ICICI Bank Limited
Private Sector Bank
Traded as
Industry Banking, Financial services
Founded 1994 (1994)
Headquarters Mumbai, Maharashtra, India[1]
Area served
Key people
Mr. M. K. Sharma (Chairman)
Mrs. Chanda Kochhar (MD & CEO)
Products Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management, personal loans, payment solutions.
Revenue US$10.3 billion (2016)[2]
US$3.6 billion (2016)[2]
Profit US$1.5 billion (2016)[2]
Total assets US$108.8 billion (2016)[2]
Total equity US$13.5 billion (2016)[2]
Number of employees
74,096 (2016)[3]
Website www.icicibank.com

ICICI Bank (Industrial Credit and Investment Corporation of India) is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with its registered office in Vadodara. In 2014, it was the second largest bank in India in terms of assets and third in term of market capitalisation. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialised subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 4,450 branches[4] and 14,393 ATMs[5] in India, and has a presence in 19 countries including India.[6]

The bank has subsidiaries in the United Kingdom and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman, Dubai International Finance Centre, China[7] and South Africa; [8] and representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has also established branches in Belgium and Germany.[9]


ICICI's branch located in Knightsbridge, London.

ICICI Bank was established by the Industrial 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 the World Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry.[10][11] The bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to the abbreviated ICICI Bank. The parent company was later merged with the bank.

ICICI Bank launched internet banking operations in 1998.[12]

ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public offering of shares in India in 1998, followed by an equity offering in the form of American Depositary Receipts on the NYSE in 2000.[13] ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001-02.[14]

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.[15]

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.[13]

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.[16]

In 2008, following the 2008 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.[17]


Role in Indian financial infrastructure

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


iMobile SmartKeys

To make mobile payments easier, ICICI Bank has launched a payment service using a smartphone keyboard named ‘iMobile SmartKeys’. Users will be able to make quick and secure payments on any mobile application, including chat, messenger, email, games or search browser, without having to exit their current application on their smartphone. This reduces the time taken by customers having to switch tabs or applications within their smartphone to access the bank’s application ‘iMobile’.

This solution was developed by one of the winners of the bank’s app developing competition - ICICI Appathon.[34]

ICICI Merchant Services

ICICI Merchant Services represents an alliance formed in 2009 between ICICI Bank, India’s largest private sector bank, and First Data, a global leader in electronic commerce and payment services. First Data is the majority stakeholder in the alliance with ICICI Bank holding 19%.[35]


Money2India (www.money2India.com) is an online money transfer tracking service offered to Non-Resident Indians by ICICI Bank Ltd. With an ever-expanding base since its launch, it is the preferred mode of online money transfers to India, facilitating seamless money transfers with round the clock customer service availability. To use this service, a user needs to complete a simple one-time online registration by accessing www.money2India.com and can thereafter, start sending money from any bank in 9 countries (USA, Canada, UK, Singapore, Australia, UAE, Sweden, Switzerland and Hong Kong) to any beneficiary account with over 100 banks in India.[36]

Money2India Europe

ICICI Bank UK PLC, Germany branch provides money transfer and tracking service (Money2India Europe, Money2India.EU) in 20 European countries. The platform facilitates money transfer to India by allowing remitter to initiate money transfer instruction on M2E. Depending on the country of residence and the financial institution with which the user is holding the bank account, he / she has an option to transfer money through payment gateway integrated with the platform—with guaranteed exchange rate.

The Money2India Europe Mobile App is a full-fledged remittance platform for the customers, who prefers to use mobile device to handle the transactions.

Extra home loans

‘ICICI Bank Extraa Home Loans’ are 'mortgage-guarantee' backed loans for retail customers who aspire to purchase their first homes in the affordable housing segment. This was introduced in August 2015 in association with India Mortgage Guarantee Corporation (IMGC). IMGC is a joint venture between National Housing Bank (NHB), an RBI subsidiary which regulates Home Finance Companies in India; NYSE-listed Genworth Financial Inc., a Fortune 500 company; International Finance Corporation (IFC) and Asian Development Bank (ADB).[37]

Smart Vault

‘Smart Vault’ are fully automated lockers available 24x7, including weekends and post banking hours were launched in August 2015. The ‘Smart Vault’ uses robotic technology to access the lockers from the safe vault conveniently at any time of their preference in total privacy, without any intervention of the branch staff.[38]

Saral Loans

In August 2015, ICICI Bank introduced ‘Saral-Rural Housing Loan’. Applicants from rural areas including women borrowers as well as seekers from weaker sections can now avail home loans at the ICICI Bank Base Rate (“I-Base”) which is currently at 9.70%. An eligible borrower can take up to 1.5 million (US$22,000) under the ‘ICICI Bank Saral–Rural Housing Loan’.[39]

ICICI Bank Unifare Bangalore Metro Card

ICICI Bank and Bangalore Metro Rail Corporation Limited (BMRCL) in April 2015, announced the launch of the ‘ICICI Bank Unifare Bangalore Metro Card’ to offer the commuters dual benefits of an ICICI Bank credit or debit card and BMRCL’s smart card, called Namma Metro Smart Card.[40]

'Touch n Remit' facility for NRIs in Kingdom of Bahrain

In March 2015, ICICI Bank tied up with SADAD Electronic Payments WLL to offer remittance service for NRIs based in Bahrain, enabling them to transfer monies instantly to India from the latter’s kiosks spread across the Kingdom of Bahrain. This facility has been named as ‘Touch n Remit’.[41]

ICICI Bank Ltd launches 'Video Banking' for NRI

In February 2015, ICICI Bank announced the launch of 'Video Banking' for all its NRI (Non Resident Indian) customers. Using this service, the customers can now connect with a customer care representative over a video call, round-the-clock, on all days from anywhere using their smart phone.[42]

Pockets by ICICI Bank

In February 2015, ICICI Bank Re-Launched POCKETS, now working as a "Digital wallet" for everyone (Android OS users only). The Wallet can be opened by anyone and can conduct transactions like recharge, shopping, transfer money using the virtual visa card which is issued when signing up for the wallet.[43]

ICICIBankPay on Twitter

ICICI Bank in January, 2015 launched banking services on Twitter, christened as 'ICICIBankPay'. This service in India enables ICICI Bank customers to transfer money to anyone in the country who has a Twitter account, check account balance, view last three transactions and recharge prepaid mobile in a completely secure manner.[44]

Contactless Credit and Debit Cards

ICICI Bank in January, 2015 announced the launch of the country’s first ‘Contactless’ debit and credit cards, enabling its customers to make electronic payments by just waving the cards near the merchant terminal in lieu of dipping or swiping them. These cards are based on the Near Field Communication (NFC) technology, which provides customers the improved convenience of speed as these cards require significantly less time than traditional cards to complete a transaction along with enhanced security as they remain in control of the customer.[45]

MySavings Rewards

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 activating Internet 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 of 15,000 (US$220) 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 20 years to pay back annual interest of 5.5% short term loans from 3 months up to 3years at 5.5% .credit interest is reduced to 10% annually .[46]

iWish- the flexible recurring deposit

iWish is a flexible recurring deposit product launched by ICICI Bank for its savings account customers. Unlike a traditional recurring 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.[47]

ICICI Bank has developed this product in collaboration with Social Money. ICICI Bank has also launched an app for Android and Apple smartwatches. The app will provide the facility of online banking transaction from smartwatch.[48]

Software robotics

ICICI on 10 Sep 2016 announced 'software robotics' initiative—a first by any Indian bank. Over 200 software robots are now performing over 1 million transactions per day for the bank which comprises 10% of its total transactions. The bank will engage 500 software robots by the end of the year which will help it to automate 20% of its total transactions. [49]

Go Green Initiative

The Go Green Initiative is an initiative [50] that moves beyond people, processes and customers to cost effective automated channels to build awareness of our environment, nation and society. The various green products and services are Instabanking [50] (alternate banking options like- Internet banking, i-Mobile banking, & IVR Banking. On 22 September 2014 ICICI Bank launched Four New Next Gen Mobile Banking Apps), Vehicle Finance [50] for car models which use alternate modes of energy (50% waiver on processing fee of auto loans.

Literary Endeavours

ICICI Bank launched the ‘Jiyo Khulke’ contest on March 16, 2015 wherein ICICI customers were invited to write their Jiyo Khulke moment – their most cherished moment of life – in a choice of 11 languages. In 2016 the efforts of ICICI enters Limca Book of Records.[51]




Awards and Achievements of ICICI












[85] 2016

Social responsibility programmes for elementary Education


Inhumane debt recovery methods

A few years after its rise to prominence in the banking sector, ICICI bank faced allegations on the recovery methods it used against loan payment defaulters. A number of cases were filed against the bank and its employees for using "brutal measures" to recover the money. Most of the allegations were that the bank was using goons to recover the credit card payments and that these "recovery agents" exhibited inappropriate and in some cases, inhuman behavior. Incidents were reported wherein the defaulters were put to "public shame" by the recovery agents.

The bank also faced allegations of inappropriate behavior in recovering its loans. These allegations started initially when the "recovery agents" and bank employees started threatening the defaulters. In some cases, notes written by the bank's employees asking the defaulters to "sell everything in the house including family members", were found. Such charges faced by the bank rose to a peak when suicide cases were reported wherein the suicide notes spoke of the Bank's recovery methods as the cause of the suicide. This led to a lot of legal battles and the bank paying huge compensations.[88][89]

Money laundering allegations

ICICI Bank was one of the leading Indian banks accused of blatant money laundering through violation of RBI guidelines in the famous CobraPost[90] sting operation which shook up Indian banking industry during April–May 2013.[91]

On 14 March 2013 the online magazine Cobrapost released video footage from Operation Red Spider showing high-ranking officials and some employees of ICICI Bank agreeing to convert black money into white, an act in violation of Money Laundering Control Act. The Government of India and Reserve Bank of India ordered an inquiry following the exposé. On 15 March 2013, ICICI Bank suspended 18 employees, pending inquiry.[92][93][94] On 11 April 2013 Deputy Governor of RBI, H R Khan reportedly told that the central bank is initiating action against ICICI Bank in connexion with allegations of money laundering.[95][96]

Credit rating

The credit ratings agency Moody has lowered the ratings for ICICI Bank to Baa3/P-3 from Baa2/P-2 in April 2015.[97]

See also


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