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What is ICICI Bank | Establish, Founder, Full Form, Objectives, Functions of ICICI Bank

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

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.

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.

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.

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.

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All about IRDA | Establish, Role, Head, Headquarter of IRDA

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IRDA

Contents:

What is IRDA?
What is IRDA Act?
Where is the headquarter of IRDA?
Who is the head of IRDA?
When was IRDA established?
What are the activities of IRDA?
What are the powers of IRDA?
What is the role of IRDA?
How can I Apply for IRDA?
Can you buy life insurance in India as a foreigner?

History of IRDA

As you have learned earlier, this is an Indian based autonomous body tasked with promoting and regulating the re-insurance and insurance industry in the mentioned company.

IRDA Act was granted operation basing on Malhotra report recommendations in 1994. After these endorsements, in 1999, IRDA was granted the power to develop and regulate the insurance industry and later incorporated in 2000 April.

What is the Full-Form of IRDA?

IRDA stands for Insurance Regulatory and Development Authority

What is IRDA?

IRDA is an Indian based supervisory body governing both general insurance and life insurance companies. The insurance sector is among the immense opportunities you can enjoy while in India. IRDA controls everything to do with insurance in India using its set guidelines and rules. Just as the head of a family oversees everything in the family, so as the IRDA has the control of insurance policies in India.

What is IRDA Act?

The main objective of IRDA is regulation of insurance matters in India to protect policyholder's interests and enhancement of growth of the Insurance firms.

Background of IRDA Act

In 1991, the Indian government began reforms in the financial and economic sectors.
The reforms committee chaired by Mr. Malhotra retired governor later set up the recommended reforms in 1993.
By 1994, the committee suggested some reforms and this was after studying well the sector and following the sayings of the stakeholders.

Some suggested reforms include

Companies in the private sector should be permitted to promote insurance firms.
Overseas promoters should also be permitted
Regime to establish its supervisory powers to an autonomous regulatory body that is responsible to parliament

Where is the headquarter of IRDA?

The IRDA has its headquarters in Hyderabad, Telangana. To land in this present location, it moved in 2001 from Delhi.

Who is the head of IRDA?

The IRDA current head is S.C Khuntia

The IRDA is comprised of a team of ten members. They are-

A chairperson who is the head of the Insurance Regulatory and Development Authority.
Full-time members who are five in total
Part-time members who are four in total
The Indian government appoints all the members

When was IRDA established?

IRDA set up as an independent figure under the 1991 Act.
The mission of IRDA is protecting policyholders' interests, to promote, regulate, and safeguard the insurance industry growth.

What are the activities of IRDA?

This powerful body frames the insurance industry regulations according to the 1998 insurance Act section 114A.
Since 2000, IRDA has been involved in the registration of new insurance firms under the set regulations.
IRDA monitors the activities of the insurance sector for good industry development and protecting the interests of policyholders.

What are the powers of IRDA?

Below are the functions and powers of IRDA. You can find the powers in section 14 of the IRDA Act.

This Authority aims at protecting the policyholder's interests in kinds of stuff associated with an insurable interest, policyholders' nominations, and the policy surrender value among other aspects in the insurance industry.
As an applicant of insurance in India, you will receive your registration certificate from this Authorized Insurance body. It also has the power to modify, renew, withdraw, cancel, or suspend your applicant's registration.
IRDA outlines the qualifications, practical training, and code of conduct for insurance agents and intermediaries.
The Authority promotes effectiveness in running the insurance business.
IRDA states how loss assessors and surveyors will conduct their operations in insurance firms.
IRDA has powers to conduct an investigation, inquire information, and take part in auditing and inquiry of insurance intermediaries, the insurers, and the organization that is linked with the insurance business.
This insurance consultant controls and promotes professional organizations related to the business of insurance. The authority levies charges for this Act.
IRDA regulates and controls the conditions, gain terms, and rates provided by your insurer about the over-all insurance business.
This Authority regulates fund investments made by insurance firms.
IRDA has powers to regulate the solvency margin.
The performance of the Tariff Advisory Board is controlled by IRDA.
IRDA lays down the ratio of general insurance and life insurance to be taken by an insurer in the social and rural sectors.

What is the role of IRDA?

Maintain dignity is a very important aspect in the smooth running of any given professional set up. For this reason, you need to ensure that you check immediately for any individual going against the rules. IRDA has a role in controlling various situations in the insurance companies some of which you will see below.

IRDA is a powerful body with a single mission of ensuring fairness in the insurance industry to avoid customer and client loss. Here is the role of IRDA in ensuring that you have the best when it comes to insurance deals.
IRDA protects the interests of policyholders as it ensures justice to everyone in the Insurance industry.
This sovereign body encourages the organized progress of the insurance industry to benefiting the customers and boosting economic growth.
IRDA sets, monitor, promote and use high integrity standards, fair dealing to those it imposes the rules to.
The role of IRDA is to safeguard the insurance holders by ensuring transparency, clarity, and preciseness. As the policyholder, through the board, you will enjoy accurate information on the services and products. You will also know more about your responsibilities.
This powerful body aids in providing a mechanism of resolving disputes guaranteeing faster settling of sincere claims. IRDA will prevent you against insurance misconduct and fraud.
This insurance monitoring body takes appropriate steps against given standards in the market enforced inappropriately.
Ensures optimal self-regulation in everyday activities of the insurance companies according to what prudential regulations require.

How can I Apply for IRDA?

Are you interested in applying for the IRDA? Well, I will take you through the whole process involved in enjoying this wonderful financial platform. The first thing you are supposed to do is visiting the official website of IRDA. Download the application form from the site. Ensure that you go for the format prescribed. Fill your necessary information keeping in mind that you will be required to submit the application form before the deadline. For future convenience, ensure that you retain a print copy after you submit the final form.

IRDA Medicare Rules

In India, insurance in the health sector has gained massive growth over the past few years. This can be because many people nowadays have come to know the importance of leading healthy lifestyles. More people have enrolled in health insurance given that over time now the medical treatment has been too expensive. Another contributing factor is, of course, the increment of disposable income for most people living in India.

The health insurance firm has two main objectives that are providing efficient and timely claims when needed, marketing, and selling health insurance policies. However, policyholders of this insurance frequently complain about being denied especially on energetic grounds by the companies offering health care insurance. To curb this, the Authority has developed new homogenous procedures as a help to people in making successful claims.

Can you buy life insurance in India as a foreigner?

Are you in India as a non- residence and whether wondering if you can get the life of your loved one insured? Yes, it is very possible. FEMA allows you to opt for life insurance as a measure of safeguarding your family's future.

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What is SEBI | Definition, Functions, Headquarter, Powers, Objectives of SEBI?

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SEBI

Contents:

Define SEBI?
Where is the Headquarter of SEBI?
What are the functions of SEBI?
Why was SEBI formed?
Is the SEBI government body?
What are the objectives of SEBI?
What the powers of SEBI?
What are the differences between SEBI and RBI?

Define SEBI?

The Securities and Exchange Board of India (SEBI) was established on April twelve within the year 1992 in conjunction with the provisions of the Securities and Exchange Board of India Act in 1992. The Securities and Exchange Board of Bharat (SEBI) initially was established in 1988 as a non-statutory body for administering the exchange.

It then got regenerate into associate degree autonomous body on twelve April 1992 being given with accorded statutory powers, by the passing of the SEBI Act 1992 by the Indian Parliament. Terribly presently SEBI got planted because the regulator of capital markets in India was beneath a resolution of the govt. of India.

SEBI stands for Securities and Exchange Board of India

Where is the Headquarter of SEBI?

Its headquarters is located at the downtown of Bandra Kurla advanced in the metropolis and has Northern, Eastern, Southern, and Western Regional Offices meet in the national capital, Kolkata, Chennai, and Ahmedabad severally. SEBI additionally has opened native offices at Bangalore, Jaipur Guwahati, Bhubaneshwar, Kochi, Patna and Chandigarh throughout the year. 2013 - 2014. The controller of Capital problems was the administrative unit that came into existence before SEBI. Therefore we will say that SEBI has derived authority from the Capital problems (Control) Act of 1947.

The SEBI is managed by its members that consist of the following: The chairman is nominative by the Union Government of Bharat. Other 2 members i.e., Officers from the Union Finance Ministry and the member from the banking company of Bharat. The remaining 5 member’s area unit nominative by the Union Government of Bharat, out of them a minimum of 3 shall be whole-time members. Once the modification of the 1999 act, collective investment schemes were brought beneath SEBI except for investments like chittis, Nidhi funds, and cooperatives.

What are the functions of SEBI?

The Preamble of the Securities and Exchange Board of India (SEBI) describes the fundamental functions of the Securities and Exchange Board of India as "...to protect the interests of investors in securities and to push the event of, and to manage the exchange and for matters connected therewith or incidental thereto". SEBI must be attentive to the wants of 3 teams that represent the market, these are Area unit issuers of securities, Market intermediaries, and Investors.

SEBI has chiefly three functions registered into one body:

quasi-legislative,
quasi-judicial, and
quasi-executive.

The varied functions of SEBI are:

To defend the interests of investors in exchange
To promote the development of exchange
To regulate the business available exchanges and the other securities markets
To register and regulate the operating of stockbrokers, sub-brokers, share transfer agents, bankers to associate degree issue, trustees of trust deeds, registrars to associate degree issue, merchandiser bankers, underwriters, portfolio managers, investment advisers and such alternative intermediaries UN agency could also be related to securities markets in any manner.
To register and regulate the operating of the depositories, participants, custodians of securities, foreign institutional investors, credit rating agencies.
To register and regulate the operating of venture capital funds and collective investment schemes as well as mutual funds.
To promote and regulate self-regulatory organizations
To command fallacious and unfair trade practices regarding securities markets
To promote investors in education and coaching of intermediaries of securities markets.
To command trading in securities.
To regulate the substantial acquisition of shares and takeover of corporations and to conduct analysis for economic operating and development of the exchange. It drafts laws in its legislative capacity, it conducts investigation and social control action in its government to perform and it passes rulings and orders in its judicial capacity. Although this makes it terribly powerful, there's an associate degree charm method to form answerability. There’s a Securities proceedings judicature that could be a three-member judicature and is presently headed by Justice Tarun Agarwala, a former jurist of the Meghalaya court. A second charm lies on to the Supreme Court. SEBI has taken an awfully proactive role in streamlining revelation needs to international standards.

Why was SEBI formed?

With the expansion within the dealings of stock markets, the heap of malpractices additionally started available markets like worth rigging, the unofficial premium on new issues, and delay in delivery of shares, violation of rules, and laws of the securities market and listing needs came about. Due to these malpractices, the shoppers started losing confidence and religion within the securities market. Thus, the government of India determined to line up the center or restrictive body referred to as the Securities Exchange Board of India (SEBI).

Is the SEBI government body?

SEBI could be a statutory restrictive body that was established on the twelfth of April, 1992. It monitors and regulates the New Delhi and exchange whereas making certain to safeguard the interests of the investors formulating laws and pointers to be adhered to.

What are the objectives of SEBI?

The SEBI acts as a scrutinizer for all capital market contributors and its main function is to provide such territory for the financial experts that eventually results in a smooth and streamlined working platform of the securities market.

In order to make this happen, three main participants of the financial market are essential:

Issuers of securities: The Issuers of securities are units inside the corporate field that upraise funds from various provenances. The SEBI makes sure that they get a healthy atmosphere for their needs.
Investors: Investors are the ones who keep the market functioning and is also oversee of maintaining an environment that is free from malpractices.
Financial Intermediaries: And the Financial Intermediaries are the people who act as mediators between the issuers and investors and also ensure smooth and safe financial transactions.

Functions of SEBI can be categorized into three functions:

Protective Functions: The Protective functions stop inside trading so that there won’t be buying and selling inside the company. The SEBI has trusted lists of companies who can purchase their own shares from secondary markets. The directors, employees, and other head in charges will have the access to highly confidential information that affects the prices and securities, so in order to prevent insider trading the Protective functions plays a key role, also it promotes fair trade practices and prohibits fraudulent and unfair trade practices. SEBI also educates investors by conducting offline and online seminars so that investors get an idea of the financial market and money management.
Developmental Functions: Developmental functions the initiations took to upgrade the security market by the SEBI to upgrade the market security with the help of technological innovations. Introducing internet trading through genuine stockbrokers can help in providing large customer service and also widespread knowledge and acclaim can be gained through this. By introducing the DE mat format our certificates get converted from physical form to electronic form so as to increase their accessibility, also by training the mediators of the securities market the exchange and functions will be smooth and helpful.
Regulatory Functions: When we come to Regulatory functions, this is the 3rd and last function, the main function is to establish regulations for financial mediators and corporates to make sure that the market runs successfully and efficiently. The SEBI has framed some guidelines and codes of conduct that are enforced to financial mediators and corporates. These mediators have been placed under the private placement and have been made more restrictive.

What are the powers of SEBI?

SEBI has the power to regulate and sanction by-laws of stock exchanges, the book of accounts of recognized stock exchanges and calls for periodical returns are also viewed by the SEBI. Coming to higher functions the books of financial Intermediaries are also handled. When taking the outside functions SEBI forces certain companies to get listed on one or more stock exchanges and to handle registration of the brokers and mediators.

What are the differences between SEBI and RBI?

The Securities and Exchange Board of India (SEBI), is a regulatory body while the Reserve Bank of India (RBI) is the Central Bank of India.
The main functions of RBI are, the custody of foreign reserve, controller of credit and to manage printing and supply of currency notes in the whole country. Both of them play a key role in the Indian economy. While The main function of SEBI is to protect the investors in securities and to promote the development of and to regulate the securities market
RBI is the body responsible for maintaining banknotes all around the country, to keep currency reserves to maintain stability and to keep the credit and currency system working efficiently. SEBI, on the other hand, is an autonomous body to oversee the operations of investment markets in the country. The board then performs the function of a mediator to keep markets more stable and efficient markets.
The main motive of the government in setting up the SEBI was to protect the interests of investors in securities and to help in the growth of the securities market and so that it attracts foreign investors. In brief, the RBI is the central bank of India that works as a banker to banks and the government while SEBI is the securities and Exchange Board of India that looks after the health of investment markets.

These are the differences in the roles and responsibilities of these two organizations.

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