ICICI Bank Full Form
What is the full form of ICICI Bank?
Industrial Credit and Investment Corporation of India is the full form of ICICI Bank. ICICI was incorporated in 2002 with ICICI Bank as the parent organisation. Just after integration, ICICI was renamed ICICI bank, and as a result, it is currently known as ICICI Bank. It operates in 17 different countries and has its headquarters in Mumbai, Maharashtra, India. In India, this development finance organisation has a network of 5,275 branches and 15,589 ATMs. It was the second-largest investment bank in India and the third-largest market capitalisation bank in 2014. Through various delivery channels and specialised subsidiaries in investment banking, non-life insurance, life insurance, venture capital, and asset management, ICICI bank offers a broad range of banking products and financial services for corporate and retail customers. Sandeep Bakhshi is ICICI Bank's managing director and CEO.
1. History of ICICI bank
On January 5, 1955, the Industrial Credit and Investment Corporation of India (ICICI) was founded, and Sir Arcot Ramasamy Mudaliar was chosen as the organisation's first chairman. To provide project financing to the Indian industry, the World Bank, public-sector banks, and public-sector insurance companies formed a joint venture with ICICI. In 1994, ICICI established ICICI Bank as a owned subsidiary in Vadodara. Initially known as the Industrial Credit and Investment Corporation of India Bank, the bank changed its name to ICICI Bank. Later, the bank and the parent corporation were combined.
In the 1990s, ICICI changed the nature of its business from a project-focused development financial institution to a diversified financial services organisation that provides a wide range of products and services directly and through several subsidiaries and affiliates, including ICICI Bank.
2. Acquisitions of ICICI bank
The ICICI Bank launched internet banking in India for the first time in 1998.
In 1999, it was the first bank from India to be mentioned on the New York Stock Exchange.
The Bank of Madura, established in 1943, was purchased by ICICI in 2001.
In 2003, ICICI Bank opened branches in Singapore, Singapore, and the United Kingdom. Furthermore, it established representative bank branches in Shanghai and Dubai.
It opened an office in Bangladesh in 2004 to participate in the extensive banking sector of both South Africa and Bangladesh.
In 2005, ICICI Bank purchased the Russian subsidiary IKB (Investitsionno-Kreditny Bank) and renamed it ICICI Bank Eurasia. The same year, branches were also opened in Dubai & Hong Kong.
In 2006, it established a branch in Belgium, an office in Antwerp, and representative offices in Bangkok, Jakarta, and Kuala Lumpur.
In 2013, it became the first bank in the private sector to establish a mobile branch with an ATM in Maharashtra.
The board of directors for ICICI Bank Ltd. approved an investment in Yes Bank Ltd. for Rs 1,000 crore in March 2020. Due to this investment, ICICI Bank Limited now holds more than a 5% stake in Yes Bank.
3. Objectives of ICICI bank
The following are the main objectives of ICICI Bank:
Assisting companies by increasing their credit and encouraging the use of internal and external financial sources inside those companies.
Play an important role in the growth of the Indian capital market.
Encourage private investor ownership.
Support the manufacturing and agriculture sectors.
4. Main functions of ICICI bank
ICICI carries out the following functions to accomplish the above objectives:
Helping and developing private sector businesses.
Supporting long-term loans.
Providing companies with equipment financing.
Supporting fresh stock and security issues.
5. Services provided by ICICI bank
Following are some of the regular services that ICICI Bank offers:
Cards consist of debit cards, credit cards, and business cards.
Home, personal, auto, and two-wheeler loans are all available.
Mutual funds, PPFs, and strategies investments.
Insurance consists of general, life, and health insurance.
There are two deposit schemes: FD (Fixed Deposit) and RD (Recurring Deposit) Schemes.
A business banking service that offers a variety of products of the, current account, internet banking, and mobile banking.
Frequently Asked Questions (FAQs)
The full form of ICICI Bank is Industrial Credit and Investment Corporation of India Bank.
The ICICI Bank provides several services, including deposit accounts, loans, debit and credit cards, fixed deposits, Internet and mobile banking.
Industrial Credit and Investment Corporation of India (ICICI) was established in 1955 and entered the financial industry in 1994 with the launch of ICICI Bank.
Several objectives of ICICI bank are mentioned below:
Assisting companies by increasing their credit and encouraging the use of internal and external financial sources inside those companies.
Play an important role in the growth of the Indian capital market.
The ICICI Bank launched internet banking in India for the first time in 1998.