ICICI Bank is an Indian multinational banking and financial services company

headquartered inVadodara, Gujarat, India. As of 2014, it is the second largest

bank in India in terms of assets andmarket capitalisation[citation needed]. It offers a wide
range of banking products and financial services for corporate and retail
customers through a variety of delivery channels and specialised subsidiaries in
the areas of investment banking, life, non-life insurance, venture
capital and asset management. The Bank has a network of 4,050 branches[4] and
12,919 [4] ATMs[5] in India, and has a presence in 17 countries including India.[6]
ICICI Bank is one of the Big Four banks of India, along with State Bank of
India, Punjab National Bank and Bank of Baroda. The bank has subsidiaries in
the United Kingdom and Canada; branches in United States, Singapore, Bahrain,
Hong Kong, Sri Lanka, Qatar,Oman, Dubai International Finance Centre and
China;[7] and representative offices in United Arab Emirates, South Africa,
Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has also
established branches in Belgium and Germany.[8]

ICICI Bank Limited

Type

Private Company

Traded as

BSE: 532174
NYSE: IBN
BSE SENSEX Constituent
CNX Nifty Constituent

Industry

Banking, Financial services

Founded

1994

Headquarters

Vadodara, Gujarat, India[1]

Area served

Worldwide

Key people

Mr. M. K. Sharma (Chairman)

Ms.Chanda Kochhar (MD &
CEO)

Products

Credit cards, Consumer

banking, corporate
banking,finance and
insurance,investment
banking, mortgage loans, private
banking, wealth management

Revenue

US$ 9.8 billion (2015)[2]

Operating
income

US$ 3.2 billion (2015)[2]

Profit

US$ 1.8 billion (2015)[2]

Total assets

US$ 103.4 billion (2015)[2]

Total equity

US$ 12.9 billion (2015)[2]

Number of
employees

67,857 (2015)[3]

Website

www.icicibank.com

History

ICICI's branch located inKnightsbridge, London.

ICICI Bank was established by the Industrial Credit and Investment

Corporation of India (ICICI) , an Indian financial institution, as a wholly owned
subsidiary in 1994. The parent company was formed in 1955 as a joint-venture of
the World Bank, India's public-sector banks and public-sector insurance
companies to provide project financing to Indian industry.[9][10] The bank was
initially known as theIndustrial Credit and Investment Corporation of India Bank,
before it changed its name to the abbreviated ICICI Bank. The parent company
was later merged with the bank.
ICICI Bank launched internet banking operations in 1998.[11]
ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public
offering of shares in India in 1998, followed by an equity offering in the form
of American Depositary Receipts on the NYSE in 2000.[12] ICICI Bank acquired
the Bank of Madura Limited in an all-stock deal in 2001 and sold additional
stakes to institutional investors during 2001-02.[13]
In the 1990s, ICICI transformed its business from a development financial
institution offering only project finance to a diversified financial services group,
offering a wide variety of products and services, both directly and through a

number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the
first Indian company and the first bank or financial institution from non-Japan Asia
to be listed on the NYSE.[14]
In 2000, ICICI Bank became the first Indian bank to list on the New York Stock
Exchange with its five million American depository shares issue generating a
demand book 13 times the offer size.[12]
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the
merger of ICICI and two of its wholly owned retail finance subsidiaries, ICICI
Personal Financial Services Limited and ICICI Capital Services Limited, with
ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank
in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002 and
by the High Court of Judicature at Mumbai and the Reserve Bank of India in April
2002.[15]
In 2008, following the 2008 financial crisis, customers rushed to ICICI ATMs and
branches in some locations due to rumours of adverse financial position of ICICI
Bank. The Reserve Bank of India issued a clarification on the financial strength of
ICICI Bank to dispel the rumours.[16]

Acquisitions[edit]

1996: SCICI Ltd. A diversified financial institution with headquarters in

Mumbai[17]

1997: ITC Classic Finance. ncorporated in 1986, ITC Classic was a nonbank financial firm that engaged in hire, purchase, and leasing operations. At
the time of being acquired, ITC Classic had eight offices, 26 outlets, and 700
brokers.[18]

1998: Anagram(ENAGRAM) Finance. Anagram had built up a network of

some 50 branches in Gujarat, Rajasthan, and Maharashtra that were primarily

engaged in retail financing of cars and trucks. It also had some 250,000
depositors.[19]

2001: Bank of Madurai[20]

2002: The Darjeeling and Shimla branches of Grindlays Bank[21]

2005: Investitsionno-Kreditny Bank (IKB), a Russian bank [22]

2007: Sangli Bank. Sangli Bank was a private sector unlisted bank,
founded in 1916, and 30% owned by the Bahte family. Its headquarters were
in Sangli in Maharashtra, and it had 198 branches. It had 158 in Maharashtra
and 31 in Karnataka, and others in Gujarat, Andhra Pradesh, Tamil Nadu,
Goa, and Delhi. Its branches were relatively evenly split between metropolitan
areas and rural or semi-urban areas.[23]

2010: The Bank of Rajasthan (BOR) was acquired by the ICICI Bank in
2010 for 30 billion. RBI was critical of BOR's promoters not reducing their
holdings in the company. BOR has since been merged with ICICI Bank.[17]

Role in Indian financial infrastructure[edit]

The bank has contributed to the set-up of a number of Indian institutions to
establish financial infrastructure in the country over the years:

National Stock Exchange - The National Stock Exchange was promoted by

India's leading financial institutions (including ICICI Ltd.) in 1992 on behalf of
the Government of India with the objective of establishing a nationwide
trading facility for equities, debt instruments and hybrids, by ensuring equal
access to investors all over the country through an appropriate
communication network.[24]

Credit Rating Information Services of India Limited (CRISIL) - In 1987,

ICICI Ltd along with UTI set up CRISIL as India's first professionalcredit rating

agency. CRISIL offers a comprehensive range of integrated products and

service offerings which include credit ratings, capital market information,
industry analysis and detailed reports.[25]

National Commodities and Derivatives Exchange Limited - NCDEX is an

online multi-commodity exchange, set up in 2003, by ICICI Bank Ltd,
LIC, NABARD, NSE, Canara Bank, CRISIL, Goldman Sachs, Indian Farmers
Fertiliser Cooperative Limited (IFFCO) and Punjab National Bank.[26]

Financial Innovation Network and Operations Pvt Ltd. - ICICI Bank has
facilitated setting up of "FINO Cross Link to Case Link Study" in 2006, as a
company that would provide technology solutions and services to reach the
underserved and underbanked population of the country. Using technologies
like smart cards, biometrics and a basket of support services, FINO enables
financial institutions to conceptualise, develop and operationalise projects to
support sector initiatives in microfinance and livelihoods.[27]

Entrepreneurship Development Institute of India - Entrepreneurship

Development Institute of India (EDII), an autonomous body and not-for-profit
society, was set up in 1983, by the erstwhile apex financial institutions like
IDBI, ICICI, IFCI and SBI with the support of theGovernment of Gujarat as a
national resource organisation committed to entrepreneurship development,
education, training and research.[28]

North Eastern Development Finance Corporation - North Eastern

Development Finance Corporation (NEDFI) was promoted by national level
financial institutions like ICICI Ltd in 1995 at Guwahati, Assam for the
development of industries, infrastructure, animal husbandry, agri-horticulture
plantation, medicinal plants, sericulture, aquaculture, poultry and dairy in the
North Eastern states of India. NEDFI is the premier financial and development
institution for the North East region.[29]

Asset Reconstruction Company India Limited - Following the enactment of

the Securitisation Act in 2002, ICICI Bank, together with other institutions, set
up Asset Reconstruction Company India Limited (ARCIL) in 2003, to create a
facilitative environment for the resolution of distressed debt in India. ARCIL
was established to acquire non-performing assets (NPAs) from financial
institutions and banks with a view to enhance the management of these
assets and help in the maximisation of recovery. This would relieve
institutions and banks from the burden of pursuing NPAs, and allow them to
focus on core banking activities.[30][31]

Credit Information Bureau of India Limited - ICICI Bank has also helped in
setting up Credit Information Bureau of India Limited (CIBIL), India's first
national credit bureau in 2000. CIBIL provides a repository of information
(which contains the credit history of commercial and consumer borrowers) to
its members in the form of credit information reports. The members of CIBIL
include banks, financial institutions, state financial corporations, non-banking
financial companies, housing finance companies and credit card companies.
[32]

Institutional Investor Advisory Services India Limited (IiAS) ICICI Bank

has indirectly invested in Institutional Investor Advisory Services, through
ICICI Prudential Life Insurance Company, in IiAS. IiAS is a voting advisory
firm aka proxy firm, dedicated to providing participants in the Indian market
with data, research and commentary. It provides recommendations on
resolutions placed before shareholders of over 300 companies.

Products[edit]

Extraa home loans[edit]

Countrys first Mortgage Guarantee backed loans - ICICI Bank Extraa Home
Loans for retail customers aspiring to purchase their first homes in the affordable

housing segment were introduced in August 2015. This allows a borrower to

enhance the loan amount by up to 20% and also provides the option to extend
the repayment period up to 67 years of age. This initiative is in association with
India Mortgage Guarantee Corporation (IMGC). IMGC is a joint venture between
National Housing Bank (NHB), an RBI subsidiary which regulates Home Finance
Companies in India; NYSE-listed Genworth Financial Inc., a Fortune 500
company; International Finance Corporation (IFC) and Asian Development Bank
(ADB).[33]

Smart Vault[edit]
The bank launched fully automated state-of-the-art lockers, Smart Vault which
are available 24x7, including weekends and post banking hours in August 2015.
The Smart Vault uses robotic technology to access the lockers from the safe
vault and enables customers to conveniently access their lockers at any time of
their preference, in total privacy, without any intervention of the branch staff, in
the comfort of a secure lounge where the locker automatically comes up to the
customer. [34]

Saral Loans[edit]
In August 2015, ICICI Bank introduced Saral-Rural Housing Loan. Applicants
from rural areas including women borrowers as well as seekers from weaker
sections can now avail home loans at the ICICI Bank Base Rate (I-Base) which
is currently at 9.70%. An eligible borrower can take up to Rs.15 lac under the
ICICI Bank Saral-Rural Housing Loan.[35]

ICICI Bank Unifare Bangalore Metro Card[edit]

ICICI Bank and Bangalore Metro Rail Corporation Limited (BMRCL) on April
2015, announced the launch of the ICICI Bank Unifare Bangalore Metro Card.
This card offers the commuters dual benefits of an ICICI Bank credit or debit card

and BMRCLs smart card, called Namma Metro Smart Card. This is a cobranded
card in association with MasterCard.[36]

'Touch n Remit' facility for NRIs in Kingdom of Bahrain[edit]

In March 2015, ICICI Bank tied up with SADAD Electronic Payments WLL to offer
remittance service for NRIs based in Bahrain, enabling them to transfer monies
instantly to India from the latters kiosks spread across the Kingdom of Bahrain.
This facility has been named as Touch n Remit.[37]

ICICI Bank Ltd launches 'Video Banking' for NRI[edit]

In February 2015, ICICI Bank announced the launch of 'Video Banking' for all its
NRI (Non Resident Indian) customers. Using this service, the customers can now
connect with a customer care representative over a video call, round-the-clock,
on all days from anywhere using their smart phone.[38]

Pockets by ICICI Bank[edit]

In February 2015, ICICI Bank Re-Launched POCKETS, now working as a
"Digital wallet" for everyone (Android OS users only). The Wallet be can be
opened by anyone and can conduct transactions like recharge, shopping,
transfer money using the virtual visa card which is issued when signing up for the
wallet.[39]

ICICIBankPay on Twitter[edit]
ICICI Bank in January, 2015 launched banking services on Twitter, christened as
'ICICIBankPay'. This service in India enables ICICI Bank customers to transfer
money to anyone in the country who has a Twitter account, check account
balance, view last three transactions and recharge prepaid mobile in a
completely secure manner.[40]

Contactless Credit and Debit Cards[edit]

ICICI Bank in January, 2015 announced the launch of the countrys first
Contactless debit and credit cards, enabling its customers to make electronic
payments by just waving the cards near the merchant terminal in lieu of dipping
or swiping them. These cards are based on the Near Field Communication (NFC)
technology, which provides customers the improved convenience of speed as
these cards require significantly less time than traditional cards to complete a
transaction along with enhanced security as they remain in control of the
customer.[41]

MySavings Rewards[edit]
ICICI Bank has rolled-out the programme 'MySavings Rewards' from 1
September 2012, where reward points are offered to individual domestic
customers for a variety of transactions done through the savings bank account.
Reward points are offered automatically to customers for activating Internet
banking, shopping online/ paying utility bills with Internet banking and auto-debit
from savings account towards equated monthly installments for home/ auto/
personal loan/ recurring deposit. Customers are required to maintain a monthly
average balance of 15,000 or more. th Indian bank will recuire 5.5% interest on
short term loans and long term bonds and mortgages loans up to $2 million up to
20years to pay back annuall interest of 5.5% short term loans from 3 months up
to 3years at 5.5% .credit interest is reduced to 10% annully .[42]

iWish- the flexible recurring deposit[edit]

iWish is a flexible recurring deposit product launched by ICICI Bank for its
savings account customers. Unlike a traditional recurring deposit, iWish allows
customers to save varying amounts of money at any time of their choice.
Customers can create several goals and track their progress on an online
interface.[43]

ICICI Bank has developed this product in collaboration with Social Money. ICICI
Bank has also launched an app for Android and Apple smartwatches. The app
will provide the facility of online banking transaction from smartwatch.[44]

Awards and Achievements[edit]

2003

"The Asian Banker Excellence in Retail Financial Services Program"

by The Asian Banker[49]

2004

Best Bank in India Award presented by Euromoney Magazine[50]

2006

Bank of the Year 2006 India by the Banker[51]

2007

ICICI Bank has been conferred the Euromoney Award 2007 for the Best
Bank in the Asia-Pacific Region[52]

ICICI Bank wins the Excellence in Remittance Business award by The

Asian Banker[53]

ICICI Bank was got the awards for 'Best Transaction Bank' in India,[54] 'Best
Domestic Bank' in India,[55] 'Best follow-on offering'(US$4.94 billion), 'Best
Investment Grade Bond'(US$2 billion, three-tranche bonds), Best Syndicated
Loan Managers [56] by Asset.

2009

ICICI Bank bags the "Best bank in SME financing (Private Sector)" at the
Dun & Bradstreet Banking awards[57]

ICICI Bank won the Best Banking Security Systems Project Award and
Best E-Banking Project Implementation Award by The Asian Banker.[58]

2010

ICICI Bank won the Best Banking Security System by The Asian Banker.[59]

2011

ICICI Bank is the only Indian brand to figure in the BrandZ Top 100 Most
Valuable Global Brands Report, second year in a row[60]

ICICI Bank won the 'Best CRM Project' and 'Best Banking Security
Systems' by The Asian Banker.[61]

2012

Airtel, ICICI among 'top 100 global brands'[62]

ICICI Bank received the Golden Peacock Innovative Product / Service

Award.[63]

ICICI Bank received the Dataquest Technology Innovation Awards 2012 for
Data center migration by Dataquest.[64]

ICICI Bank was conferred the Best Performance Award for Self Help
Group (SHG) Bank Linkage Programme in NABARD's State Level Awards
announced by their Maharashtra Regional Office. The Bank received the first
prize for the year 201011 in the Private Sector Bank category and 2nd
runner up for the year 201112 in the Commercial Bank category.[64]

2013

ICICI Bank has been adjudged winner at the Express IT Innovation Award
under the Large Enterprise category[65]

ICICI Bank won the RMAI received the "Gram Samvad",Service for Low
cost/Small budget marketing initiative Award by Rural Marketing Association
of India (RMAI).[66]

ICICI bank won the 'Next Generation Banking solution' award by Celent.[67]

ICICI bank won the Best Domestic Trade Finance Bank and Best Financial
Supply Chain Project Award in India by The Asian Banker[68][69]

ICICI Bank won the honours of the Medici Innovation Hall of Fame Award,
instituted by The Medici Institute in collaboration with the Medici Group, USA.
[70]

2014

According to the Brand Trust Report 2014, ICICI Bank was ranked 28th
among India's most trusted brands, a research conducted by Trust Research
Advisory.[71]

ICICI Bank was ranked second at the 'National Energy Conservation

Award 2014' under the office buildings (less than 10 lakh kWh/year
consumption) category.[72]

ICICI Bank was fifth in the world and second in India on the 'Top
Companies for Leaders' in a study conducted by Aon Hewitt.[73]

ICICI bank won the Best Private Sector Bank - Global Business
Development by Polaris Financial Technology Banking Awards 2014.

IDBRT awarded ICICI for 'Best Bank Award for Business Intelligence
Initiatives among Large Banks' and 'Best Bank Award for Social Media and
Mobile Banking Among Large Banks'.[74]

ICICI bank was awarded the Certificate of Recognition as one of the Top 5
Companies in Corporate Governance in the 14th The Institute of Company
Secretaries of India National Awards for Corporate Governance.They were
honoured by Arun Jaitley.[75]

ICICI Bank has been honoured as The Best Service Provider - Risk
Management, India at The Asset Triple A Transaction Banking, Treasury,
Trade and Risk Management Awards 2014.

ICICI Bank was awarded the 'Best Retail Bank in India', 'Best Microfinance
Business' and 'Best Retail Banking Branch Innovation' under the 'Excellence
in Retail Financial Services awards 2014' and Technology Implementation
Award for Lending Platform Implementation by The Asian Banker.[76][77]

2015

ICICI Bank won an award in the BFSI Leadership Summit & Awards in the
'Best Phone Banking for End-users category[78]

ICICI Bank won in six categories and was the first runner-up in one
category among Private Sector Banks at IBA Banking Technology Awards,
2015. The bank was declared winner in the six categories of Best Technology
Bank of the Year, Best use of Data, Best Risk Management Initiatives, Best
use of Technology in Training, Human Resources and e-Learning initiatives,
Best Financial Inclusion Initiative and Best use of Digital and Channels
Technology. ICICI Bank was the first runner-up in Best use of Technology to
Enhance Customer Experience[79]

ICICI Bank has been declared as the first runner up at Outlook Money
Awards 2015 in the category of Best Bank

ICICI Bank has been adjudged the Best Retail Bank in India by The Asian
Banker. It has also emerged winners in the categories of Best Internet

Banking Initiative and Best Customer Risk Management Initiative awards

given by The Asian Banker.[80]

Social responsibility programmes for elementary

Education[edit]

Read to Lead Phase I: Read to Lead is an initiative of ICICI Bank to

facilitate access to elementary education for underprivileged children in the
age group of 314 years including girls and tribal children from the remote
rural areas. The Read to Lead initiative supports partner NGOs to design and
implement programmes that mobilise parent and community involvement in
education, strengthen schools and enable children to enter and complete
formal elementary education. Read to Lead has reached out to 100,000
children across 14 states of Andhra Pradesh, Bihar, Delhi, Gujarat, Haryana,
Jharkhand, Karnataka, Maharashtra, Orissa, Rajasthan, Tamil Nadu, Tripura,
Uttar Pradesh and West Bengal.[81]

Read to Lead Phase II: In Phase II of the Read to Lead programme, ICICI
Bank has supported the establishment of 63 libraries that will reach out to
approximately 7,200 children in the rural areas of Jagdalpur block of Bastar
district in Chhattisgarh. The programme includes building libraries, sourcing
books and conducting various interactive activities to make the library a
dynamic centre for learning