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ICICI Bank is an Indian multinational banking and financial services company headquartered

in Mumbai, Maharashtra, India. As of 2014 it is the second largest bank in India in terms of
assets and market capitalization. It offers a wide range of banking products and financial services
for corporate and retail customers through a variety of delivery channels and specialized
subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset
management. The Bank has a network of 3,880 branches and 12,269[4][5] ATMs in India, and has
a presence in 19 countries.[6][7]
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, Russia, and
Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai
International Finance Centre; and representative offices in United Arab Emirates, China, South
Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company's UK subsidiary has also
established branches in Belgium and Germany.[8]
In March 2013, Operation Red Spider showed high-ranking officials and some employees of
ICICI Bank involved in money laundering. After a government inquiry, ICICI Bank suspended 18
employees and faced penalties from the Reserve Bank of India in relation to the activity.[9][10][11][12][13]

History[edit]

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 publicsector insurance companies to provide project financing to Indian industry.[14][15] 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. [16]
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. 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.
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 nonJapan Asia to be listed on the NYSE.[17]
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.
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.
[18]

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. [19]

Acquisitions[edit]

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

1997: ITC Classic Finance. Incorporated in 1986, ITC Classic was a non-bank 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.

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.

2001: Bank of Madurai

2002: The Darjeeling and Shimla branches of Grindlays Bank

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

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.

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..

ICICIs 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.[20]

Credit Rating Information Services of India Limited (CRISIL) - In 1987, ICICI Ltd along
with UTI set up CRISIL as India's first professional credit 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. [21]

National Commodities and Derivatives Exchange Limited - NCDEX is an online multicommodity 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.[22]

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 cutting edge 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.[23]

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
the Government of Gujarat as a national resource organisation committed to
entrepreneurship development, education, training and research.[24]

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.[25]

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 nonperforming 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.[26][27]

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.[28]

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.THE
INDIAN ICICC BANK has been a bank of statue and integrity this has lead to forein investor
being happy to invest in undisclosed amounts of capital and buying share earning in over
207 country this year will see the bank fees drop to 5.5% annually with an increase of 1%
interest on saving capital .the bank will be growing urbunisation in term of buildin many more
300 branches in India to cost 15 billion us dollars each costing 40 million us

Products[edit]
Pockets by ICICI Bank[edit]
In February 2015, ICICI Bank Re-Launched POCKETS.Now working as a "Digital wallet" for
everyone(Now only works with android Phones only).Wallet be can be opened by anyone and
can do transactions like recharge,shopping,transfer money using the virtual visa card,Which is
issued when signing up for the wallet.

In September 2013, ICICI Bank launched a one of its kind app on Facebook 'Pockets by ICICI
Bank' to enable customers to carry out a wide range of financial transactions on
Facebook[29] Customers can access the ICICI Bank app[30] by logging into their Facebook account
and then going to the official ICICI Bank Facebook page, and clicking on the tab for Pockets by
ICICI Bank. The customer then registers online with their debit card number and PIN, and
selecting a new four digit PIN for subsequent logins.[31] Through the app, customers can make
payments to friends, recharge prepaid mobile and book movie tickets. One can also carry out
non-financial transactions such as accessing a mini statement of their savings bank account,
getting demat holding statements, opening fixed or recurring deposit, order a cheque book, stop
a cheque payment, upgrade debit card, among others.[32]
Some of the key features of 'Pockets by ICICI Bank' are:

Split n share: It allows customers to split and track group expenses and share them with
friends on Facebook. The app also gives the customer the option of sending messages to
remind friends on pending payments.

Pay a friend: It allows customers to transfer funds to their friends without knowing their
bank account details like account number, bank branch, branch IFSC code etc. Through this
facility, customers can create electronic coupons that can be redeemed by their friends on
the bank website icicibank.com[33]

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 autodebit 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 .

[34]

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.[35]
ICICI Bank has developed this product in collaboration with Social Money.

Go Green Initiative[edit]

The Go Green Initiative is an organisation wide initiative that moves beyond moving people,
processes and customers to cost effective automated channels to build awareness and
consciousness of our environment, our nation and our society.[36]

Objective[edit]
ICICI Bank's Green initiative is to make healthy environment in the organisation i.e.; to create
intrapersonal skills amongs the customer and understanding between employees of the
organisation.
Broad objectives of the ICICI are:
1. to assist in the creation, expansion and modernisation of private concerns;
2. to encourage the participation of internal and external capital in the private concerns;
3. to encourage private ownership of industrial investment.

Green products and services[edit]


Instabanking
It is the platform that brings together all alternate channels under one umbrella and gives
customers the option of banking through Internet banking, i-Mobile banking, IVR Banking. [36] On
22 September 2014 ICICI Bank launched Four New Next Generation Mobile Banking Apps.
Vehicle Finance
Auto loans offer 50% waiver on processing fee on car models which uses alternate mode of
energy. The models identified for the purpose are, Maruti's LPG version of Maruti 800, Omni and
Versa, Hyundai's Santro Eco, Civic Hybrid of Honda, Reva electric cars, Tata Indica CNG and
Mahindra Logan CNG versions.[36]

Carbon Footprint Calculator[edit]


Inputs include region, user input of the distance traveled in a particular medium of transport daily,
electricity consumed per month and LPG cylinder/piped natural gas used per month. It calculates
the net carbon footprint to create awareness and sensitize people about the environment. It also
shows the world's and India's average carbon footprint. [37][38]

Subsidiaries[edit]
Domestic[edit]

ICICI Prudential Life Insurance Company Limited

ICICI Lombard General Insurance Company Limited

ICICI Prudential Asset Management Company Limited

ICICI Prudential Trust Limited

ICICI Securities Limited

ICICI Securities Primary Dealership Limited

ICICI Venture Funds Management Company Limited

ICICI Home Finance Company Limited

ICICI Investment Management Company Limited

ICICI Trusteeship Services Limited

ICICI Prudential Pension Funds Management Company Limited[39]

International[edit]

ICICI Bank USA

ICICI Bank UK PLC

ICICI Bank Canada

ICICI Bank Eurasia Limited Liability Company

ICICI Securities Holdings Inc.

ICICI Securities Inc.

ICICI International LImited

Awards and Achievements[edit]


2003

"The Asian Banker Excellence in Retail Financial Services Program" by The Asian
Banker[40]

2004

Best Bank in India Award presented by Euromoney Magazine[41]

2006

Bank of the Year 2006 India by the Banker[42]

2007

ICICI Bank has been conferred the Euromoney Award 2007 for the Best Bank in the AsiaPacific Region[43]

ICICI Bank wins the Excellence in Remittance Business award by The Asian Banker [44]

ICICI Bank was got the awards for 'Best Transaction Bank' in India, [45] 'Best Domestic
Bank' in India, [46] 'Best follow-on offering'(US$4.94 billion), 'Best Investment Grade
Bond'(US$2 billion, three-tranche bonds), Best Syndicated Loan Managers

[47]

by Asset.

2009

ICICI Bank bags the "Best bank in SME financing (Private Sector)" at the Dun &
Bradstreet Banking awards[48]

ICICI Bank won the Best Banking Security Systems Project Award and Best E-Banking
Project Implementation Award by The Asian Banker. [49]

2010

ICICI Bank won the Best Banking Security System by The Asian Banker. [50]

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[51]

ICICI Bank won the 'Best CRM Project' and 'Best Banking Security Systems' by The
Asian Banker.[52]

2012

Airtel, ICICI among 'top 100 global brands'[53]

ICICI Bank received the Golden Peacock Innovative Product / Service Award. [54]

ICICI Bank received the Dataquest Technology Innovation Awards 2012 for Data center
migration by Dataquest.[55]

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.[55]

2013

ICICI Bank has been adjudged winner at the Express IT Innovation Award under the
Large Enterprise category[56]

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). [57]

ICICI bank won the 'Next Generation Banking solution' award by Celent. [58]

ICICI bank won the Best Domestic Trade Finance Bank and Best Financial Supply Chain
Project Award in India by The Asian Banker[59][60]

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. [61]

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.[62]

ICICI Bank was ranked second at the 'National Energy Conservation Award 2014' under
the office buildings (less than 10 lakh kWh/year consumption) category.[63]

ICICI Bank was fifth in the world and second in India on the 'Top Companies for Leaders'
in a study conducted by Aon Hewitt.[64]

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'.[65]

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.[66]

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.[67][68]

2015

ICICI Bank won an award in the BFSI Leadership Summit & Awards in the 'Best Phone
Banking for End-users category[69]

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 eLearning 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[70]

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. [71]

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.[citation needed]

The Bank of Rajasthan Ltd (in Hindi ) (BSE: / (500019 ) was a private sector
bank of India which merged with ICICI Bank in 2010.

History[edit]
It was set up at Udaipur in 1943 with an initial capital of Rs.10.00 lacs. An eminent
Industrialist Late Seth Shri Govind Ram Seksaria was the founder chairman. It was classified as

the Scheduled Bank in 1948. The Bank also established a rural (Gramin) bank Mewar Anchlik
Gramin Bank in Udaipur District in Rajasthan on 26 January 1983.
The bank's central office is located at Jaipur, although its registered office is in Udaipur.
Presently the bank has 463 branches,[1][2] in 24 states, with 294 of the branches being in
Rajasthan.

Merger With ICICI Bank[edit]


RBI was critical of BOR's promoters not reducing their holdings in the company. BOR has been
merged with ICICI Bank. ICICI paid Rs.30 billion for it. Each 118 shares of BOR will be converted
into 25 shares of ICICI Bank.[3][4][5] dated 12 oct 1998.

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was
its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public
offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in
fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal
2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002.
ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and
representatives of Indian industry. The principal objective was to create a development financial
institution for providing medium-term and long-term project financing to Indian businesses.

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.

After consideration of various corporate structuring alternatives in the context of the emerging
competitive scenario in the Indian banking industry, and the move towards universal banking, the
managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank
would be the optimal strategic alternative for both entities, and would create the optimal legal structure
for the ICICI group's universal banking strategy. The merger would enhance value for ICICI
shareholders through the merged entity's access to low-cost deposits, greater opportunities for
earning fee-based income and the ability to participate in the payments system and provide
transaction-banking services. The merger would enhance value for ICICI Bank shareholders through
a large capital base and scale of operations, seamless access to ICICI's strong corporate
relationships built up over five decades, entry into new business segments, higher market share in
various business segments, particularly fee-based services, and access to the vast talent pool of
ICICI and its subsidiaries.

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. Consequent to
the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been
integrated in a single entity.

ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees.

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