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ICICI Bank

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 Products 3.5 Extra home loans

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

Smart Vault are fully automated lockers available


3.2 ICICI Merchant Services 24x7, including weekends and post banking hours were
launched in August 2015. The Smart Vault uses robotic
ICICI Merchant Services represents an alliance formed in technology to access the lockers from the safe vault con-
2009 between ICICI Bank, Indias largest private sector veniently at any time of their preference in total privacy,
bank, and First Data, a global leader in electronic com- without any intervention of the branch sta.[38]
merce and payment services. First Data is the major-
ity stakeholder in the alliance with ICICI Bank holding
19%.[35]
3.7 Saral Loans
3.3 Money2India In August 2015, ICICI Bank introduced Saral-Rural
Housing Loan. Applicants from rural areas including
Money2India (www.money2India.com) is an online women borrowers as well as seekers from weaker sec-
money transfer tracking service oered to Non-Resident tions can now avail home loans at the ICICI Bank Base
Indians by ICICI Bank Ltd. With an ever-expanding base Rate (I-Base) which is currently at 9.70%. An eligible
since its launch, it is the preferred mode of online money borrower can take up to 1.5 million (US$22,000) under
transfers to India, facilitating seamless money transfers the ICICI Bank SaralRural Housing Loan.[39]
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 3.8 ICICI Bank Unifare Bangalore Metro
in 9 countries (USA, Canada, UK, Singapore, Australia, Card
UAE, Sweden, Switzerland and Hong Kong) to any ben-
eciary account with over 100 banks in India.[36] ICICI Bank and Bangalore Metro Rail Corporation Lim-
ited (BMRCL) in April 2015, announced the launch of
the ICICI Bank Unifare Bangalore Metro Card to of-
3.4 Money2India Europe fer the commuters dual benets of an ICICI Bank credit
or debit card and BMRCLs smart card, called Namma
ICICI Bank UK PLC, Germany branch provides money
Metro Smart Card.[40]
transfer and tracking service (Money2India Europe,
Money2India.EU) in 20 European countries. The plat-
form facilitates money transfer to India by allowing re-
mitter to initiate money transfer instruction on M2E. De- 3.9 'Touch n Remit' facility for NRIs in
pending on the country of residence and the nancial in- Kingdom of Bahrain
stitution with which the user is holding the bank account,
he / she has an option to transfer money through payment In March 2015, ICICI Bank tied up with SADAD Elec-
gateway integrated with the platformwith guaranteed tronic Payments WLL to oer remittance service for
exchange rate. NRIs based in Bahrain, enabling them to transfer monies
The Money2India Europe Mobile App is a full-edged instantly to India from the latters kiosks spread across
remittance platform for the customers, who prefers to use the Kingdom of Bahrain. This facility has been named as
mobile device to handle the transactions. Touch n Remit.[41]
4 4 INITIATIVES

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]

3.12 ICICIBankPay on Twitter


ICICI Bank in January, 2015 launched banking services 3.16 Software robotics
on Twitter, christened as 'ICICIBankPay'. This service in
India enables ICICI Bank customers to transfer money to ICICI on 10 Sep 2016 announced 'software robotics
anyone in the country who has a Twitter account, check initiativea rst by any Indian bank. Over 200 software
account balance, view last three transactions and recharge robots are now performing over 1 million transactions per
prepaid mobile in a completely secure manner.[44] day for the bank which comprises 10% of its total trans-
actions. The bank will engage 500 software robots by the
end of the year which will help it to automate 20% of its
3.13 Contactless Credit and Debit Cards total transactions. [49]

ICICI Bank in January, 2015 announced the launch of


the countrys rst Contactless debit and credit cards, en-
abling its customers to make electronic payments by just 3.17 Blockchain technology
waving the cards near the merchant terminal in lieu of
dipping or swiping them. These cards are based on the In October 2016, ICICI Bank, in partnership with Emi-
near eld communication (NFC) technology, which pro- rates NBD, became the rst Indian Bank to successfully
vides customers the improved convenience of speed as execute transactions in international trade nance and re-
these cards require signicantly less time than traditional mittance using blockchain technology. The blockchain
cards to complete a transaction along with enhanced se- technology replicates the paper-intensive international
curity as they remain in control of the customer.[45] trade nance process as an electronic decentralised ledger
that gives all the participating entities including banks
the ability to access a single source of information. It
3.14 MySavings Rewards has enabled the Bank to exchange and authenticate re-
mittance transaction messages as well as original inter-
ICICI Bank has rolled-out the programme 'MySavings national trade documents related to purchase order, in-
Rewards from 1 September 2012, where reward points voice, shipping & insurance, among others, electronically
are oered to individual domestic customers for a variety on blockchain in real time.[50] In addition, ICICI Bank
of transactions done through the savings bank account. is currently working to put together programs that will
Reward points are oered automatically to customers for let people transfer money inside and outside the coun-
activating Internet banking, shopping online/ paying util- try through the Stellar (payment network) blockchain
ity bills with Internet banking and auto-debit from savings platform.[51][52][53][54]
account towards equated monthly installments for home/
auto/ personal loan/ recurring deposit. Customers are re-
quired to maintain a monthly average balance of 15,000
(US$220) or more. th Indian bank will recuire 5.5% in- 4 Initiatives
terest on short term loans and long term bonds and mort-
5.2 International 5

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 Germany


4.2 Go Green
ICICI Bank Eurasia Limited Liability Company
The Go Green Initiative is an initiative [56] that moves
beyond people, processes and customers to cost eective ICICI Securities Holdings Inc.
automated channels to build awareness of our environ-
ment, nation and society. The various green products and ICICI Securities Inc.
services are Instabanking [56] (alternate banking options
ICICI International LImited.
like- Internet banking, i-Mobile banking, & IVR Bank-
ing. On 22 September 2014 ICICI Bank launched Four
New Next Gen Mobile Banking Apps), Vehicle Finance
[56]
for car models which use alternate modes of energy 6 Awards and Achievements of
(50% waiver on processing fee of auto loans. ICICI

4.3 Literary Endeavours 2003

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]

Best Bank in India Award presented by Euromoney


Magazine[60]
5 Subsidiaries
2006
5.1 Domestic
ICICI Prudential Life Insurance Company Limited Bank of the Year 2006 India by the Banker[61]

ICICI Lombard General Insurance Company Lim- 2007


ited

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 Trusteeship Services Limited 2009


6 6 AWARDS AND ACHIEVEMENTS OF ICICI

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

2010 According to the Brand Trust Report 2014, ICICI


Bank was ranked 28th among Indias most trusted
ICICI Bank won the Best Banking Security System brands, a research conducted by Trust Research
by The Asian Banker.[69] Advisory.[81]

ICICI Bank was ranked second at the 'National En-


2011 ergy Conservation Award 2014' under the oce
buildings (less than 10 lakh kWh/year consumption)
ICICI Bank is the only Indian brand to gure in the category.[82]
BrandZ Top 100 Most Valuable Global Brands Re-
port, second year in a row[70] ICICI Bank was fth in the world and second in In-
dia on the 'Top Companies for Leaders in a study
ICICI Bank won the 'Best CRM Project' and 'Best conducted by Aon Hewitt.[83]
Banking Security Systems by The Asian Banker.[71]
ICICI bank won the Best Private Sector Bank -
2012 Global Business Development by Polaris Financial
Technology Banking Awards 2014.
Airtel, ICICI among 'top 100 global brands[72] IDBRT awarded ICICI for 'Best Bank Award
ICICI Bank received the Golden Peacock Innovative for Business Intelligence Initiatives among Large
Product / Service Award.[73] Banks and 'Best Bank Award for Social Media and
Mobile Banking Among Large Banks.[84]
ICICI Bank received the Dataquest Technology In-
novation Awards 2012 for Data center migration by ICICI bank was awarded the Certicate of Recog-
Dataquest.[74] nition as one of the Top 5 Companies in Corpo-
rate Governance in the 14th The Institute of Com-
ICICI Bank was conferred the Best Performance pany Secretaries of India National Awards for Cor-
Award for Self Help Group (SHG) Bank Linkage porate Governance. They were honoured by Arun
Programme in NABARDs State Level Awards an- Jaitley.[85]
nounced by their Maharashtra Regional Oce. The
Bank received the rst prize for the year 201011 ICICI Bank has been honoured as The Best Service
in the Private Sector Bank category and 2nd runner Provider - Risk Management, India at The Asset
up for the year 201112 in the Commercial Bank Triple A Transaction Banking, Treasury, Trade and
category.[74] Risk Management Awards 2014.

ICICI Bank was awarded the 'Best Retail Bank in


India', 'Best Micronance Business and 'Best Retail
2013 Banking Branch Innovation' under the 'Excellence
in Retail Financial Services awards 2014' and Tech-
ICICI Bank has been adjudged winner at the Ex- nology Implementation Award for Lending Platform
press IT Innovation Award under the Large Enter- Implementation by The Asian Banker.[86][87]
prise category[75]
2015
ICICI Bank won the RMAI received the Gram
Samvad, Service for Low cost/Small budget mar-
ICICI Bank won an award in the BFSI Leadership
keting initiative Award by Rural Marketing Associ-
Summit & Awards in the 'Best Phone Banking for
ation of India (RMAI).[76]
End-users category[88]
ICICI bank won the 'Next Generation Banking so-
lution' award by Celent.[77] ICICI Bank won in six categories and was the rst
runner-up in one category among Private Sector
ICICI bank won the Best Domestic Trade Finance Banks at IBA Banking Technology Awards, 2015.
Bank and Best Financial Supply Chain Project The bank was declared winner in the six categories
Award in India by The Asian Banker[78][79] of Best Technology Bank of the Year, Best use of
7

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]

ICICI Bank has been declared as the rst runner up


at Outlook Money Awards 2015 in the category of 7 Social responsibility pro-
Best Bank grammes for elementary Ed-
ICICI Bank has been adjudged the Best Retail ucation
Bank in India by The Asian Banker. It has also
emerged winners in the categories of Best Inter- Read to Lead Phase I: Read to Lead is an ini-
net Banking Initiative and Best Customer Risk tiative of ICICI Bank to facilitate access to ele-
Management Initiative awards given by The Asian mentary education for underprivileged children in
Banker.[90] the age group of 314 years including girls and
tribal children from the remote rural areas. The
Best Local Trade Finance Bank in India at Global Read to Lead initiative supports partner NGOs to
Trade Review Asia Leaders in Trade Awards 2015. design and implement programmes that mobilise
Best Foreign Exchange Bank in India, at Finance parent and community involvement in education,
Asias 2015 Country Banking Achievement Awards. strengthen schools and enable children to enter and
complete formal elementary education. Read to
Best Private Sector Bank under Global Business Lead has reached out to 100,000 children across
category at the Dun & Bradstreet Banking Awards 14 states of Andhra Pradesh, Bihar, Delhi, Gu-
2015. jarat, Haryana, Jharkhand, Karnataka, Maharash-
tra, Orissa, Rajasthan, Tamil Nadu, Tripura, Uttar
Best Website Design in Asia-Pacic at Global Fi- Pradesh and West Bengal.[92]
nance 2015 Worlds Best Digital Bank Awards.
Read to Lead Phase II: In Phase II of the Read
Winner at the National Energy Conservation Awards to Lead programme, ICICI Bank has supported the
2015 under the Oce Buildings category (energy establishment of 63 libraries that will reach out to
consumption of over 1 million units per annum). approximately 7,200 children in the rural areas of
Jagdalpur block of Bastar district in Chhattisgarh.
First among private sector banks in The Economic
The programme includes building libraries, sourcing
Times Brand Equitys Most Trusted Brands survey
books and conducting various interactive activities
2015.
to make the library a dynamic centre for learning.[93]
Runner up in the categories of Immediate Payment
Service, Cheque Truncation System and National
Financial Switch at the National Payments Excel- 8 Controversies
lence Awards 2015 organised by the National Pay-
ments Corporation of India. The Bank was also fe-
licitated with a special award for issuing the largest 8.1 Inhumane debt recovery methods
number of RuPay Platinum cards.
A few years after its rise to prominence in the bank-
[91]
ing sector, ICICI bank faced allegations on the recovery
2016 methods it used against loan payment defaulters. A num-
ber of cases were led against the bank and its employees
Best Retail Bank in India at the Asian Banker In- for using brutal measures to recover the money. Most
ternational Excellence in Retail Financial Services of the allegations were that the bank was using goons to
Awards 2016. ICICI Bank has won this award three recover the credit card payments and that these recov-
years in a row. ery agents exhibited inappropriate and in some cases,
inhuman behavior. Incidents were reported wherein the
Gold awards in the Bank and Credit card issu- defaulters were put to public shame by the recovery
ing Bank segments under Finance category in the agents.
Readers Digest Trusted Brand 2016 Survey.
The bank also faced allegations of inappropriate behav-
First in The Brand Trust Report, India Study 2016 ior in recovering its loans. These allegations started ini-
by Trust Research Advisory under the Banking Fi- tially when the recovery agents and bank employees
nancial Services and Insurance category. started threatening the defaulters. In some cases, notes
8 11 REFERENCES

written by the banks employees asking the defaulters to [3] http://www.hindustantimes.com/business/


sell everything in the house including family members, retail-push-prompts-icici-bank-axis-hdfc-bank-to-hire-more/
were found. Such charges faced by the bank rose to a story-VWrT1DIS52lT8hAZMnRNEK.html
peak when suicide cases were reported wherein the sui-
[4] About Us | History. ICICI Bank.com.
cide notes spoke of the Banks recovery methods as the
cause of the suicide. This led to a lot of legal battles and [5] Automated teller machine
the bank paying huge compensations.[94][95]
[6] PM Modi inaugurates ICICI Banks rst Chinese branch
in Shanghai. Economic Times.
8.2 Money laundering allegations [7] PM Modi inaugurates ICICI Banks rst Chinese branch
in Shanghai. Economic Times.
ICICI Bank was one of the leading Indian banks accused
of blatant money laundering through violation of RBI [8] ICICI Bank enter South Africa, opens branch in Johan-
guidelines in the famous CobraPost[96] sting operation nesburg. Zee News.
which shook up Indian banking industry during April [9] ICICI UK opens branch in Frankfurt. Sify.com. 29
May 2013.[97] February 2008. Retrieved 30 July 2011.
On 14 March 2013 the online magazine Cobrapost re- [10] NOS on ICICI (PDF). NOS org.
leased video footage from Operation Red Spider show-
ing high-ranking ocials and some employees of ICICI [11] about ICICI. lloydstsb.
Bank agreeing to convert black money into white, an
[12] http://www.mckinsey.com/clientservice/bto/
act in violation of Money Laundering Control Act. The
pointofview/pdf/MoIT11_ICICInterview_F.pdf
Government of India and Reserve Bank of India or-
dered an inquiry following the expos. On 15 March [13] ICICI Bank. Economic Times.
2013, ICICI Bank suspended 18 employees, pending
inquiry.[98][99][100] On 11 April 2013 Deputy Governor [14] Bank of Madura, ICICI Bank merger - a synergy for bet-
of RBI, H R Khan reportedly told that the central bank ter service. Retrieved 25 May 2015.
is initiating action against ICICI Bank in connexion with [15] ICICI Bank _NYSE. Mondovisione.
allegations of money laundering.[101][102]
[16] ICICI_ICICI Bank merger. Business Standard.

[17] ICICI Financial Rumours. Indian Express.


9 Credit rating
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11

13 Text and image sources, contributors, and licenses


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