ICICI Bankis an Indian multinationalbankingandfinancial servicescompany headquartered inMumbai,Maharashtra,India. As of 2014 it is the second largest bank in India in terms of assets andmarket capitalization. It offers a wide range of banking products and financial services for corporate andretail customersthrough a variety of delivery channels and specialized subsidiaries in the areas ofinvestment banking,life,non-life insurance,venture capitalandasset management. The Bank has a network of 3,880 branches and 12,269[4][5]ATMsin India, and has a presence in 19 countries.[6][7]

ICICI Bank is one of theBig Four banksof India, along withState Bank of India,Punjab National BankandBank of Baroda. The bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre; and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company's UK subsidiary has also established branches in Belgium and Germany.[8]

In March 2013,Operation Red Spidershowed high-ranking officials and some employees of ICICI Bank involved inmoney laundering. After agovernmentinquiry, ICICI Bank suspended 18 employees and faced penalties from theReserve Bank of Indiain relation to the activity.[9][10][11][12][13]

History[edit]

ICICI's branch located inKnightsbridge, London.

ICICI Bank was established by theIndustrial Credit and Investment Corporation of India (ICICI), an Indian financial institution, as a wholly owned subsidiary in 1994. The parent company was formed in 1955 as a joint-venture of theWorld Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry.[14][15]The bank was initially known as theIndustrial Credit and Investment Corporation of India Bank, before it changed its name to the abbreviatedICICI Bank. The parent company was later merged with the bank.

ICICI Bank launched internet banking operations in 1998.[16]

ICICI's shareholding in ICICI Bank was reduced to 46percent, through a public offering of shares in India in 1998, followed by an equity offering in the form ofAmerican Depositary Receiptson theNYSEin 2000. ICICI Bank acquired theBank of MaduraLimitedin an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001-02.

In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.[17]

In 2000, ICICI Bank became the first Indian bank to list on the New York Stock Exchange with its five million American depository shares issue generating a demand book 13 times the offer size.

In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by theHigh Court of Gujaratat Ahmedabad in March 2002 and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002.[18]

In 2008, following the2008 financial crisis, customers rushed to ICICI ATMs and branches in some locations due to rumours of adverse financial position of ICICI Bank. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumours.[19]

Acquisitions[edit]

1996: SCICI Ltd. A diversified financial institution with headquarters in Mumbai

1997: ITC Classic Finance. Incorporated in 1986, ITC Classic was a non-bank financial firm that engaged in hire, purchase, and leasing operations. At the time of being acquired, ITC Classic had eight offices, 26 outlets, and 700 brokers.

1998: Anagram(ENAGRAM) Finance. Anagram had built up a network of some 50 branches in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in retail financing of cars and trucks. It also had some 250,000 depositors.

2001:Bank of Madurai

2002: TheDarjeelingandShimlabranches ofGrindlays Bank

2005: Investitsionno-Kreditny Bank (IKB), a Russian bank

2007: Sangli Bank. Sangli Bank was a private sector unlisted bank, founded in 1916, and 30% owned by the Bahte family. Its headquarters were in Sangli inMaharashtra, and it had 198 branches. It had 158 in Maharashtra and 31 inKarnataka, and others in Gujarat, Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches were relatively evenly split between metropolitan areas and rural or semi-urban areas.

2010: TheBank of Rajasthan(BOR) was acquired by the ICICI Bank in 2010 for30billion. RBI was critical of BOR's promoters not reducing their holdings in the company. BOR has since been merged with ICICI Bank..

ICICIs role in Indian financial infrastructure[edit]

The bank has contributed to the set up of a number of Indian institutions to establish financial infrastructure in the country over the years;

National Stock Exchange - TheNational Stock Exchangewas promoted by India's leading financial institutions (including ICICI Ltd.) in 1992 on behalf of the Government of India with the objective of establishing a nationwide trading facility for equities, debt instruments and hybrids, by ensuring equal access to investors all over the country through an appropriate communication network.[20]

Credit Rating Information Services of India Limited (CRISIL) - In 1987, ICICI Ltd along withUTIset upCRISILas India's first professionalcredit rating agency. CRISIL offers a comprehensive range of integrated products and service offerings which include credit ratings, capital market information, industry analysis and detailed reports.[21]

National Commodities and Derivatives Exchange Limited -NCDEXis an online multi-commodity exchange, set up in 2003, by ICICI Bank Ltd, LIC,NABARD, NSE,Canara Bank, CRISIL, Goldman Sachs,Indian Farmers Fertiliser Cooperative Limited(IFFCO) andPunjab National Bank.[22]

Financial Innovation Network and Operations Pvt Ltd. - ICICI Bank has facilitated setting up of "FINO Cross Link to Case Link Study" in 2006, as a company that would provide technology solutions and services to reach the underserved andunderbankedpopulation of the country. Using cutting edge technologies likesmart cards,biometricsand a basket of support services, FINO enables financial institutions to conceptualise, develop and operationalise projects to support sector initiatives inmicrofinanceand livelihoods.[23]

Entrepreneurship Development Institute of India -Entrepreneurship Development Institute of India(EDII), an autonomous body and not-for-profit society, was set up in 1983, by the erstwhile apex financial institutions like IDBI, ICICI, IFCI and SBI with the support of theGovernment of Gujaratas a national resource organisation committed to entrepreneurship development, education, training and research.[24]

North Eastern Development Finance Corporation - North Eastern Development Finance Corporation (NEDFI) was promoted by national level financial institutions like ICICI Ltd in 1995 at Guwahati, Assam for the development of industries, infrastructure, animal husbandry, agri-horticulture plantation, medicinal plants, sericulture, aquaculture, poultry and dairy in the North Eastern states of India. NEDFI is the premier financial and development institution for the North East region.[25]

Asset Reconstruction Company India Limited - Following the enactment of the Securitisation Act in 2002, ICICI Bank together with other institutions, set up Asset Reconstruction Company India Limited (ARCIL) in 2003, to create a facilitative environment for the resolution of distressed debt in India. ARCIL was established to acquire non-performing assets (NPAs) from financial institutions and banks with a view to enhance the management of these assets and help in the maximisation of recovery. This would relieve institutions and banks from the burden of pursuing NPAs, and allow them to focus on core banking activities.[26][27]

Credit Information Bureau of India Limited - ICICI Bank has also helped in setting upCredit Information Bureau of India Limited(CIBIL), India's first national credit bureau in 2000. CIBIL provides a repository of information (which contains the credit history of commercial and consumer borrowers) to its members in the form of credit information reports. The members of CIBIL include banks, financial institutions, state financial corporations, non-banking financial companies, housing finance companies and credit card companies.[28]

Institutional Investor Advisory Services India Limited (IiAS) - ICICI Bank has indirectly invested inInstitutional Investor Advisory Services, through ICICI Prudential Life Insurance Company, in IiAS. IiAS is a voting advisory firm akaproxy firm, dedicated to providing participants in the Indian market with data, research and commentary. It provides recommendations on resolutions placed before shareholders of over 300 companies.THE INDIAN ICICC BANK has been a bank of statue and integrity this has lead to forein investor being happy to invest in undisclosed amounts of capital and buying share earning in over 207 country this year will see the bank fees drop to 5.5% annually with an increase of 1% interest on saving capital .the bank will be growing urbunisation in term of buildin many more 300 branches in India to cost 15 billion us dollars each costing 40 million us

Products[edit]

Pockets by ICICI Bank[edit]

In February 2015, ICICI Bank Re-Launched POCKETS.Now working as a "Digital wallet" for everyone(Now only works with android Phones only).Wallet be can be opened by anyone and can do transactions like recharge,shopping,transfer money using the virtual visa card,Which is issued when signing up for the wallet.

In September 2013, ICICI Bank launched a one of its kind app onFacebook'Pockets by ICICI Bank'to enable customers to carry out a wide range of financial transactions on Facebook[29]Customers can access the ICICI Bank app[30]by logging into their Facebook account and then going to the official ICICI Bank Facebook page, and clicking on the tab for Pockets by ICICI Bank. The customer then registers online with theirdebit cardnumber and PIN, and selecting a new four digit PIN for subsequent logins.[31]Through the app, customers can make payments to friends, rechargeprepaid mobileand bookmovie tickets. One can also carry out non-financial transactions such as accessing a mini statement of theirsavings bankaccount, gettingdematholding statements, opening fixed orrecurring deposit, order acheque book, stop achequepayment, upgrade debit card, among others.[32]

Some of the key features of 'Pockets by ICICI Bank' are:

Split n share: It allows customers to split and track group expenses and share them with friends on Facebook. The app also gives the customer the option of sending messages to remind friends on pending payments.

Pay a friend: It allows customers to transfer funds to their friends without knowing their bank account details like account number,bank branch, branch IFSC code etc. Through this facility, customers can create electronic coupons that can be redeemed by their friends on the bank websiteicicibank.com[33]

MySavings Rewards[edit]

ICICI Bank has rolled-out the programme 'MySavings Rewards' from 1 September 2012, where reward points are offered to individual domestic customers for a variety of transactions done through the savings bank account. Reward points are offered automatically to customers for activatingInternet banking,shopping online/ paying utility bills with Internet banking and auto-debit from savings account towards equated monthly installments for home/ auto/ personal loan/ recurring deposit. Customers are required to maintain a monthly average balance of15,000 or more. th Indian bank will recuire 5.5% interest on short term loans and long term bonds and mortgages loans up to $2 million up to 20years to pay back annuall interest of 5.5% short term loans from 3 months up to 3years at 5.5% .credit interest is reduced to 10% annully .[34]

iWish- the flexible recurring deposit[edit]

iWish is a flexible recurring deposit product launched by ICICI Bank for its savings account customers. Unlike a traditionalrecurring deposit, iWish allows customers to save varying amounts of money at any time of their choice. Customers can create several goals and track their progress on an online interface.[35]

ICICI Bank has developed this product in collaboration with Social Money.

Go Green Initiative[edit]

The Go Green Initiative is an organisation wide initiative that moves beyond moving people, processes and customers to cost effective automated channels to build awareness and consciousness of our environment, our nation and our society.[36]

Objective[edit]

ICICI Bank's Green initiative is to make healthy environment in the organisation i.e.; to create intrapersonal skills amongs the customer and understanding between employees of the organisation.

Broad objectives of the ICICI are:

1. to assist in the creation, expansion and modernisation of private concerns;

2. to encourage the participation of internal and external capital in the private concerns;

3. to encourage private ownership of industrial investment.

Green products and services[edit]

Instabanking

It is the platform that brings together all alternate channels under one umbrella and gives customers the option of banking through Internet banking, i-Mobile banking, IVR Banking.[36]On 22 September 2014 ICICI Bank launched Four New Next Generation Mobile Banking Apps.

Vehicle Finance

Auto loans offer 50% waiver on processing fee on car models which uses alternate mode of energy. The models identified for the purpose are, Maruti's LPG version of Maruti 800, Omni and Versa, Hyundai's Santro Eco, Civic Hybrid of Honda, Reva electric cars, Tata Indica CNG and Mahindra Logan CNG versions.[36]

Carbon Footprint Calculator[edit]

Inputs include region, user input of the distance traveled in a particular medium of transport daily, electricity consumed per month and LPG cylinder/piped natural gas used per month. It calculates the net carbon footprint to create awareness and sensitize people about the environment. It also shows the world's and India's average carbon footprint.[37][38]

Subsidiaries[edit]

Domestic[edit]

ICICI Prudential Life Insurance Company Limited

ICICI LombardGeneral Insurance Company Limited

ICICI Prudential Asset Management Company Limited

ICICI Prudential Trust Limited

ICICI Securities Limited

ICICI Securities Primary Dealership Limited

ICICI Venture Funds Management Company Limited

ICICI Home Finance Company Limited

ICICI Investment Management Company Limited

ICICI Trusteeship Services Limited

ICICI Prudential Pension Funds Management Company Limited[39]

International[edit]

ICICI Bank USA

ICICI Bank UK PLC

ICICI Bank Canada

ICICI Bank Eurasia Limited Liability Company

ICICI Securities Holdings Inc.

ICICI Securities Inc.

ICICI International LImited

Awards and Achievements[edit]

2003

"The Asian Banker Excellence in Retail Financial Services Program" byThe Asian Banker[40]

2004

Best Bank in India Award presented byEuromoneyMagazine[41]

2006

Bank of the Year 2006 India bythe Banker[42]

2007

ICICI Bank has been conferred the Euromoney Award 2007 for the Best Bank in the Asia-Pacific Region[43]

ICICI Bank wins the Excellence in Remittance Business award by The Asian Banker[44]

ICICI Bank was got the awards for 'Best Transaction Bank' in India,[45]'Best Domestic Bank' in India,[46]'Best follow-on offering'(US$4.94 billion), 'Best Investment Grade Bond'(US$2 billion, three-tranche bonds), Best Syndicated Loan Managers[47]by Asset.

2009

ICICI Bank bags the "Best bank in SME financing (Private Sector)" at the Dun & Bradstreet Banking awards[48]

ICICI Bank won the Best Banking Security Systems Project Award and Best E-Banking Project Implementation Award byThe Asian Banker.[49]

2010

ICICI Bank won the Best Banking Security System byThe Asian Banker.[50]

2011

ICICI Bank is the only Indian brand to figure in the BrandZ Top 100 Most Valuable Global Brands Report, second year in a row[51]

ICICI Bank won the 'Best CRM Project' and 'Best Banking Security Systems' byThe Asian Banker.[52]

2012

Airtel, ICICI among 'top 100 global brands'[53]

ICICI Bank received the Golden Peacock Innovative Product / Service Award.[54]

ICICI Bank received theDataquest Technology Innovation Awards 2012for Data center migration by Dataquest.[55]

ICICI Bank was conferred the Best Performance Award forSelf Help Group(SHG) Bank Linkage Programme in NABARD's State Level Awards announced by their Maharashtra Regional Office. The Bank received the first prize for the year 201011 in the Private Sector Bank category and 2nd runner up for the year 201112 in the Commercial Bank category.[55]

2013

ICICI Bank has been adjudged winner at the Express IT Innovation Award under the Large Enterprise category[56]

ICICI Bank won the RMAI received the "Gram Samvad",Service for Low cost/Small budget marketing initiative Award by Rural Marketing Association of India (RMAI).[57]

ICICI bank won the 'Next Generation Banking solution' award by Celent.[58]

ICICI bank won the Best Domestic Trade Finance Bank and Best Financial Supply Chain Project Award in India byThe Asian Banker[59][60]

ICICI Bank won the honours of the Medici Innovation Hall of Fame Award, instituted by The Medici Institute in collaboration with the Medici Group, USA.[61]

2014

According to theBrand Trust Report2014, ICICI Bank was ranked 28th among India's most trusted brands, a research conducted by Trust Research Advisory.[62]

ICICI Bank was ranked second at the 'National Energy Conservation Award 2014' under the office buildings (less than 10 lakh kWh/year consumption) category.[63]

ICICI Bank was fifth in the world and second in India on the 'Top Companies for Leaders' in a study conducted byAon Hewitt.[64]

ICICI bank won the Best Private Sector Bank - Global Business Development byPolaris Financial TechnologyBanking Awards 2014.

IDBRTawarded ICICI for 'Best Bank Award for Business Intelligence Initiatives among Large Banks' and 'Best Bank Award for Social Media and Mobile Banking Among Large Banks'.[65]

ICICI bank was awarded the Certificate of Recognition as one of the Top 5 Companies in Corporate Governance in the 14th The Institute of Company Secretaries of India National Awards for Corporate Governance.They were honoured byArun Jaitley.[66]

ICICI Bank has been honoured as The Best Service Provider - Risk Management, India at The Asset Triple A Transaction Banking, Treasury, Trade and Risk Management Awards 2014.

ICICI Bank was awarded the 'Best Retail Bank in India', 'Best Microfinance Business' and 'Best Retail Banking Branch Innovation' under the 'Excellence in Retail Financial Services awards 2014' and Technology Implementation Award for Lending Platform Implementation byThe Asian Banker.[67][68]

2015

ICICI Bank won an award in the BFSI Leadership Summit & Awards in the 'Best Phone Banking for End-users category[69]

ICICI Bank won in six categories and was the first runner-up in one category among Private Sector Banks at IBA Banking Technology Awards, 2015. The bank was declared winner in the six categories of Best Technology Bank of the Year, Best use of Data, Best Risk Management Initiatives, Best use of Technology in Training, Human Resources and e-Learning initiatives, Best Financial Inclusion Initiative and Best use of Digital and Channels Technology. ICICI Bank was the first runner-up in Best use of Technology to Enhance Customer Experience[70]

Social responsibility programmes for elementary Education[edit]

Read to Lead Phase I: Read to Lead is an initiative of ICICI Bank to facilitate access to elementary education for underprivileged children in the age group of 314 years including girls and tribal children from the remote rural areas. The Read to Lead initiative supports partner NGOs to design and implement programmes that mobilise parent and community involvement in education, strengthen schools and enable children to enter and complete formal elementary education. Read to Lead has reached out to 100,000 children across 14 states of Andhra Pradesh, Bihar, Delhi, Gujarat, Haryana, Jharkhand, Karnataka, Maharashtra, Orissa, Rajasthan, Tamil Nadu, Tripura, Uttar Pradesh and West Bengal.[71]

Read to Lead Phase II: In Phase II of the Read to Lead programme, ICICI Bank has supported the establishment of 63 libraries that will reach out to approximately 7,200 children in the rural areas of Jagdalpur block of Bastar district in Chhattisgarh. The programme includes building libraries, sourcing books and conducting various interactive activities to make the library a dynamic centre for learning.[citation needed]

The Bank of Rajasthan Ltd(in Hindi ) (BSE:/ (500019) was a private sector bank ofIndiawhich merged withICICI Bankin 2010.

History[edit]

It was set up atUdaipurin 1943 with an initial capital of Rs.10.00 lacs. An eminent IndustrialistLate Seth Shri Govind Ram Seksariawas the founder chairman. It was classified as the Scheduled Bank in 1948. The Bank also established a rural (Gramin) bankMewarAnchlik Gramin Bank inUdaipurDistrict inRajasthanon 26 January 1983.

The bank's central office is located atJaipur, although its registered office is inUdaipur. Presently the bank has 463 branches,[1][2]in 24 states, with 294 of the branches being in Rajasthan.

Merger With ICICI Bank[edit]

RBI was critical of BOR's promoters not reducing their holdings in the company. BOR has been merged withICICI Bank. ICICI paid Rs.30billion for it. Each 118 shares of BOR will be converted into 25 shares ofICICI Bank.[3][4][5]dated 12 oct 1998.

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.

In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.

After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries.

In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity.

ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees.