The private sector is the part of the economy which is owned by private groups, usually as a means of establishment for profit or non profit , rather than being owned by the government .
32-528: Housing Development Finance Corporation was an Indian private sector mortgage lender based in Mumbai . It was the biggest housing finance company in India. It also had a presence in banking, life and general insurance, asset management, venture capital and deposits through its associate and subsidiary companies. In July 2023, the mortgage lender merged with HDFC Bank , the country's largest private sector bank, in
64-550: A 100% stake in HDFC RED, a real estate online listings platform operating under HDFC Developers Ltd. The company focuses on real estate, avoiding resale and rental services. In 2018, HDFC sold HDFC RED and HDFC Realty to Quikr for ₹ 357 crore (US$ 54.82 million). HDFC held approx. 59% in GRUH, a housing finance company offering loans to individuals for purchase, construction and renovation of dwelling units. GRUH also offers loans to
96-553: A bid to expand its portfolio and to gain access to a larger customer base. It was founded in 1977 with the support from India's business community, as the first specialised mortgage company in India and main company among HDFC group of companies. 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
128-421: A joint venture with Standard Life Investments in 1999. HDFC Asset Management Company is the investment manager of HDFC Mutual Fund's schemes. HDFC holds a 52.6% stake and is the sole promoter of the company as of June 2023. HDFC AMC manages 68 schemes comprising debt, equity, exchange traded fund and fund of fund schemes. Average assets under management (AUM) as at the end of March 2022 is ₹ 4.07553 trillion. It
160-469: A liaison office in Dubai . HDFC Life distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners ( HDFC Bank , Saraswat Bank , RBL Bank ), a Direct channel, Insurance Brokers, MFIs (Micro Finance Institutions), SFBs (Small Finance Banks), etc. and 39 partnerships within non-traditional ecosystems and an Online Insurance Platform and currently one of
192-713: A maiden dividend for its shareholders and in 2014 the company's assets under management (AUM) crossed Rs 50000 crore mark. In the year 2016, Standard Life Mauritius increases its stake in the HDFC Life from 26% to 35% and in Fiscal 2016 the latter establishes the first international subsidiary in the UAE, HDFC International to operate the reinsurance business which signs reinsurance treaties for two distinct lines of individual life business and enters into arrangements to offer reinsurance services for group and credit life schemes and expects
224-530: A profit. Today, corporate-run prisons hold eight percent of America's inmates. Since it is from the private sector, their main priority is not rehabilitation, but profit. This has resulted in many human rights violations across the United States. HDFC Life HDFC Life Insurance Company Limited ( d/b/a HDFC Life ) is a long-term life insurance provider headquartered in Mumbai , offering individual and group insurance services. The company
256-475: A residential units, purchase of land, home improvement loans, home extension loans, non-residential premise loans for professionals and loan against property and repayment options include step-up repayment facility and flexible loan instalment plan. It is one of the largest providers of housing loans in India . In its Annual Report for financial year 2012–13, the company has disclosed that it has disbursed approx. INR 456,000 crores in 35 years of its existence for
288-543: A study conducted by the Brand Equity – Economic Times had put HDFC Life at 29th rank in the most trusted Indian Brands amongst the Top 50 Service Brands of 2010. The Insurance Regulatory and Development Authority (IRDA) gave accreditation to HDFC Life for 149 training centres housed in its branches to cater to the mandatory training required to be given as well as for other sales training requirements in 2009. In 2012, it
320-552: A total of 4.4 million housing units. The average loan profile amounts to INR 2.18 million (US$ 35,160) which lasts for about 13 years and covers approx. 65% of actual property value. From the year 2000,the company started offering housing loans on the Internet becoming first company to do so. The company has been providing life insurance since the year 2000, through its subsidiary HDFC Standard Life Insurance company Limited. It offers 33 individual products and 8 group products. It uses
352-608: Is a constituent of the S&;P CNX Nifty . Shareholding : On 30 September 2013, 73.09% of the equity shares of the company were owned by the Foreign Institutional Investors (FII). Around 185,000 individual public shareholders own approx. 9.25% of its shares. The remaining 17.66% shares are owned by others. As of 31 March 2013, the company had 1,833 employees, out of which 22% were women. The company incurred INR 5.28 billion on employee benefit expenses for
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#1732790524651384-506: Is a non-banking finance company and was the first Indian lender to exclusively focus on education loans. The company lends to under-graduate and post-graduate students studying in India or abroad. HDFC held about 90% shares in this company. In 2023, HDFC sold a majority stake in HDFC Credila to a consortium of private equity firms, led by Baring EQT and ChrysCapital, for ₹ 9,060 crore (US$ 1.1 billion). Launched in 2010, HDFC held
416-440: Is held by public shareholders. HDFC Life obtained the certificate of commencement of business on 12 October 2000 and a certificate of registration from Insurance Regulatory and Development Authority of India (IRDAI) to undertake the life insurance business on 23 October 2000. HDFC Life has 467 branches and is present in 980+ cities, villages, and towns in India and supported by 16,544 employees. The company has also established
448-480: Is ranked third in the industry in India on the basis of average assets under management . HDFC formed this General Insurance company with ERGO Insurance Group . HDFC holds 50.5% and ERGO holds 26% of the shares. By the end of September 2013, its Market share in General Insurance stood at 4.1% (overall) in terms of gross gross direct premium in first half year of FY 2013–14. The total employee strength of
480-621: Is the first private life insurance company to bring back pension plans under the new regulatory regime, with the launch of two pension plans – HDFC Life Pension Super Plus and HDFC Life Single Premium Pension Super, operating the pension fund business under the National Pension System and is the second largest private pension fund management company in India in terms of assets under management and subscribers in Fiscal 2017. The company became profitable in fiscal 2012, posting annual profit of Rs 271 crore. In December 2013 it declared
512-681: The Securities Exchange Commission . Largest investor amongst them is Vanguard International Growth Fund . HDFC's key associate and subsidiary companies included HDFC Bank , HDFC Life Insurance Company , HDFC ERGO General Insurance Company , HDFC Asset Management Company, and HDFC Capital Advisors. HDFC holds 26.14% of shares in HDFC Bank. HDFC Bank sources home loans for HDFC for a fee. The key business areas of HDFC Bank are wholesale and retail banking and treasury operations. As of April 2023, its market capitalisation
544-550: The HDFC group network to cross sell by offering customized products. It operates out of 451 offices across India serving over 965 locations. It had a market share of 4.6% of life insurance business in India as of 30 September 2013. HDFC Life has over 15,000 employees. The company offers general insurance products such as: HDFC provides mutual fund services through its subsidiary HDFC Asset Management accountingy Limited. The average assets under management (AUM) of HDFC Mutual Fund for
576-548: The Indian life insurance industry and entered into 125 banking tie-ups including HDFC Bank giving it access to a huge branch network. Till 2019, the insurance firm had insured 21.6 million lives in both individual and group segments, and has one of the highest margins in the business, with 24.3 percent in first half of the financial year 2019, and is regarded as one of the most consistent life insurance firms delivering efficient returns on operating Earning Value(EV) of 20 per cent for
608-403: The company as of March 31, 2013 was 1,389. Established in 2016, HDFC Capital Advisors is a private equity real estate firm. As of April 2023, HDFC holds 90% stake in the company while Abu Dhabi Investment Authority holds the remaining 10%. In 2022, two wholly-owned subsidiaries of HDFC, viz. HDFC Property Ventures and HDFC Venture Capital, were merged into HDFC Capital Advisors. HDFC Credila
640-527: The financial year 2012–13. For FY 2012–13, the company reported a per employee profit of US$ 484,000 and per employee assets of US$ 18.5 million. HDFC's Training Centre is located in Lonavla Mumbai and it was established in 1989. It is mainly used for training programmes, workshops, conferences and strategy meetings. Private sector The private sector employs most of the workforce in some countries. In private sector, activities are guided by
672-426: The leading financial service providers in India offering finance in varied sectors like housing , banking , life insurance and general insurance , asset management and education loans and many other products. In Feb 2023, HDFC Life launched a mini web series, "The Missing Dhula," educating on the importance of life insurance and creating awareness. The Insurance Regulatory and Development Authority (IRDA)
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#1732790524651704-633: The main aim of solving the housing shortage in India and started rising steadily thereafter. In 2000, HDFC Asset Management Company launched its mutual fund schemes. In the same year, IRDA granted registration to HDFC Standard Life Insurance , as the first private sector life insurance company in India. Currently it operates in India, Kuwait, Oman, Qatar, Saudi Arabia, Singapore, United Arab Emirates and United Kingdom. The company provides housing finance to individuals and corporates for purchase/construction of residential houses. The type of loans offered by company include loans for purchase and construction of
736-662: The motive to earn money, i.e. operate by capitalist standards. A 2013 study by the International Finance Corporation (part of the World Bank Group ) identified that 90 percent of jobs in developing countries are in the private sector. In free enterprise countries, such as the United States , the private sector is wider, and the state places fewer constraints on firms. In countries with more government authority, such as China ,
768-525: The pension and reinsurance business to help them diversify its sources of revenue and profitability in future years. By 2017, it was the country's third-largest private sector life insurance company with a 16.5 percent share of total private-sector premiums for the Financial Year 2017 and fourth largest in the life insurance industry based on premium earned and had 66,372 individual agents across India, comprising 6.8 percent of total private agents in
800-613: The public sector makes up most of the economy. States legally regulate the private sector. Businesses operating within a country must comply with the laws in that country. In some cases, usually involving multinational corporations that can pick and choose their suppliers and locations based on their perception of the regulatory environment, local state regulations have resulted in uneven practices within one company. For example, workers in one country may benefit from strong labour unions , while workers in another country have very weak laws supporting labour unions, even though they work for
832-530: The quarter Jul-13 to Sep-13 was INR 1.03 trillion. HDFC's distribution network spans 396 outlets (including 109 offices of HDFC's distribution company HDFC Sales Private Limited) which cater to approx. 2,400 towns and cities spread across India. To cater to Non-Resident Indians , HDFC has offices in London , Singapore and Dubai and service associates in Middle East countries. The first overseas office
864-475: The same employer. In some cases, industries and individual businesses choose self-regulation by applying higher standards for dealing with their workers, customers, or the environment than the minimum that is legally required of them. There can be negative effects from the private sector. In the early 1980s, the Corrections Corporation of America pioneered the idea of running prisons for
896-620: The self-employed segment where formal income proofs are not available. It has a retail network of 136 offices across 7 states in India. On 17 October 2019, GRUH Finance was formally merged into Bandhan Bank , giving HDFC a 14.9% stake in Bandhan. Listing : The equity shares of HDFC are listed on Bombay Stock Exchange where it is a constituent of the BSE SENSEX index, and the National Stock Exchange of India where it
928-507: Was ₹ 941,386 crore (US$ 110 billion), making it India's third largest publicly traded company. HDFC holds approx. 48.7% of shares in HDFC Life and is the sole promoter of the company, as of May 2023. In September 2013, it was ranked third in terms of market share of private life insurance companies in India. On the same date, it had a network of approx. 72,000 financial consultants to sell its policies. HDFC formed HDFC Mutual Fund as
960-558: Was constituted in 1999 as an autonomous body to regulate and develop the insurance industry. The IRDA opened up the market in August 2000 with the invitation for application for registrations. HDFC Life was established in 2000 becoming the first private sector life insurance company in India. By 2001, the company had its 100th customer, strengthened its employee force to 100, and had settled its first claim. HDFC Life launched its first TV advertising campaign 'Sar Utha Ke Jiyo' in 2005. In 2006,
992-402: Was incorporated on 14 August 2000. The company is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India's leading housing finance institutions and Abrdn , a global investment company. As of 31 March 2020, the promoters; HDFC Ltd. and Standard Life (Mauritius Holdings) 2006 Ltd. hold a 51.69% and 34.75% stake in HDFC Life respectively. The remaining equity
Housing Development Finance Corporation - Misplaced Pages Continue
1024-535: Was opened in Dubai in 1996 and in the 2000's was expanded to London and Singapore. In addition, HDFC covers over 90 locations through its outreach programmes. HDFC's marketing efforts continue to be concentrated on developing a stronger distribution network. Home loans are also sourced through HDFC Sales, HDFC Bank Limited and other third party Direct selling Agents (DSA). The corporation has 232 institutional owners and shareholders filing through 13D/G or 13F forms with
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