ICICI
Contents:
- History
- What do you mean by ICICI Bank?
- What is full form ICICI?
- When ICICI Bank was established?
- Where is the headquarters of ICICI bank?
- Who is the founder of ICICI Bank?
- Who is the chairman of ICICI Bank?
- What are the functions of ICICI bank?
- What are the objectives of ICICI Bank?
- What is the Role and development of ICICI?
- What is the role of ICICI in digitization?
History
Currently, ICICI is one of the famous private banks in India. The bank was then merged with its parent company during the year 2001 which was later approved by the RBI during the year 2002. The bank currently holds some shares in YES bank and it has also acquired both Sangli Bank and Bank of Rajasthan which are now merged with ICICI bank.
What do you mean by ICICI Bank?
ICICI bank is one of the famous private banks currently in the country well known for its financial services. It offers multiple small and medium loans along with financial advice to its partners.
What is full form ICICI?
Initially, the name of the bank was Industrial Credit and Investment Corporation of India which was later shortened as ICICI bank for promotional purposes.
ICICI stands for Industrial Credit and Investment Corporation of India
ICICI stands for Industrial Credit and Investment Corporation of India
When ICICI Bank was established?
The Industrial Credit and Investment Corporation of India otherwise popularly known as the ICICI bank was established during the year 1994 as a private institution. But even before 1994, the parent company was well involved in other types of financial setups offering finances to certain companies of India by forming a joint venture with the world bank.
Where is the Headquarters of ICICI Bank?
The first ICICI bank was constructed in Vadodara, Gujarat during 1994 and it still acts as the registered headquarters of the entire group of the bank. But for communication purposes, the bank has moved its activities to Mumbai making it the corporate office.
The ICICI towers located in the Bandra-Kurla complex in Mumbai is the current active head office where the important activities take place. Along with these two head offices, ICICI has nearly 5275 branches all over the country with nearly 15,589 ATMs ( as of June 2019).
The bank has been growing rapidly at a faster pace ever since and is available in nearly 17 countries all over the world. The bank still holds it's majority shares making it a private bank and not a nationalized one.
The ICICI towers located in the Bandra-Kurla complex in Mumbai is the current active head office where the important activities take place. Along with these two head offices, ICICI has nearly 5275 branches all over the country with nearly 15,589 ATMs ( as of June 2019).
The bank has been growing rapidly at a faster pace ever since and is available in nearly 17 countries all over the world. The bank still holds it's majority shares making it a private bank and not a nationalized one.
Who is the founder of ICICI Bank?
Even though ICICI was established as a result of hard work by a group of people rather than a single person effort, Mr, K V. Kamath is considered as chairman and founder of the ICICI bank.
Who is the chairman of ICICI Bank?
Currently, Mr. Girish Chandra Chaturvedi, is the chairman of ICICI banks and Mr. Sandeep Bakhshi is the active MD and CEO of the bank. Mr. Bakshi was operating as the CEO of ICICI life insurance until October 2018, after which he was promoted as CEO of the bank.
What are the functions of ICICI bank?
The ICICI bank is available in nearly 18 countries all over the world and it offers banking and other finance-related activities to the people living there. Some of its basic functions include,
- Providing Loan: It offers various types of loans to the people in these countries. It offers all types of loans including, short term loans, medium-term loans, and other types of loans like home loans, etc.
- Funds: It offers various types of funding for reinvestment by rotating the investments at a faster rate.
- Financial Devices: It also offers financial advice to other companies especially for the ones in the private sector in their pre-investments. It also offers financial advice to both the Central and state governments regarding certain policies and Investments.
- Issue of Shares: Issuing shares and offering securities to other companies and also underwriting their problems in detail.
- Guarantee of Loans: They also guarantee loans from other private investments and various other private sources.
- Loan for Small Business: They offer loans to the normal small investment businesses and these loans have a payment period of nearly 15 years.
- Foreign Currency: The bank also offers some small foreign currency loans for importing machines and other important equipment from foreign countries.
- Securities: The bank also rotates and sells securities from its portfolio to enhance the investments and also for increasing its customer base.
- Credit Facility: The bank also improves the credit value of certain companies to increase and improve their product sale.
What are the objectives of ICICI Bank?
The main objective of the ICICI bank is to promote the private industrial sectors by offering them both long and short term funds for their investments and improvements. The bank also has other objectives like,
- To increase sales and improve the growth of the private industries in the non-public sector.
- To improve the internal and external capital in these non-public companies.
- To offer finance for equipment and other investments.
- To offer financial support for the rehabilitation of companies and certain industrial units.
- To promote private investments and ownership in private sectors.
- To provide financial aid to small companies and increase market expansion and investments. It also offers its securities for rotations to improve investments.
What is the Role and development of ICICI?
Even though the ICICI group started its original banking services during 1994, the parent company during 1973 created a Merchant banking division that was involved in providing financial advice to its clients and improving the financial structure that was pre-existing in some private companies. It played a huge role in the amalgamation and growth of certain companies in the private sector.
They offered other financial support like assisting the companies in getting loans and preparing their proposals for loans and negotiating with the banks on their behalf. The ICICI has offered venture capital funds for improving the green field companies and also combined with other financial institutions to create SHCIL, CRISIL, and OTC Exchange of India Ltd.
The bank is now promoting the growth of mutual funds similar to UTI. The vision of the company was initially focused on expanding and finding the industrial sectors of the country but currently, they have expanded their vision and are involved in all types of economic developments and requirements. They have been trying to meet up with all the economic requirements with new plans and instruments.
They offered other financial support like assisting the companies in getting loans and preparing their proposals for loans and negotiating with the banks on their behalf. The ICICI has offered venture capital funds for improving the green field companies and also combined with other financial institutions to create SHCIL, CRISIL, and OTC Exchange of India Ltd.
The bank is now promoting the growth of mutual funds similar to UTI. The vision of the company was initially focused on expanding and finding the industrial sectors of the country but currently, they have expanded their vision and are involved in all types of economic developments and requirements. They have been trying to meet up with all the economic requirements with new plans and instruments.
During March of 1995, ICICI created the brokerage services offering nearly 100% subsidiary. It also performs various securities and brokerage related activities from the year 1996. The bank has been registered with the National Stock Exchange and the Mumbai Stock Exchange. ICICI also owns its credit corporation which was then renamed as ICICI personal financial services limited during 1999.
They performed all types of financial activities including stock exchanges, underwriting along with placements, and distribution. This corporation became a complete private subsidiary from April 1996. Even though it has been performing commercial banking services from 1994 it still is performing its other financial activities as a joint venture with ICICI parent company. The bank has been offering both international and domestic banking services all over the world.
They performed all types of financial activities including stock exchanges, underwriting along with placements, and distribution. This corporation became a complete private subsidiary from April 1996. Even though it has been performing commercial banking services from 1994 it still is performing its other financial activities as a joint venture with ICICI parent company. The bank has been offering both international and domestic banking services all over the world.
What is the role of ICICI in digitization?
Along with its wide range of expansion and multiple banking services, the ICICI Bank has also been well known for its ability to keep up with modern technology.
During 1998 ICICI wowed the world by stepping into the digital world. The bank was one of the first banks to introduce the concept of internet banking which is used all over the world now. Similarly, the bank also introduced other modern technologies like mobile banking in 2008 and digital wallets in 2015.
The ICICI bank is one of the technology-based banks that has always,s been keeping up with the technology. It has also introduced a robotic service called 'Money Coach' that provides the user with financial advice.
During recent years because of this very reason, ICICI has emerged as a leader in the banking industry providing a tough spot for other private banks. The client's base has constantly been increasing and it is expected to be the leader for the next ten years especially with its recent acquisition of the shares from Yes bank.
During 1998 ICICI wowed the world by stepping into the digital world. The bank was one of the first banks to introduce the concept of internet banking which is used all over the world now. Similarly, the bank also introduced other modern technologies like mobile banking in 2008 and digital wallets in 2015.
The ICICI bank is one of the technology-based banks that has always,s been keeping up with the technology. It has also introduced a robotic service called 'Money Coach' that provides the user with financial advice.
During recent years because of this very reason, ICICI has emerged as a leader in the banking industry providing a tough spot for other private banks. The client's base has constantly been increasing and it is expected to be the leader for the next ten years especially with its recent acquisition of the shares from Yes bank.
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