What is the full form of ICICI?
The full form of ICICI is Industrial Credit and Investment Corporation of India.
It was the parent organization of ICICI bank and it was merged with ICICI Bank in 2002. It is an Indian multinational company with its headquarter in Mumbai, Maharashtra, India and it has a presence in 17 countries including India.
Sandeep Bakhshi is the current CEO and MD of ICICI Bank and its taglines are "Hum hai na" and "Khayal Apka".
It was the second-largest bank in India in terms of assets in 2014 and it has a vast vast network in India with approx.
- 4850 branches and approx 14404 ATMs.
ICCI started in 1955 as a public limited company for expanding small private sector industries and in March 2002, it was merged with ICICI Bank to develop a universal Bank in India.
Here is a brief history of ICICI from 1955:
|1995||ICICI was founded|
|1994||Begin its entry in the Banking industry by developing ICICI bank limited|
|1998||Internet banking was firstly launched by ICCI bank in India|
|2000||First Indian bank shortlisted on New York Stock Exchange|
|2001||Bank of Madura was acquired by ICICI Bank|
|2002||The reversed merger of ICICI company and ICCI bank was approved|
|2003||Opened three more branches and their representative offices i.e. in Canada, in Singapore, UK and in Dubai and Shanghai respectively|
|2004||The new office in Bangladesh was opened|
|2005||A new branch in Dubai and Hong Kong was inaugurated|
|2006||Bangkok, Jakarta and Kuala Lumpur representative offices were developed. Antwerp and Belgium are two branches that were developed by ICICI Bank|
|2007||The Sangli Bank was acquired|
|2008||It converts its New York office into an ICICI Bank|
|2013||Mobile branch with ATM was launched in Maharashtra|
ICICI Bank Objectives
The objectives of ICICI bank are as follows:
- To provide finance including equipment, industrial unit reconstruction, loans for public sector industrial projects
- To stimulate and promote internal and external capital sources involvement and new industries
- It serves both managerial and technical aid to boost production
- It also supports existing industries for modernisation and expanding business
- ICICI Group
- ICICI Prudential Life Insurance Company
- ICICI Lombard General Insurance Company
- ICICI Home Finance Company Limited
- ICICI Direct
- ICICI Venture
- Disha Financial Counselling
ICICI Bank Products and Services
ICICI bank serves its customer with outstanding products and services through their channels like ATM, mobile phone and internet banking.
Some important products and services including loans, deposits, insurance, cards etc are given below:
1 It provides a wide range of deposits Savings Account, Recurring Deposits, Advantage Deposit, Security Deposits, EEFC Account, Rural Savings Account, Freedom Savings Account etc.
2 It provides home loans including fixed-rate loans, smart fix, floating rate home loans with unbeatable offers with affordable interest rates, doorstep services and clear documentation.
3 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.
4 It provides different people beneficial insurance plans including health insurance, family floater, life insurance, two-wheeler insurance and many more.
5 It provides advanced phone banking services like cheque book requests, stop check payments, mobile banking registration etc., Debit and Credit Card services like log details of the transaction and many other outstanding services.
The list of some of the top subsidiaries of ICICI Bank is as follows: