What is the Full form of ICICI?
The full form of ICICI is Industrial Credit and Investment Corporation of India. It was ICICI Bank’s parent organisation which had been incorporated in 2002 with ICICI Bank. ICICI was renamed as ICICI bank just after integration, so it is now branded as ICICI Bank. It has its headquarters in Mumbai, Maharashtra, India and operates in 17 nations across the globe. In 2014, it was India’s second-largest investment bank and third-biggest market capitalization bank.
History of ICICI
- In 1955, ICICI was established. ICICI joined the financial sector in 1994 through the establishment of ICICI Bank as its financial branch.
- In 1998, ICICI Bank became the first bank in India to begin internet banking.
- It was the first Indian bank to be mentioned on the New York Stock exchange in 1999.
- ICICI purchased the Bank of Madura (2001) which was founded in 1943.
- The backward merger parent company into ICICI Bank subsidiary was accepted in 2002 by bank directors.
- ICICI Bank launched its branches in Canada, the UK and Singapore in 2003. It also set up representative bank branches in Dubai & Shanghai.
- In 2004, it established an office in Bangladesh for involving in the wide banking industry of Bangladesh and South Africa.
- ICICI Bank purchased a Russian subsidiary IKB (Investitsionno-Kreditny Bank), in 2005 and named it ICICI Bank Eurasia. It also set up a branch in Hong Kong & Dubai in the same year.
- It set up a branch in Belgium, Antwerp and representative offices in Jakarta, Bangkok and Kuala Lumpur in 2006.
- Sangli Bank, which has 158 subsidiaries in Maharashtra and 31 branches in Karnataka, was established in 2007.
- In 2008, it transformed its New York branch into a branch of ICICI Bank with the approval of the US Federal Reserve. It opened an office in Frankfurt in the same year.
- It was the first private-sector bank to open a mobile branch in Maharashtra with an ATM in 2013.
- In March 2020, ICICI Bank Ltd.’s board approved a Rs 1,000 crore investment in Yes Bank Ltd. This investment led to ICICI Bank Limited owning more than five per cent of Yes Bank’s shareholding.
Product / Service
A few of ICICI bank’s standard services and products are given below.
- Cards include a debit and credit card & business card
- Loans include home, personal, auto and 2-wheeler loans.
- Investments from tax strategies, mutual funds & PPF
- Insurance includes health, life and general insurance
- Deposit schemes include FD (Fixed Deposit) and RD (Recurring Deposit) Schemes.
- Business banking that contains a wide variety of items for current account, internet banking and mobile banking