalized ABCL, its customer-centric ethos, and bold initiatives. Moreover, she re-energized ABCL and established a benchmark for the financial services industry. Aditya Birla Capital is ready to take its journey as a leader in economic innovation. Furthermore, bringing unparalleled value to its customers and stakeholders under Vishakha’s leadership.

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    Vishakha Mulye – Controversies

    During Vishakha Mulye’s tenure as managing director and CEO of ICICI Venture, the private equity firm became controversial when investing in Subhiksha, a now-bankrupt South-based retailing company. The focus of scrutiny was this investment: It was a question of what due diligence and risk management processes were undertaken before committing capital.

    The widely discussed case in the Indian financial sector was of Subhiksha, whose financial collapse left creditors and investors with losses. The retail company went into insolvency, and its entire story is controversial. However, according to ICICI Venture, it made a financial profit from the transaction. The fallout, however, led to discussions over the obligations of venture capital and private equity firms when backing high-risk ventures.

    Vishakha Mulye, well known for her strategic leadership and clear-eyed approach to challenges, did not comment extensively on the Subhiksha matter, saying it was sub judice (under judicial consideration). Her stance on the matter was so reserved that it spelled out her adherence to legal and ethical propriety.

    From a philosophical point of view, Mulye looked at the whole venture capital private equity space and the fact that not all investments add net worth to the investor. She said that in the sector, for every five successful decisions, there could be one misstep, which is the nature of the business. Her pragmatic outlook revealed her to be more attentive to the volatility and complexities of financial markets.

    Although she never faced scrutiny regarding the Subhiksha controversy, she contributed brilliantly to ICICI Venture and the ICICI Group. She did many notable things during her time, such as navigating complicated financial environments and carrying out large fundraisings and mergers. In her illustrious career, the Subhiksha case was a learning moment about her ability to navigate difficult situations while always keeping her eye on long-term value creation.

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    Vishakha Mulye – Awards and Recognitions

    • Awarded with the title of Young Global Leader in 2007 by the World Economic Forum
    • ‘India CFO Award’ in 2006 from IMA India for ‘Excellence in Finance in a Large Corporate’
    • ‘CA Corporate Leader Award’ 2008 from the Institute of Chartered Accountants. 
    • ’Most Powerful Women’ in Indian Business’ by Business Today 
    • ‘Most Powerful Women’ by Fortune India. 
    • Inducted into Business Today’s ’Hall of Fame’ 
    • Received the ‘GR8! Women Awards’ from the Indian Television Academy in 2012 
    • Received Mukta Sanman In 2019 at News 18 Lokmat’s award ceremony
    • Institute of Chartered Accountants of India’s CA Corporate Leader Award, 2008
    • World Economic Forum’s Young
    • IMA India’s CFO Award, 2006

    Vishakha Mulye – Interesting Facts

    • Vishakha Mulye is the first woman in the Aditya Birla Group. She joined the Aditya Birla Management Corporation board, the group’s apex decision-making body.
    • As a chartered accountant by trade, she brings expertise to her leadership positions. Before ICICI Bank, she worked on the front-end needs of different monetary territories. Moreover, she focused on domestic and foreign value-driven universal banking.

    FAQs

    Who is Vishakha Mulye?

    Vishakha Mulye is a prominent Indian business leader and the CEO of Aditya Birla Capital Limited. She has over three decades of experience in banking and finance.

    What is Vishakha Mulye net worth?

    Vishakha Mulye net worth is $96 million (December 2024).

    What was Vishakha Mulye’s previous role before joining Aditya Birla Capital?

    Before joining Aditya Birla Capital as CEO, Vishakha Mulye served as an Executive Director at ICICI Bank.

  • 6 Leading Finance Companies in India

    India’s financial sector is diverse and rapidly evolving. Numerous companies offer a variety of services for all your monetary needs. It is important to learn about the solutions provided by some of the leading finance companies in India. Understanding the key players in this sector can help you make informed decisions. When deciding where to bank, invest, or borrow, consider the following list:

    ICICI Bank

    ICICI Bank is one of India’s leading private-sector banks. It has established a strong presence in retail and corporate banking. Founded in 1994, it has grown to offer a diverse range of financial products and services. It provides products like savings accounts, home loans, credit cards, and so on. You can also opt for investment options like mutual funds and fixed deposits.

    Furthermore, you can get health and life insurance policies through its subsidiaries. Check ICICI Lombard for general insurance, including car, two-wheeler, and health insurance. Meanwhile, you can get life insurance via ICICI Prudential Life.

    ICICI Bank also caters to the needs of businesses. It offers services such as corporate banking, trade finance, and treasury solutions. Renowned for its technological advancements, the bank offers exceptional customer service. It has an extensive network of branches and ATMs across the country. Its ICICI Mobile Pay App offers seamless banking services on your phone. This helps make banking much more convenient for you.

    Muthoot Finance

    Muthoot Finance is one of the largest gold financing companies in India. Established in 1997, it primarily focuses on providing loans against gold jewellery. This caters to a large customer base across urban and rural areas.

    Apart from gold loans, Muthoot Finance offers other financial solutions as well. These include personal loans, housing finance, insurance services, NPS, and more. The company’s vast branch network and quick loan disbursements make it an ideal choice. Its customer-centric approach has made it a trusted name in the sector.

    Bajaj Finserv

    Bajaj Finserv is a financial services arm of the Bajaj Group, providing a wide range of financial products and services. Established in 2007, it has quickly grown to become a major player in the Indian financial market.

    Bajaj Finserv offers consumer finance, SME finance, commercial lending, and wealth management services. Its product portfolio includes personal loans, home loans, business loans, and credit cards. The company also offers investment options like fixed deposits and mutual funds.

    Innovative services like the flexi loan facility make Bajaj Finserv a favourable choice. Its strong digital presence and commitment to customer satisfaction are major advantages.

    L&T Finance

    L&T Finance, a subsidiary of Larsen & Toubro Limited, was established in 1994. It offers a comprehensive range of retail, corporate, and rural finance solutions.

    It provides a variety of loans and other credit facilities. These include farm equipment finance, two-wheeler loans, home loans, and microfinance. It also offers investment and wealth management services, mutual funds, and insurance products.

    The company’s diversified offerings and significant rural presence contribute to its success. Also, its focus on infrastructure and real estate finance makes it a preferred choice.

    SBI Cards and Payment Services Limited

    SBI Cards and Payment Services Limited is a subsidiary of the State Bank of India. It is a leading credit card issuer in India. Established in 1998, it offers a wide range of credit cards to cater to the diverse needs of consumers.

    The company offers various credit cards tailored to different customer segments. These include lifestyle, shopping, travel, and rewards cards. It also provides services such as card loans, EMI conversions, and balance transfers.

    Its vast customer base, backed by the trust and reach of its parent company is a major strength. Its wide range of card offerings and robust services enhance its market position.

    Shriram Finance

    Shriram Finance, part of the Shriram Group, is a prominent player in the Indian NBFC sector. Established in 1979, it focuses on providing services to the underserved and unbanked.

    The NBFC offers a wide array of products ranging from personal loans to FDs. You can also get a commercial vehicle loan, gold loan, and more. The company also provides insurance services and small enterprise loans. These help cater to the diverse needs of its customers.

    Its strong customer relationships and extensive rural outreach are some of its strengths. The company’s risk management practices have made it a trusted name in the industry.

    These finance companies play a pivotal role in the country’s financial ecosystem. Each company offers a unique set of products and services and caters to the varied needs of individual and corporate customers. Whether it’s loans, insurance, credit cards, or investment options, you can get them easily.

    You can also find the financial solutions offered by all these companies on a single website. Financial marketplaces like Bajaj Markets are a great way to check and compare these. Simply visit the website, in this case, https://www.bajajfinservmarkets.in/. Explore and choose the financial products to suit individual needs. You can also access premium, EMI, and many such calculators. This will help you make wise decisions and plan your finances better.

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  • Top 10 Indian Companies by Market Valuation in 2024

    India’s economy and entrepreneurial spirit have flourished in recent years, leading to the emergence of the top 10 companies by market valuation as the leaders of the country’s dynamic corporate landscape in 2024.

    These companies span various sectors and industries, showcasing their success and innovation and contributing to the country’s growth trajectory while influencing global markets.

    In this article, we will take a closer look at the top 10 companies in India by market valuation, exploring their diverse sectors, innovative strategies, and the factors that have contributed to their success.

    RANK COMPANY NAME MARKET CAP As of April 2024 (In Billion Dollars)
    1 Reliance Industries 237.76
    2 TATA Consultancy Services (TCS) 165.56
    3 HDFC Bank 147.70
    4 ICICI Bank 97.71
    5 Bharti Airtel 94.21
    6 State Bank of India (SBI) 88.31
    7 LIC India 74.12
    8 Infosys 71.21
    9 ITC 65.14
    10 Hindustan Unilever (HUL) 62.79

    Reliance Industries

    Founder DHIRUBHAI AMBANI
    Founded 1966
    Sector Multinational Conglomerate
    Reliance Industries - Top Indian Companies by Market Valuation
    Reliance Industries – Top Indian Companies by Market Valuation

    Reliance Industries Limited is recognized as India’s largest private-sector corporation that focuses on stakeholder-centric innovation and sustainable growth. Its motto is “Growth is Life.”

    Over the years, Reliance has transformed from a textile and polyester company to an integrated player across various energy, materials, retail, entertainment, and digital services, contributing significantly to India’s economic landscape.

    The company strongly believes in “What is Good for India is Good for Reliance”. It has positioned itself as a driving force behind India’s progress, especially in its commitment to self-reliance, sustainable growth, and embracing the new energy and digital-first future.

    Reliance’s approach to value creation is characterized by its commitment to move “Forward with India” and “Forward with Everyone,” ensuring that the benefits extend beyond shareholders.

    The company focuses on superior returns for investors, adherence to regulatory compliance, substantial contributions to the national exchequer, and extensive philanthropic initiatives through Reliance Foundation, thereby establishing itself as a responsible corporate citizen.

    Reliance aims to provide superior experiences for its vast customer base across various business verticals, supported by solid partnerships with suppliers and vendors, including MSMEs and domestic manufacturers.

    The company conducts its businesses ethically and respectfully, striving to uphold integrity and accountability in all endeavours. Reliance Industries Limited continues to shape India’s economic landscape while fostering a better future for all stakeholders through its relentless pursuit of excellence and commitment to societal well-being.

    TATA Consultancy Services (TCS)

    Founder J.R.D. Tata
    Founded 1968
    Sector Information Technology
    Tata Consultancy Services (TCS) - Top Indian Companies by Market Valuation
    Tata Consultancy Services (TCS) – Top Indian Companies by Market Valuation

    Tata Consultancy Services (TCS) is a well-known provider of IT services, consulting, and business solutions with a history of over five decades. TCS firmly believes that innovation and collective knowledge can bring a brighter future.

    It has been at the forefront of partnering with some of the world’s largest businesses and using technology to drive transformative change.

    At its core, TCS is committed to fostering enduring relationships and delivering sustainable outcomes that reflect a long-term view prioritising mutual growth. This commitment also extends to its corporate social responsibility initiatives.

    TCS endeavors to create more remarkable futures by connecting individuals to opportunities within the digital economy. TCS aims to contribute to a fairer and more equitable world for all, aligned with the values of its parent company, the Tata Group.

    TCS empowers organisations to thrive in the digital age with its diverse services. It offers comprehensive solutions tailored to meet the evolving needs of its clients, from harnessing the power of artificial intelligence and cloud technologies to enhancing cybersecurity measures and leveraging data analytics for informed decision-making.

    TCS’s expertise in consulting, cognitive business operations, IoT digital engineering, network solutions, sustainability services, and interactive experiences underscores its commitment to driving innovation and sustainability across various domains. 

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    HDFC Bank

    Founder Mr. Hasmukh Thakordas Parekh
    Founded 1994
    Sector Banking and Financial Services
    HDFC Bank - Top Indian Companies by Market Valuation
    HDFC Bank – Top Indian Companies by Market Valuation

    HDFC Bank Limited, known as HDFC, is one of the leading banks in India’s financial services sector, based in Mumbai. It was established in August 1994 and became the country’s largest private sector bank by assets, following the ‘in principle’ approval granted by the Reserve Bank of India (RBI) to its parent company, HDFC, as part of the liberalisation of the Indian banking industry.

    HDFC has a strong legacy in the private banking sector and boasts an impressive distribution network with 8,192 branches and 20,760 ATMs/Cash Recycler Machines spread across 3,836 cities and towns as of February 2024.

    The bank significantly emphasizes good corporate governance and has instituted a robust Corporate Governance Policy that serves as a guiding framework for managing and monitoring the bank in line with the principles of good corporate governance. HDFC Bank is committed to societal progress and champions empowerment through its social initiatives under the banner of ‘Parivartan.’

    Through Parivartan, the Bank endeavours to catalyze positive transformation in the lives of millions of Indians, focusing on contributing to the economic and social development of the nation by empowering its communities sustainably.

    These initiatives span a diverse spectrum, including rural development, education, skill development, livelihood enhancement, healthcare and hygiene, and financial literacy.

    ICICI Bank

    Founder World Bank, the Indian government, and the Indian business executives
    Founded 1994
    Sector Banking and Financial Services
    ICICI Bank - Top Indian Companies by Market Valuation
    ICICI Bank – Top Indian Companies by Market Valuation

    ICICI Bank Limited is a renowned Indian multinational bank and financial services provider. It is headquartered in Mumbai and has a registered office in Vadodara. It offers extensive services to corporate and retail clients through various delivery channels and specialized subsidiaries.

    These services include investment banking, life and non-life insurance, venture capital, and asset management. Over six decades, ICICI Group has played a vital role in fostering India’s economic growth and development, with a steadfast commitment to promoting inclusive growth. 

    For its exemplary commitment to corporate governance, ICICI Bank was awarded the ‘Best Governed Company Award’ by the Asian Centre for Corporate Governance & Sustainability in 2023. It also won the title of ‘Best Bank’ in the ‘Large Banks’ category at the esteemed 16th edition of the Mint BFSI Summit and Awards.

    With these accolades and its continued commitment to excellence and societal impact, ICICI Bank reaffirms its position as a trailblazer in the banking and financial services industry. It is driving progress and prosperity for its stakeholders and the nation.

    Bharti Airtel

    Founder Sunil Bharti Mittal
    Founded 1995
    Sector Telecommunication
    Bharti Airtel - Top Indian Companies by Market Valuation
    Bharti Airtel – Top Indian Companies by Market Valuation

    Bharti Airtel is a renowned telecommunications company that provides trusted ICT services globally. Headquartered in New Delhi, India, Airtel has a vast global network spanning the USA, Europe, Africa, the Middle East, Asia-Pacific, India, and SAARC regions.

    It is one of the top 3 mobile service providers globally in terms of subscribers. It operates in 18 countries across South Asia, Africa, and the Channel Islands. Airtel is known for delivering cutting-edge technology and offers 5G, 4G, and LTE Advanced services in India that cater to the evolving needs of consumers and businesses.

    The company’s pioneering approach to strategic management, particularly its outsourcing model that encompasses all business operations except marketing, sales, and finance, has enabled Airtel to establish the ‘minutes factory’ model. This model is characterised by low costs and high volumes, enhancing operational efficiency and driving growth.

    With its commitment to excellence and innovation, Bharti Airtel Limited continues to redefine the telecommunications landscape, providing seamless connectivity and advanced services to customers across the globe.

    State Bank of India (SBI)

    Founder Government of India and Reserve Bank of India
    Founded 1806
    Sector Banking and Financial Services
    State Bank of India (SBI) - Top Indian Companies by Market Valuation
    State Bank of India (SBI) – Top Indian Companies by Market Valuation

    State Bank of India (SBI) is a Fortune 500 company headquartered in Mumbai that specializes in public-sector banking and financial services. With a legacy spanning over 200 years, SBI has gained the trust of generations of Indians.

    The bank has diversified its businesses through subsidiaries such as SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, and SBI Card, among others. State Bank of India (SBI) operates globally through 235 offices in 29 foreign countries, ensuring a global presence across different time zones.

    SBI remains committed to evolving and continually redefining banking in India by providing responsible and sustainable solutions to its customers. The bank’s roots trace back to the early nineteenth century with the establishment of the Bank of Calcutta in 1806, later rebranded as the Bank of Bengal in 1809.

    This marked the beginning of the first joint-stock bank of British India, sponsored by the Government of Bengal. Subsequently, the Bank of Bombay and the Bank of Madras were established, forming the State Bank of India.

    In addition to its banking services, it operates the SBI Foundation, a philanthropic arm dedicated to supporting development initiatives in India. The foundation aligns with corporate social responsibility mandates the Ministry of Corporate Affairs set. It is pivotal in driving positive change and fostering sustainable development nationwide.

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    LIC India

    Founder Government of India
    Founded 1956
    Sector Insurance and Financial Services
    Life Insurance Corporation of India (LIC) - Top Indian Companies by Market Valuation
    Life Insurance Corporation of India (LIC) – Top Indian Companies by Market Valuation

    Life Insurance Corporation of India (LIC) is a trustworthy and reliable organization serving over 250 million lives as part of its extended family. LIC has been providing its services for over six decades and understands its profound responsibility.

    It recognizes the immense value of each life it touches. While insurance is its core business, LIC views its role as fostering trust and security in the lives of millions.

    LIC is headquartered in Mumbai and is the largest insurance company in India and the largest institutional investor. It manages assets worth ₹49.24 trillion (US$620 billion) as of March 2023.

    LIC is a public sector enterprise owned by the government of India. The Ministry of Finance administers it. It is committed to upholding the highest standards of service and integrity.

    Apart from its core operations, Life Insurance Corporation (LIC) is committed to social responsibility. It demonstrates this through initiatives like the LIC Golden Jubilee Foundation. This charitable organisation was established in 2006 and is dedicated to promoting education, alleviating poverty, and improving living conditions for the underprivileged.

    One of its notable programs is the Golden Jubilee Scholarship Award, which supports meritorious students from economically disadvantaged backgrounds in pursuing higher education.

    Infosys

    Founder N.R. Narayana Murthy, Nandan Nilekani, Kris Gopalakrishnan, S.D. Shibulal, K. Dinesh, N.S. Raghavan, Ashok Arora
    Founded 1981
    Sector Information Technology
    Infosys - Top Indian Companies by Market Valuation
    Infosys – Top Indian Companies by Market Valuation

    Infosys, a global leader in next-generation digital services and consulting, is driven by a profound purpose: to amplify human potential and create the next opportunity for people, businesses, and communities.

    With a presence spanning more than 56 countries, Infosys empowers clients to navigate their digital transformation journey effectively. Drawing on over four decades of experience in managing the systems and operations of global enterprises, Infosys adeptly guides clients through their digital evolution, leveraging the power of cloud computing and artificial intelligence (AI). 

    By infusing an AI-first approach into the core of operations, facilitating agile digital solutions at scale, and fostering a culture of continuous learning, Infosys enables clients to achieve sustained growth and innovation.

    The company is deeply committed to upholding good governance and environmental sustainability principles, fostering an inclusive workplace where diverse talent thrives. 

    As an Innovation and Knowledge Hub, Infosys spearheads initiatives like the Infosys Knowledge Institute, offering thought leadership to steer enterprises through their digital transformation journey.

    Additionally, Infosys invests in entrepreneurial ventures globally through its Innovation Fund, established in 2015, and collaborates with startups worldwide through the Infosys Innovation Network, facilitating partnerships for client implementation.

    Through these initiatives, Infosys remains at the forefront of driving digital innovation, knowledge dissemination, and sustainable growth, shaping a future where businesses and communities thrive in the digital age.

    ITC

    Founder William M. Jacks
    Founded 1910
    Sector Conglomerate
    ITC - Top Indian Companies by Market Valuation
    ITC – Top Indian Companies by Market Valuation

    ITC, a leading Indian conglomerate, operates across diverse sectors, including fast-moving consumer goods, hotels, paperboards and packaging, agribusiness, and information technology. Recognised as India’s most admired company in a survey conducted by Fortune India in collaboration with Hay Group, ITC’s success is driven by its multifaceted approach to business.

    As a leader in FMCG marketing and the Indian Paperboard and Packaging industry, ITC has established itself as a pioneer in farmer empowerment and responsible luxury hospitality. The company’s subsidiary, ITC Infotech, offers specialized digital solutions globally.

    Over the years, ITC has developed a robust portfolio of 25+ Indian brands, leveraging its institutional strengths in consumer insights, R&D, and brand-building.

    Embracing the ethos of ‘Nation First: Sab Saath Badhein’, ITC prioritizes societal value alongside profitability, leading in sustainability efforts and solid waste management through initiatives like the Well-being Out of Waste program.

    Collaborating with farmers and local communities, ITC implements climate-smart and sustainable agriculture initiatives, aligning with the vision of doubling farmer incomes. In line with the “Make in India” initiative, ITC also invests in world-class manufacturing facilities and hospitality assets, reaffirming its commitment to India’s future development and competitive capacity.

    Hindustan Unilever (HUL)

    Founder Hindustan Vanaspati Manufacturing Co., Lever Brothers India Limited and United Traders Limited
    Founded 1933
    Sector Consumer Goods
    Hindustan Unilever Limited (HUL) - Top Indian Companies by Market Valuation
    Hindustan Unilever Limited (HUL) – Top Indian Companies by Market Valuation

    Hindustan Unilever Limited (HUL), a British-owned Indian final goods company headquartered in Mumbai, is a subsidiary of Unilever. Established in 1931 as Hindustan Vanaspati Manufacturing Co., it was renamed Hindustan Lever Limited in 1956 and later became Hindustan Unilever Limited in 2007.

    With a 90-year heritage in India, HUL is the country’s largest Fast Moving Consumer Goods (FMCG) company, offering over 50 brands across 16 categories.

    As part of Unilever, a global leader in FMCG products, HUL benefits from extensive resources and expertise. It operates in over 190 countries and is known for its commitment to environmental, social, and governance principles.

    HUL’s reputation extends beyond its products; it is India’s top ESG-rated FMCG company and the preferred employer across sectors. In a rapidly evolving world emphasizing digitization and sustainability, HUL remains dedicated to its purpose-led journey, ensuring it continues to meet the needs of consumers while fostering a sustainable future.

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    Conclusion

    India’s vibrant corporate landscape in 2024 reflects a remarkable fusion of innovation, sustainability, and societal impact across diverse sectors. The top 10 companies by market valuation include names like ITC, Reliance Industries, HUL, Infosys, TCS, HDFC Bank, ICICI Bank, Bharti Airtel, SBI, LIC India.

    Collectively, these companies not only drive India’s economic growth but also shape its social fabric through impactful initiatives that empower communities and foster sustainable development.

    As India continues on its trajectory of progress, these companies serve as beacons of excellence, driving innovation, and contributing to a brighter future for all stakeholders.

    FAQs

    Which is the largest private company in India?

    Reliance Industries is considered the largest private company in India.

    Is Tata bigger than Reliance?

    If we talk in terms of market valuation and revenue, Reliance is considered to be bigger than Tata. However, both have a wide range of businesses and are in a headstrong competition.

    What is the richest company in the world in 2024?

    Microsoft is considered as the richest company in the world for the year 2024 based on its market cap of $2992 billion. It is closely followed by Apple and Nvidia corporation.

  • Best Banks for Small Business Startup Loans in India

    The startup culture has taken over the world. More and more people are showing interest to start their businesses. The recent growth that the startup world has experienced is immense and it is not going to stop anytime soon. However, beginning a startup means needing one of the most significant things and that is investment or funds. Without finance, a business cannot happen.

    People who launched their businesses search for finance as they need funds to grow their companies. Businesses make money by borrowing cash. So, there are banks that willingly provide loans to small businesses. In this article, we will talk about some of the banks from which you can take loans and their eligibility criteria, and the documents that are needed. So let’s get started.

    Is It an Ideal Idea to Get the Loan Offered by Bank?
    HDFC Bank Business Loans
    Citi Bank Business Loans
    ICICI Bank Business Loans
    Axis Bank Business Loans

    Is It an Ideal Idea to Get the Loan Offered by Bank?

    Acquiring Loans from Banks for a startup with a futuristic approach is always a good idea. Loans are regarded as a better source of capital for a gainful business than share capital as you get to have better leverage. You can enjoy a surplus of the rate of return over the interest you pay for the borrowings. To begin with a startup, you need to be very well aware of how to keep your interest rate as low as possible with maximum benefits.

    Loans enhance the scope of your business by aiding you in expansion as well. On the other hand, it also acts as a catalyst to motivate you for better productivity. You can avail these advantages of acquiring startup loans-

    • You can get a boost to develop an even stronger business plan.
    • You can effectively manage the flow of money.
    • Higher rate of return on capital.

    List of Best Banks for Small Business Startup Loans

    Many banks offer loans to small businesses so that entrepreneurs can fulfill their dreams of running a business. However, the most popular banks that offer loans and are favored the most are listed below, they are:

    HDFC Bank Business Loans

    HDFC Bank Business Loan
    HDFC Bank Business Loan

    Startups can expand their operations by obtaining additional financial assistance through HDFC bank. Every entrepreneur wants to have the least amount of documents, flexible tenures as well as low-interest rates, which you can get from HDFC.  The bank offers loans to fulfill related funding. any kinds of business requirements

    Loan Amount and Tenure

    • The Business loan amount is up to INR 40 Lakhs and even INR 50 Lakhs in selected places.
    • Loan Tenure is 12 months to 48 months.

    Eligibility

    • Entrepreneurs, Proprietors, Private Ltd. Co., and Partnership Firms involved in the business of Manufacturing, Trading, or Services.
    • The business has a minimum turnover of Rs. 40 lakhs.
    • Individuals who have been working for at least 3 years with a minimum of 5 years of working experience in the field.
    • Business involved in profit-making for the past 2 years.
    • A business must have a Minimal Annual Income (ITR) of at least Rs.1.5 lakhs per year.
    • The applicant must be at least 21 years when they apply for the loan, and not older than 65 when the loan’s maturity.

    Documentation

    If you are interested in a business growth loan, then you can apply for it using the following paperwork.

    1. Mandatory Documents [Sole Prop. Declaration or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)]
    2. A copy of any of the following documents as identity proof:
    • Aadhaar Card
    • Passport
    • Voter’s ID Card
    • PAN Card
    • Driving License

    3.  A copy of any of the following documents as address proof:

    • Aadhaar Card
    • Passport
    • Voter’s ID Card
    • Driving License

    4.  Latest ITR along with computation of income, Balance Sheet, and Profit & Loss account for the previous 2 years, after being CA Certified/Audited.

    5.  Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate).

    6.  Bank statement of the previous 6 months.

    Interest Rate & Charges

    • The interest range for Rack is between 10% to 22.5%.
    • Loan Processing Charges – Up to 2% of the loan amount.                            NIL Processing Fees for loan facility up to ₹5 Lakhs availed by micro and small Enterprises subject to URC submission before disbursal

    Benefits

    • You don’t have to submit any collateral or security for taking a loan from HDFC.
    • The process of applications is very simple.
    • Least amount of documentation.
    • Doorstep service is available in this bank.
    • An additional feature is access to the overdraft facility. You pay interest only on the utilized loan amount together with a credit protection plan.
    • You can have the credit protection plan at a nominal price.

    Citi Bank Business Loans

    Citi Bank Business Loan
    Citi Bank Business Loan

    Citi Bank offers loans referred to as CitiBusiness that offer business loans through which startups can manage working capital efficiently. A startup can also opt for diversified MSME loan products which include working capital loans, short-term loans, long-term loans, overdrafts as well as export-import finance options too.

    Citi India has transferred the ownership of its consumer business to Axis Bank starting from March 1st, 2023.

    ICICI Bank Business Loans

    ICICI Bank Business Loan
    ICICI Bank Business Loan

    ICICI also offers startup loans. They have come up with “iStartup 2.0′, which provides a broad range of business solutions that help customers beyond their banking and business needs which can help you save time and energy, and allow you to concentrate on the essential business aspects. This program has been created to allow entrepreneurs to take advantage of loans.

    If you choose to use the iStartup 2.0 which includes banking services, lots of other services are offered to you, which play an essential role in the development of your business, such as a debit card that has limits and more.

    Loan Amount and Tenure

    • The minimum amount for a loan is INR 50,000 and the maximum amount is INR 40 Lakhs.
    • Loan Tenure is 12 months to 36 months.

    Eligibility

    • Loans can be given to Self Employed individuals and the age criterion is 28 years. For doctors, the age criteria are 25 years.
    • The minimum turnover of the business for a no-professional has to be INR 40 Lakhs and for Professionals, it has to be INR 15 Lakhs
    • The minimum profit has to be INR 2 Lakhs for self-employed and INR 1 Lakhs for non-professionals.
    • One has to have a minimum 1-year relationship with ICICI Bank by having a current or saving account.

    Documentation

    1. Copy of PAN Card for Identity Proof.

    2. A copy of any of the following documents as address proof:

    • Aadhaar Card
    • Passport
    • Voter’s ID Card
    • Driving License

    3. Partnership deed or certificate for Partnership business and Sole Proprietorship establishment certificate is needed.

    4. Last 3 Years’ Audited Financial reports that include balance, profit and loss account, tax Audit reports

    5.  Bank statement for the last 6 months

    Interest Rate & Charges

    • For secured facilities: Up to Repo Rate +6.0 %(Non-PSL). For facilities backed by CGTMSE: Up to Repo Rate + 7.10%. The interest rate for each loan is determined based on the assessment of the business, financials, loan amount, and tenure.
    • The processing fees are up to 2% (plus applicable taxes) of the facility amount.

    Benefits

    • Collateral or security is not needed.
    • An overdraft facility is offered by the bank.
    • There are numerous branches of the bank in India.
    • Loan processing is quick and simple.

    If you opt for iStartup 2.0, you are given the perfect solution for healthcare, IT & services, real estate, and manufacturing. In short, it may prove to be a tiny step to the big leap.

    Axis Bank Business Loans

    Axis Bank Business Loan
    Axis Bank Business Loan

    Axis Bank is among the banks that could be the right option for you. It provides the required fund as a loan for the requirement of your business. Small and micro businesses can easily apply for loans in Axis Bank.

    Loan Amount and Tenure

    • The loan amount is up to INR 50 Lakhs.
    • The tenure is 6 to 36 months.

    Eligibility

    • The business must be at least 3 years old and running.
    • Have a minimum annual turnover of INR 30 Lakhs.
    • Individuals must be in the age group of 21 to 65 years.
    • The individual has to be Indian to apply for the loan.

    Documentation

    1. A copy of any of the documents for identity proof is mentioned down below:
    • Aadhar Card
    • Passport
    • Voter’s ID Card
    • Driving License
    • Pan Card

    2.  A copy of any of the documents for address proof mentioned down below:

    • Passport
    • Telephone Bill
    • Electricity Bill
    • Bank Statement with a cheque

    3.  Last 2 years’ Income Tax Return documents

    4.  Banks Statement for the last 6 months

    5.  Proof of the establishment of the business.

    6.  The last 2 years’ financial reports which include Profit and Loss Statement and Balance Sheet.

    Interest Rate & Charges

    • The interest rate is 10.99% to 21%.
    • The processing fee is up to 2% of the loan amount that has been requested + Taxes applicable.

    Benefits

    • No collateral or security is needed.
    • Least amount of documentation.
    • The application process for the loan is simple.
    • The tenure for the repayment is flexible.

    Conclusion

    The majority of entrepreneurs running businesses try to make funds on their own and invest them in their businesses and move forward. If you go back in time to those who have loans, only a few can use the money they have been granted. The issue of bank loans is a huge issue for some however the only requirement is how to utilize the facility in the right way. The startup culture is growing day by day, therefore the need for business loans is also increasing.

    FAQs

    Which bank is best for business loans?

    The best bank for loans to startup businesses are:

    • HDFC Bank Business Loans
    • Citi Bank Business Loans
    • ICICI Bank Business Loans
    • Axis Bank Business Loans

    What is a good credit score to get a business loan?

    A credit score above 650 can be an excellent score to qualify for a business loan.

    For a collateral-free business loan: A credit score above 700.
    For a secured business loan: A credit score is 650 to 700.

    How do I qualify for a business loan?

    To qualify for a business loan a few requirements are needed.

    • Business Credit Score.
    • The annual revenue of your business.
    • New Business Plan that includes forecast financial statements.
    • Additional financial collateral is needed to secure the loan.

    Can I take a loan from a bank for business?

    Absolutely. You can get a startup company loan through a bank to begin and grow your company. The rate of interest would be contingent upon the size of your loan as well as the time frame for repayment.