Professional Documents
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ICICI Bank (Industrial Credit and Investment Corpo- Asia to be listed on the NYSE.[15]
ration of India) is an Indian multinational banking and In 2000, ICICI Bank became the rst Indian bank to list
nancial services company headquartered in Mumbai,
on the New York Stock Exchange with its ve million
Maharashtra, India, with its registered oce in Vadodara. American depository shares issue generating a demand
In 2014, it was the second largest bank in India in terms of
book 13 times the oer size.[13]
assets and third in term of market capitalisation. It oers
a wide range of banking products and nancial services In October 2001, the Boards of Directors of ICICI and
for corporate and retail customers through a variety of ICICI Bank approved the merger of ICICI and two of its
wholly owned retail nance subsidiaries, ICICI Personal
delivery channels and specialised subsidiaries in the areas
of investment banking, life, non-life insurance, ventureFinancial Services Limited and ICICI Capital Services
capital and asset management. The bank has a network Limited, with ICICI Bank. The merger was approved by
of 4,450 branches[4] and 14,404 ATMs[5] in India, and shareholders of ICICI and ICICI Bank in January 2002,
has a presence in 19 countries including India.[6] by the High Court of Gujarat at Ahmedabad in March
2002 and by the High Court of Judicature at Mumbai and
The bank has subsidiaries in the United Kingdom and the Reserve Bank of India in April 2002.[16]
Canada; branches in United States, Singapore, Bahrain,
Hong Kong, Sri Lanka, Qatar, Oman, Dubai Inter- In 2008, following the 2008 nancial crisis, customers
national Finance Centre, China[7] and South Africa; rushed to ICICI ATMs and branches in some locations
[8]
and representative oces in United Arab Emirates, due to rumours of adverse nancial position of ICICI
Bangladesh, Malaysia and Indonesia. The companys UK Bank. The Reserve Bank of India issued a clarica-
subsidiary has also established branches in Belgium and tion on the nancial strength of ICICI Bank to dispel the
Germany.[9] rumours.[17]
'Industrial Credit and Investment Corporation of India
(ICICI), an Indian nancial institution, as a wholly
owned subsidiary in 1994. The parent company was 1 Acquisitions
formed in 1955 as a joint-venture of the World Bank,
Indias public-sector banks and public-sector insur- 1996: SCICI Ltd. A diversied nancial institution
ance companies to provide project nancing to In- with headquarters in Mumbai[18]
dian industry.[10][11] The bank was founded as the In-
1997: ITC Classic Finance. incorporated in 1986,
dustrial Credit and Investment Corporation of India
ITC Classic was a non-bank nancial rm that en-
Bank, before it changed its name to the abbreviated
gaged in hire, purchase, and leasing operations. At
ICICI Bank. The parent company was later merged
the time of being acquired, ITC Classic had eight
with the bank.
oces, 26 outlets, and 700 brokers.[19]
ICICI Bank launched internet banking operations in
1998.[12] 1998: Anagram(ENAGRAM) Finance. Anagram
had built up a network of some 50 branches in Gu-
ICICIs shareholding in ICICI Bank was reduced to 46 jarat, Rajasthan, and Maharashtra that were primar-
percent, through a public oering of shares in India in ily engaged in retail nancing of cars and trucks. It
1998, followed by an equity oering in the form of also had some 250,000 depositors.[20]
American Depositary Receipts on the NYSE in 2000.[13]
ICICI Bank acquired the Bank of Madura Limited in an 2001: Bank of Madurai[21]
all-stock deal in 2001 and sold additional stakes to insti-
2002: The Darjeeling and Shimla branches of
tutional investors during 2001-02.[14]
Grindlays Bank[22]
In the 1990s, ICICI transformed its business from a de-
velopment nancial institution oering only project - 2005: Investitsionno-Kreditny Bank (IKB), a Rus-
nance to a diversied nancial services group, oering sian bank [23]
a wide variety of products and services, both directly and
2007: Sangli Bank. Sangli Bank was a private sec-
through a number of subsidiaries and aliates like ICICI
tor unlisted bank, founded in 1916, and 30% owned
Bank. In 1999, ICICI become the rst Indian company
by the Bahte family. Its headquarters were in San-
and the rst bank or nancial institution from non-Japan
gli in Maharashtra, and it had 198 branches. It had
1
2 2 ROLE IN INDIAN FINANCIAL INFRASTRUCTURE
158 in Maharashtra and 31 in Karnataka, and oth- (EDII), an autonomous body and not-for-prot so-
ers in Gujarat, Andhra Pradesh, Tamil Nadu, Goa, ciety, was set up in 1983, by the erstwhile apex -
and Delhi. Its branches were relatively evenly split nancial institutions like IDBI, ICICI, IFCI and SBI
between metropolitan areas and rural or semi-urban with the support of the Government of Gujarat as
areas.[24] a national resource organisation committed to en-
trepreneurship development, education, training and
2010: The Bank of Rajasthan (BOR) was acquired research.[29]
by the ICICI Bank in 2010 for 30 billion (US$450
million). RBI was critical of BORs promoters not
reducing their holdings in the company. BOR has North Eastern Development Finance Corporation -
since been merged with ICICI Bank.[18] North Eastern Development Finance Corporation
(NEDFI) was promoted by national level nancial
institutions like ICICI Ltd in 1995 at Guwahati,
2 Role in Indian nancial infras- Assam for the development of industries, infras-
tructure, animal husbandry, agri-horticulture plan-
tructure tation, medicinal plants, sericulture, aquaculture,
poultry and dairy in the North Eastern states of In-
The bank has contributed to the set-up of a number of dia. NEDFI is the premier nancial and develop-
Indian institutions to establish nancial infrastructure in ment institution for the North East region.[30]
the country over the years:
National Stock Exchange - The National Stock Ex- Asset Reconstruction Company India Limited - Fol-
change was promoted by Indias leading nancial in- lowing the enactment of the Securitisation Act in
stitutions (including ICICI Ltd.) in 1992 on behalf 2002, ICICI Bank, together with other institutions,
of the Government of India with the objective of es- set up Asset Reconstruction Company India Limited
tablishing a nationwide trading facility for equities, (ARCIL) in 2003, to create a facilitative environ-
debt instruments and hybrids, by ensuring equal ac- ment for the resolution of distressed debt in India.
cess to investors all over the country through an ap- ARCIL was established to acquire non-performing
propriate communication network.[25] assets (NPAs) from nancial institutions and banks
with a view to enhance the management of these as-
Credit Rating Information Services of India Limited sets and help in the maximisation of recovery. This
(CRISIL) - In 1987, ICICI Ltd along with UTI set would relieve institutions and banks from the burden
up CRISIL as Indias rst professional credit rating of pursuing NPAs, and allow them to focus on core
agency. CRISIL oers a comprehensive range of banking activities.[31][32]
integrated products and service oerings which in-
clude credit ratings, capital market information, in-
dustry analysis and detailed reports.[26] Credit Information Bureau of India Limited - ICICI
Bank has also helped in setting up Credit Informa-
National Commodities and Derivatives Exchange
tion Bureau of India Limited (CIBIL), Indias rst
Limited - NCDEX is an online multi-commodity
national credit bureau in 2000. CIBIL provides a
exchange, set up in 2003, by ICICI Bank Ltd, LIC,
repository of information (which contains the credit
NABARD, NSE, Canara Bank, CRISIL, Goldman
history of commercial and consumer borrowers) to
Sachs, Indian Farmers Fertiliser Cooperative Lim-
its members in the form of credit information re-
ited (IFFCO) and Punjab National Bank.[27]
ports. The members of CIBIL include banks, nan-
Financial Innovation Network and Operations Pvt cial institutions, state nancial corporations, non-
Ltd. - ICICI Bank has facilitated setting up of banking nancial companies, housing nance com-
FINO Cross Link to Case Link Study in 2006, panies and credit card companies.[33]
as a company that would provide technology so-
lutions and services to reach the underserved and
underbanked population of the country. Using tech- Institutional Investor Advisory Services India Lim-
nologies like smart cards, biometrics and a basket ited (IiAS) ICICI Bank has indirectly invested
of support services, FINO enables nancial insti- in Institutional Investor Advisory Services, through
tutions to conceptualise, develop and operationalise ICICI Prudential Life Insurance Company, in IiAS.
projects to support sector initiatives in micronance IiAS is a voting advisory rm aka proxy rm, ded-
and livelihoods.[28] icated to providing participants in the Indian mar-
ket with data, research and commentary. It pro-
Entrepreneurship Development Institute of India - vides recommendations on resolutions placed before
Entrepreneurship Development Institute of India shareholders of over 300 companies.
3.5 Extra home loans 3
3.1 iMobile SmartKeys ICICI Bank Extraa Home Loans are 'mortgage-
guarantee' backed loans for retail customers who aspire to
To make mobile payments easier, ICICI Bank has purchase their rst homes in the aordable housing seg-
launched a payment service using a smartphone keyboard ment. This was introduced in August 2015 in association
named iMobile SmartKeys. Users will be able to make with India Mortgage Guarantee Corporation (IMGC).
quick and secure payments on any mobile application, in- IMGC is a joint venture between National Housing Bank
cluding chat, messenger, email, games or search browser, (NHB), an RBI subsidiary which regulates Home Finance
without having to exit their current application on their Companies in India; NYSE-listed Genworth Financial
smartphone. This reduces the time taken by customers Inc., a Fortune 500 company; International Finance Cor-
having to switch tabs or applications within their smart- poration (IFC) and Asian Development Bank (ADB).[37]
phone to access the banks application iMobile.
This solution was developed by one of the winners of the
banks app developing competition - ICICI Appathon.[34] 3.6 Smart Vault
3.10 ICICI Bank Ltd launches 'Video gages loans up to $2 million up to 20 years to pay back
Banking' for NRI annual interest of 5.5% short term loans from 3 months
up to 3years at 5.5% .credit interest is reduced to 10%
[46]
In February 2015, ICICI Bank announced the launch of annually .
'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 3.15 iWish- the exible recurring deposit
call, round-the-clock, on all days from anywhere using
their smart phone.[42]
iWish is a exible recurring deposit product launched by
ICICI Bank for its savings account customers. Unlike
3.11 Pockets by ICICI Bank a traditional recurring deposit, iWish allows customers
to save varying amounts of money at any time of their
In February 2015, ICICI Bank Re-Launched POCKETS, choice. Customers can create several [47]
goals and track their
now working as a Digital wallet for everyone (Android progress on an online interface.
OS users only). The Wallet can be opened by anyone and ICICI Bank has developed this product in collaboration
can conduct transactions like recharge, shopping, transfer with Social Money. ICICI Bank has also launched an
money using the virtual visa card which is issued when app for Android and Apple smartwatches. The app will
signing up for the wallet.[43] provide the facility of online banking transaction from
smartwatch.[48]
4.1 100 Digital Villages ICICI Prudential Pension Funds Management Com-
pany Limited[58]
ICICI Bank has continuously taken steps to promote the
digital ecosystem across the country including rural India.
In November 2016, in the wake of the ban on high de- 5.2 International
nomination notes, the Bank announced that it will aid the
transformation of 100 villages, across India, into ICICI ICICI Bank USA
Digital Villages in 100 days. This will enable villagers to
use digital channels for banking, payments transactions ICICI Bank UK PLC
[55]
and cashless payments to retail stores.
ICICI Bank Canada
ICICI Bank launched the Jiyo Khulke contest on March The Asian Banker Excellence in Retail Financial
16, 2015 wherein ICICI customers were invited to write Services Program by The Asian Banker[59]
their Jiyo Khulke moment their most cherished moment
of life in a choice of 11 languages. In 2016 the eorts
2004
of ICICI enters Limca Book of Records.[57]
ICICI Prudential Asset Management Company ICICI Bank has been conferred the Euromoney
Limited Award 2007 for the Best Bank in the Asia-Pacic
Region[62]
ICICI Prudential Trust Limited
ICICI Bank wins the Excellence in Remittance
ICICI Securities Limited Business award by The Asian Banker[63]
ICICI Securities Primary Dealership Limited
ICICI Bank was got the awards for 'Best Transaction
ICICI Venture Funds Management Company Lim- Bank' in India,[64] 'Best Domestic Bank' in India,[65]
ited 'Best follow-on oering'(US$4.94 billion), 'Best In-
vestment Grade Bond'(US$2 billion, three-tranche
ICICI Home Finance Company Limited bonds), Best Syndicated Loan Managers[66] by As-
set.
ICICI Investment Management Company Limited
ICICI Bank bags the Best bank in SME nancing ICICI Bank won the honours of the Medici Innova-
(Private Sector)" at the Dun & Bradstreet Banking tion Hall of Fame Award, instituted by The Medici
awards[67] Institute in collaboration with the Medici Group,
USA.[80]
ICICI Bank won the Best Banking Security Systems
Project Award and Best E-Banking Project Imple-
mentation Award by The Asian Banker.[68] 2014
Data, Best Risk Management Initiatives, Best use of Winner at the Global Safety Awards 2016 organ-
Technology in Training, Human Resources and e- ised by the Energy and Environment Foundation.
Learning initiatives, Best Financial Inclusion Initia- This award is sponsored by Ministry of Petroleum
tive and Best use of Digital and Channels Technol- & Natural Gas and Ministry of Coal, Government
ogy. ICICI Bank was the rst runner-up in Best use of India.
of Technology to Enhance Customer Experience[89]
The credit ratings agency Moody has lowered the rat- [19] Itc Classic To Merge Into Icici. 27 November 1997.
ings for ICICI Bank to Baa3/P-3 from Baa2/P-2 in April Retrieved 22 May 2015.
[103]
2015.
[20] ICICI swallows Anagram Finance. 21 May 1998. Re-
trieved 22 May 2015.
10 See also [21] Bank of Madura, ICICI Bank merger - a synergy for bet-
ter service. Retrieved 22 May 2015.
ICICI Manipal Academy of Banking and Insurance [24] ICICI Bank, Sangli Bank agree on merger. December
10, 2006. Retrieved 22 May 2015.
ICICI Prudential Life Insurance
[25] http://www.nseindia.com/
ICICI Bank on Wikinvest [26] A global analytical company providing Ratings, Re-
search, and Risk and Policy Advisory services. CRISIL.
30 June 2011. Retrieved 30 July 2011.
11 References [27] Commodity Market|Commodity
Price|Futures|Trading|Bullion|Indian Commodity Ex-
[1] ICICI Bank Contact Us Registered Oce is Race Course change|Agri Commodity Price|Commodities. NCDEX.
Circle, Vadodara Retrieved 30 July 2011.
[2] ICICI Bank (PDF). Retrieved 29 April 2016. [28] FINO. FINO. Retrieved 30 July 2011.
9
[29] EDII. EDII. [53] Allison, Ian (December 6, 2016). Stellar connects with
ICICI Bank and oers cross-border payments in India,
[30] North Eastern Development Finance Corporation Ltd. Africa and Philippines. International Business Times.
Ned.com. Retrieved 30 July 2011. Retrieved December 7, 2016.
[31] home. 203.115.117.202. 10 June 2010. Retrieved 30 [54] m, Gautham (December 6, 2016). ICICI Bank and Oth-
July 2011. ers Partner with Stellar to Oer Blockchain Based Fund
[32] international_scenario. 203.115.117.202. 2 December Transfer. News BTC. Retrieved December 7, 2016.
2009. Retrieved 30 July 2011.
[55] ICICI Bank to convert 100 villages into digital in 100
[33] Welcome to CIBIL. Cibil.com. Retrieved 30 July 2011. days. The Economic Times. 28 November 2016.
[34] ICICI Bank unveils new Smart Keys mobile app. [56] ICICI goes green, makes oces eco-friendly - Business
News - IBNLive. Ibnlive.in.com, covers instabanking,
[35] https://www.firstdata.com/icicimerchantservices/about_ vehicle nancing. Retrieved 30 July 2011.
us.html
[57] Largest dedicated online writing contest. Limca Book
[36] ICICI Bank launches 'ProCircle' for NRIs. The Hindu of Records. Retrieved 20 June 2016.
Business Line. June 24, 2014.
[58] Annual Reports - 2012. ICICI Bank.
[37] ICICI Bank launches mortgage guarantee-backed home
loan. Business Standard. August 27, 2015. [59] ICICI Bank wins The Asian Banker Excellence in Re-
tail Financial Services Program by Asian Banker. The
[38] ICICI Bank launches 'Smart Vault', a fully automated Economic Times.
locker. Times of India. August 18, 2015.
[60] ICICI Bank best bank in India: Euromoney - Economic
[39] ICICI Bank oers rural borrowers home loans at base Times. economictimes.indiatimes.com. 14 September
rate. Business Line. August 10, 2015. 2004. Retrieved 30 July 2011.
[40] ICICI Bank, Bangalore Metro oers smart card. Busi-
[61] Bank of the Year 2006. The Banker magazine.
ness Line. 15 April 2015.
[62] Euromoney Award for ICICI Bank. News.oneindia.in.
[41] ICICI Bank Limited Launches 'Touch n Remit' Facility
3 August 2007. Retrieved 30 July 2011.
for NRIs in Kingdom of Bahrain. Telegraph India. 10
March 2015. [63] ICICI Bank wins 'Excellence in Remittance
[42] ICICI Bank Ltd Launches 'Video Banking' for NRIs. Business award - Times Of India. Arti-
Reuters. 24 February 2015. cles.timesondia.indiatimes.com. 19 May 2008.
Retrieved 30 July 2011.
[43] ICICI Bank Launches Facebook Banking App Pockets.
Medianama. 25 September 2013. [64] The Asset Triple A Transaction Banking Awards 2007.
The Asset.
[44] ICICI Bank launches services on Twitter. The Hindu.
19 January 2015. [65] The Asset Country Awards 2007. The Asset.
[45] ICICI Bank launches contactless credit and debit cards. [66] The Asset House and Deal Awards 2007. The Asset.
Business Standard. 8 January 2015.
[67] Business Standard. ICICI Bank wins the Dun & Brad-
[46] ICICI Bank to oer reward points to SB accountholders street Banking Awards 2009. Business-standard.com.
selva. The Hindu Business Line. 30 September 2012. Retrieved 30 July 2011.
[47] ICICI Bank launches online Flexible Recurring Deposit [68] ICICI Bank bags 2 Awards in Asian Banker Awards
product iWish"". India Infoline. 5 December 2012. 2009. The Asian Banker.
[48] ICICI Bank Launches App For Android Smartwatches, [69] Asian Banker Awards 2010. The Asian Banker.
AndroidSma, 23 April 2015.
[70] ICICI Bank only Indian rm in top 100
[49] ICICI Bank deploys software robots. The Hindu. Re- global brands list - Economic Times. Arti-
trieved 10 September 2016. cles.economictimes.indiatimes.com. 9 May 2011.
Retrieved 30 July 2011.
[50] ICICI Bank uses blockchain tech. The Times of India.
October 13, 2016. [71] The Asian Banker Awards 2011. The Asian Manager.
[51] Hackett, Robert (December 6, 2016). The nonprot n- [72] Airtel, ICICI among 'top 100 global brands". time-
tech rm has partners in India, the Philippines, Africa, sondia.indiatimes.com.
and Europe. Fortune. Retrieved December 7, 2016.
[73] Golden Peacock Innovative Product/Service Award
[52] Metz, Cade (December 6, 2016). Stellar Emerges From (GPIPSA)". Golden Peacock Awards.
Shadow of Bitcoin to Find a Home Overseas. WIRED.
Retrieved December 7, 2016. [74] ICICI Bank Ltd.-History-2012. NDTV.
10 12 EXTERNAL LINKS
[75] Express IT Awards Winners. Express IT Awards. [101] PTI (12 April 2013). Cobrapost expose: IRDA report
likely next week. The Hindu. Chennai, India. Retrieved
[76] ICICI won RMAI Award. RMAI. 18 April 2013.
[77] ICICI was chosen for 'Next Generation Banking solution' [102] pti (11 April 2013). Cobrapost expose: RBI initiating
in Model Bank 2013 held by Celent. Celent. action against banks over money laundering allegations.
[78] Asian Banker awards 2013. The Asian Banker. DNA. Retrieved 18 April 2013.
[79] Asian Banker awards 2013. The Asian Banker. [103] Moodys assigns positive outlooks to 12 Indian
government-owned nancial institutions; downgrades the
[80] ICICI is honoured the Medici Innovation Hall of Fame ratings of 3 Indian private-sector banks to Baa3 from
Award. Baa2 and changes the outlooks to positive. 9 April 2015.
Retrieved 9 April 2015.
[81] Indias Most Trusted Brands 2014.
[88] Award Winners. eletsonline. 12.1 Track ICICI Bank Credit Card Ap-
[89] IBA Banking Technology Awards 2014-15 (PDF). iba.
plication Status
[90] ICICI Bank wins Best Retail Bank in India award for
2015 (PDF). asianbankerawards.
[91] http://www.bseindia.com/bseplus/AnnualReport/
532174/5321740316.pdf
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