Bank of baroda

Other Financial Institutions
Specialized Financial Institutions
In addition to the long-term lending institutions, there are various specialized financial institutions that cater to the specific
needs of different sectors. They include the National Bank for Agricultural and Rural Development, Export Import Bank of
India, Small Industries Development Bank of India, Risk Capital and Technology Finance Corporation Limited, Tourism
Finance Corporation of India Limited, National Housing Bank, Power Finance Corporation Limited and the Infrastructure
Development Finance Corporation Limited.
State Level Financial Institutions
State financial corporations operate at the state level and form an integral part of the institutional financing system. State
financial corporations were set up to finance and promote small and medium-sized enterprises. The state financial
institutions are expected to achieve balanced regional socio-economic growth by generating employment opportunities
and widening the ownership base of industry. At the state level, there are also state industrial development corporations,
which provide finance primarily to medium-sized and large-sized enterprises.
Insurance Companies
As of August 31, 2005, there were 29 insurance companies in India, of which 14 are life insurance companies, 14 are
general insurance companies and one is a reinsurance company. Of the 14 life insurance companies, 13 are in the
private sector and one is in the public sector. Among the general insurance companies, nine are in the private sector and
five are in the public sector. The reinsurance company, General Insurance Corporation of India, is in the public sector. Life
Insurance Corporation of India, General Insurance Corporation of India and public sector general insurance companies
also provide long-term financial assistance to the industrial sector. In fiscal 2004, the total gross premiums underwritten of
all general insurance companies were Rs. 160.37 billion and the total new premiums of all life insurance companies
were Rs. 194.30 billion. As per provisional figures released by Insurance Regulatory and Development Authority (IRDA),
in fiscal 2005, the total gross premiums underwritten of all general insurance companies were Rs. 180.95 billion and the
total new premiums of all life insurance companies were Rs. 253.43 billion. Over the past few years, the market shares
of private sector insurance companies have been increasing in both life and non-life insurance businesses. The market
share of private sector life insurance companies in new business written increased from 1.35% in fiscal 2002 to 5.66%
in fiscal 2003 and 12.56% in the fiscal 2004. Provisional figures released by IRDA indicate a market share of 21.93%
during fiscal 2005 for private sector life insurance companies in new business written. The market share of private sector
non-life insurance companies for business in India increased from 3.86% in fiscal 2002 to 9.16% in fiscal 2003 and
14.09% during the fiscal 2004. Provisional figures released by IRDA indicate a market share of 19.65% during fiscal
2005 for private sector non-life insurance companies for business in India.

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