ICICI
Bank (Industrial
Credit
and
Investment
an Indian multinational banking and financial
Corporation
services company
of
India)
is
headquartered
in Mumbai, Maharashtra, India, with its registered office in Vadodara. In 2014, it was the second
largest bank in India in terms of assets and third in term of market capitalisation. 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 4,450 branches and 13,995 ATMs in India, and has a presence in 19 countries including India.
ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Bank of
Baroda and Punjab National Bank. 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, China and South Africa; and representative offices in
United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has
also established branches in Belgium and Germany.
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. The bank
was founded as the Industrial 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.
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
non-Japan Asia to be listed on the NYSE.
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.[14]
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.
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.
Acquisitions
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.
Role in Indian financial infrastructure
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.
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.
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.
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 underbanked population
of
and
the
services
country.
to
Using
reach
the
technologies
underserved
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.
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.
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.
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.
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.
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
ICICI Merchant Services
ICICI Merchant Services represents an alliance formed in 2009 between ICICI Bank, Indias
largest private sector bank, and First Data, a global leader in electronic commerce and payment
services. First Data is the majority stakeholder in the alliance with ICICI Bank holding 19%.
Money2India
Money2India (www.money2India.com) is an online money transfer tracking service offered to
Non-Resident Indians by ICICI Bank Ltd. With an ever-expanding base since its launch, it is the
preferred mode of online money transfers to India, facilitating seamless money transfers with
round the clock customer service availability. To use this service, a user needs to complete a
simple one-time online registration by accessing www.money2India.com and can thereafter, start
sending money from any bank in 9 countries (USA, Canada, UK, Singapore, Australia, UAE,
Sweden, Switzerland and Hong Kong) to any beneficiary account with over 100 banks in India.
Money2India Europe
ICICI Bank UK PLC, Germany branch provides money transfer and tracking service
(Money2India Europe, Money2India.EU) in 20 European countries. The platform facilitates
money transfer to India by allowing remitter to initiate money transfer instruction on M2E.
Depending on the country of residence and the financial institution with which the user is
holding the bank account, he / she has an option to transfer money through payment gateway
integrated with the platform with guaranteed exchange rate.
The Money2India Europe Mobile App is a full-fledged remittance platform for the customers,
who prefers to use mobile device to handle the transactions.
Extra home loans
ICICI Bank Extraa Home Loans are 'mortgage-guarantee' backed loans for retail customers
who aspire to purchase their first homes in the affordable housing segment. This was introduced
in August 2015 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).
Smart Vault
Smart Vault are fully automated lockers available 24x7, including weekends and post banking
hours were launched in August 2015. The Smart Vault uses robotic technology to access the
lockers from the safe vault conveniently at any time of their preference in total privacy, without
any intervention of the branch staff.
Saral Loans
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.
ICICI Bank Unifare Bangalore Metro Card
ICICI Bank and Bangalore Metro Rail Corporation Limited (BMRCL) in April 2015, announced
the launch of the ICICI Bank Unifare Bangalore Metro Card to offer the commuters dual
benefits of an ICICI Bank credit or debit card and BMRCLs smart card, called Namma Metro
Smart Card.
'Touch n Remit' facility for NRIs in Kingdom of Bahrain
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.
ICICI Bank Ltd launches 'Video Banking' for NRI
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.
Pockets by ICICI Bank
In February 2015, ICICI Bank Re-Launched POCKETS, now working as a "Digital wallet" for
everyone (Android OS users only). The Wallet 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.
ICICIBankPay on Twitter
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.
Contactless Credit and Debit Cards
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.
MySavings Rewards
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 annual interest of 5.5% short term
loans from 3 months up to 3years at 5.5% .credit interest is reduced to 10% annually .
iWish- the flexible recurring deposit
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.
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.
Software robotics
ICICI on 10 Sep 2016 announced 'software robotics' initiative - a first by any Indian bank. Over
200 software robots are now performing over 10 lakh transactions per day for the bank which
comprises 10% of its total transactions. The bank will engage 500 software robots by the end of
the year which will help it to automate 20% of its total transactions.
Awards - 2016
Ms. Chanda Kochhar featured in Business Todays 2016 Hall of Fame list
Ms. Vishakha Mulye featured in Business Today's 2016 list of Most Powerful Women in
Business
ICICI Bank has won the Best Private Sector Bank award under the Global Businesses
category at Dun & Bradstreet Banking Awards 2016.
ICICI Bank has won 11 awards at the 17th National Awards for Excellence in Energy
Management organized by the Confederation of Indian Industries (CII).
ICICI Bank has won bronze in the Banking Services category at the Golden Cart
Summit and Awards 2016.
ICICI Bank Tower- Gachibowli, Hyderabad and ICICI Bank Branch- Madhapur,
Hyderabad, have been awarded 4 star and 3 star ratings respectively in the Service/ Office/
Software category at the CII (South Region) Leadership and Excellence Awards in Environment,
Health and Safety 2016.
ICICI Bank has won Gold at the Energy and Environment Foundation (EEF) Global
Environment Award 2016 during the World Renewable Energy Technology Congress & Expo2016.
ICICI Bank has won Gold in Not-for-Profit (Interactive Campaign) and Silver in
Creative Affectiveness, Social Media, both for the #GiftALivelihood campaign at 2016 DMA
Asia ECHO Awards India edition.
ICICI Bank has won Gold for #GiftALivelihood in the Social Cause Supported by a
Corporate/Brand category at Campaign India Digital Crest Awards (CIDCA), 2016.
ICICI Bank was the exclusive recipient of awards in the categories of Website of the
Year India and Core Banking System Initiative of the Year India and received a silver in the
category of Branch Innovation of the Year in the Asian Banking and Finance (ABF) Retail
Banking Awards 2016.
ICICI Bank has been declared winner in the category of Enterprise Mobility at
Intelligent Enterprise Awards 2016, organised by the Indian Express Group.
ICICI Bank has won Gold awards in the Bank and Credit card issuing Bank segments
under Finance category in the Readers Digest Trusted Brand 2016 Survey.
ICICI Bank has won second prize for the ICICI Bank BKC Tower in the Service
category at 12th - CII (Western Region) Safety, Health and Environment Excellence Award
2015-16.
ICICI Bank has won two awards in the categories of Best Core Banking Project- Single
Country and Best Retail Payments Project at The Asian Banker Technology Innovation Awards
2016.
ICICI Bank has been declared as winner in the category of Private - Service Sector
(Large)' at the 13th National Awards for Excellence in Cost Management-2015.
ICICI Bank Canada won the 2016 Employment Equity Achievement Award for
Improved Representation by the Government of Canadas Ministry of Employment, Workforce
Development and Labour.
ICICI Bank won the Golden Peacock Innovative Product/Service Award for the year
2016 under the category of Financial Sector (Banking). The Bank received the award for the
project on One kWp solar retrofit system for ensuring un-interrupted power supply to gramin
branches.
ICICI Bank has been declared national runner-up in Commercial Vehicle Financers
category at the 5th edition of Mahindra Transport Excellence Awards, organised by Mahindra &
Mahindra Limited.
ICICI Bank was ranked first in the Best Bank- Innovation category in the Business
Today-KPMG survey on India's best banks. The Bank was ranked second in the category of
Bank of the Year.
ICICI Bank was ranked first in The Brand Trust Report, India Study 2016 done by Trust
Research Advisory (TRA) under the BFSI category. The Bank was also ranked 10th among the
overall 1,000 brands as per the report.
ICICI Bank has won two awards in the categories of Best Retail Bank in India and Best
Employee Engagement Initiative in Asia Pacific, Middle-East and Africa at the Asian Banker
Excellence in Retail Financial Services International Awards 2016. The award programme is the
most prestigious of its kind in the industry. More than 250 banks across 42 countries were
evaluated for the awards this year.
ICICI Bank was ranked second in Total Income Listing and ranked seventh in Total
Business Listing in the list of India's Leading BFSI Companies 2016 by Dun & Bradstreet.
ICICI Bank received two awards at the IBA Banking Technology Awards 2016. In the
large banks segment, the Bank was declared winner in the category of 'The Best Use of
Technology to Enhance Customer Experience' and runner up in the category of 'The Best Use of
Digital and Channels Technology'.
ICICI Bank won the bronze under the Financial Services category for advertising
effectiveness on the Expressions Debit Card campaign at 2015 Effie Awards.
ICICI Bank won the 'Global Safety Awards 2016' organised by The Energy and
Environment Foundation. This award is sponsored by Ministry of Power, Ministry of Petroleum
& Natural Gas and Ministry of Coal, Government of India.
ICICI Banks corporate office, Chandivali, Mumbai won the first prize, and CIBD office,
Vashi, won the third prize under Commercial Building category at the 10th State Level Awards
for Excellence in Energy Conservation and Management, organised by Maharashtra Energy
Development Agency.
ICICI Bank was ranked first in India at the Euromoney Private Banking & Wealth
Management Survey, in four categories. They were: Net-worth-specific services, Philanthropic
Advice, SRI/Social Impact Investing and Innovative Technology - Client Experience. The Bank
was ranked sixth in Asia, in the category of Innovative Technology - Client Experience.
ICICI Bank was declared runner up in the categories of IMPS (Immediate Payment
Service), CTS (Cheque Truncation System) and NFS (National Financial Switch) at the National
Payments Excellence Awards 2015 organised by the NPCI (National Payments Corporation of
India). The Bank was also felicitated with a special award for issuing large number of RuPay
Platinum cards.
