Industrial Credit and Investment Corporation of India (ICICI)

by Monika Dadool 16-Oct-18

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Industrial Credit and Investment Corporation of India (ICICI) Bank is an Indian multinational company having a presence in 17 countries including India, headquartered in Maharashtra and registered office in Vadodara. Sandeep Bakhshi as the Managing Director (MD) and CEO of ICICI Bank after Chanda Kochhar. As 2014, In term of market capitalization and assets, this bank is known as the second largest bank in India. ICCI Bank has a vast network in India i.e. approx 4850 branches and approx 14404 ATM's and its tagline is "Hum Hain Na!". 


History:  

ICCI bank started its career in 1955 as a public limited company for expanding small private sector industries and in March 2002, it has merged with ICICI Bank to develop a universal Bank in India. 

Following table illustrate the history of the journey of ICCI Company in 1955 to 2014.

1995ICICI was founded.
1994Begin its entry in Banking industry by developing ICICI bank limited.
1998Internet banking was firstly launched by ICCI bank in India
2000First Indian bank shortlisted on new york stock exchange
2001Bank of Madura acquired by ICICI bank
2002The reversed merger of ICICI company and ICCI bank was approved
2003Opened three more branches and their representative offices i.e. in Canada, in Singapore, UK and in Dubai and Shanghai respectively
2004The new office in Bangladesh was opened 
2005New branch in Dubai and Hong Kong was inaugurated
2006Bangkok, Jakarta and Kuala Lumpur representative offices were developed. Antwerp and Belgium are two branches that were developed by ICICI Bank
2007The Sangli Bank was acquired
2008It converts its New York office into an ICCI Bank 
2013Mobile branch with ATM was launched in Maharashtra.

Objectives of ICICI bank

a) To provide finance including equipment, industrial unit reconstruction, loans for public sector industrial projects.

b) To simulate and promote internal and external capital sources involvement and new industries.

c) It serves both managerial and technical aid to boost production

d) It also supports existing industries for modernization and expanding business


Product and services

ICICI bank serves its customer with outstanding products and services through their channels like ATM, mobile, phone and internet banking. Some important product and services including loan, deposits, insurance, cards etc are given below: 

a) It provides a wide range of deposits Savings Account, Recurring Deposits, Advantage Deposit, Security Deposits, EEFC Account, Rural Savings Account, Freedom Savings Account etc.

b) It provides home loans including fixed rate loans, smart fix, floating rate home loans with unbeatable offers with affordable interest rates, doorstep services and with clear documentation.

c) It provides credit cards for specific objectives such as co-branded, classic, EMI, Affinity premium and picture card and many more for their customer convenience.

d) It provides different people beneficial insurance plans including health insurance, family floater, life insurance, two wheeler insurance and many more. 

e) It provides advanced phone banking services like cheque book request, stops check payment, mobile banking registration etc, Demit and card services like log details of the transaction and many other outstanding services.



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