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FINANCIAL INFRASTRUCTURE

Maharashtra has the best financial infrastructure in the country. Almost all major banks and financial institutions, both national and foreign, have a business presence in the state. Mumbai is the hub of the country's financial services sector. The Reserve Bank of India, India's central bank, and the State Bank of India, the country's largest commercial bank, are head-quartered in Mumbai. In the financial services sector, virtually all the foreign entrants have selected Mumbai as their centre of Indian operations. These include Merrill Lynch, Goldman Sachs, Morgan Stanley, UBS Securities, SBC Warburg, BZW and the Jardine Fleming Group.

Commercial banks 

The banking network spans all of Maharashtra and reaches even remote rural areas. As of June 1997, there were 5,982 branches of commercial banks operating in Maharashtra. This does not include branches of private banks and co-operative banking and thrift institutions. The key international banks operating in cities like Mumbai include Citibank, American Express Bank, Deutsche Bank, Standard Chartered Bank, Hongkong & Shanghai Bank, ING Bank, ABN Amro Bank, Bank of America, Chase Manhattan Bank, Credit Lyonnais and Japanese banking majors such as Fuji Bank and Sakura Bank.

Investment banks

The two largest domestic investment banks in India (owned partially by the government of India), the Industrial Credit and Investment Corporation of India and the Industrial Development Bank of India are head-quartered in Mumbai. These institutions not only provide project funding, but also a range of project advisory services, from conception and definition to implementation. These institutions have been often hailed as the financial backbone of Indian industry and play an important role in the national economy. The state Government-owned Maharashtra State Finance Corporation provides loans and financial assistance for small and medium size projects. For larger projects, the state government participates through SICOM Limited, an autonomous organisation engaged in project advisory services, jointly owned by the government and development financial institutions. This agency also provides training and advisory facilities to would-be and first-time entrepreneurs.

Capital Market

An essential prerequisite to industrial development and growth is the existence of a sound capital market. Maharashtra's stock exchanges are: Bombay Stock Exchange, Over the Counter Exchange and Pune Stock Exchange.

Bombay Stock Exchange (BSE)

BSE is the largest stock exchange in the country, with a market capitalisation of approximately Rs.4 558 billion (US$ 127.75 billion) as of October 1996, which makes it one of the largest stock exchanges among the emerging economies of the world, with over 5,969 companies worldwide listed on the exchange. BSE was the first Indian bourse to replace the open outcry mode of trading, with screen-based on-line systems.

Over The Counter Exchange of India (OTCEI)

OTCEI has been promoted by leading financial institutions of India. It was established with the objective of providing a window to small companies (which would have otherwise lacked resources) to approach the large capital markets for funds to meet capital requirements. Established on similar lines as the NASDAQ in USA, OTCEI was the first stock exchange to set up a computerised screen-based trading system in India. It introduced concepts like market making and bought out deals to the Indian stock markets. Corporates with an issued capital between Rs.3 million and Rs.250 million can be listed on OTCEI.

 
   
 
 
 

 

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