ICICI Full Form
We have heard about so many banks and their financial and banking services. ICICI Bank is one such multinational bank that provides good banking and financial services. The registered office of ICICI bank is in Vadodara, Gujarat; the corporate office being in Mumbai, Maharashtra. Many banking products and services are offered by this bank. There are a variety of delivery channels and subsidiaries in the ICICI Bank. The areas include investment banking, non–life insurance, venture capital, asset management, and much more. The ICICI Bank has around 5,275 branches including 15,589 ATMs across India and other countries. ICICI Bank was established earlier in 1955 and then in 1994.
ICICI Bank is one of the best banks in India. The ICICI Bank has its subsidiaries in the United Kingdom and Canada. The states include Singapore, Bahrain, Qatar, Hongkong, China, South Africa, etc.
What does ICICI stand for? Well, ICICI stands for Industrial Credit and Investment Corporation of India. The banking services were first established by this corporation. It began as a financial institution thereby having/ owning the whole subsidy in Vadodara, Gujarat in 1994. Internet banking services were launched in 1998. Let us look at some historical references to get a fair view.
- ICICI was established in 1955 after which it joined the financial sector in 1994. For taking part in the financial/ banking sector, ICICI Bank was established.
- ICICI Bank became the first bank that provided internet banking services in the year 1998.
- ICICI Bank purchased one of the oldest banks i.e. Madura Bank (established 1943) in 2001.
- Branches were set up in various countries and states like Russia, Belgium, Bangkok, and Kuala Lumpur to name a few.
- ICICI Bank opened a mobile branch too in Maharashtra in the year 2013.
Now, what is the role of the ICICI Bank in the Indian Financial structure? Well, ICICI has contributed largely to the financial infrastructure of India. So, let us look at some important points.
- The ICICI Bank along with other financial institutions promoted the NSE (National Stock Exchange). This was done on behalf of the Government of India that led to an increase in the trading facilities and ensuring that equal access is given to the investors.
- ICICI Bank became the first Credit Rating Agency in 1987.
- National Commodity and Derivatives Exchange was also established by the ICICI Bank in 2003.
- The bank also established ARCIL i.e. Asset Reconstruction Company India Limited in 2003.
- ICICI bank has also helped in setting up the Credit Information Bureau of India Limited (CIBIL). CIBIL is the first national credit bureau of India. This bureau was set up in the year 2000.
- FINO Cross Link Case Study was also set up by the ICICI Bank. This project was introduced to provide services to the poor and underserved. The services included biometrics, smart cards, etc.
ICICI bank has helped immensely in the financial sector both nationally and internationally. There are national and international subsidiaries of the ICICI Bank. Some of the domestic subsidiaries are:
- ICICI Life Insurance
- ICICI Prudential Asset Management
- ICICI Prudential Trust
- ICICI Securities
- ICICI Investment Management
- ICICI Trusteeship Services
- ICICI Home Finance Company
These are some of the ICICI domestic subsidiaries. One can buy shares in these companies and invest in them to yield profits. ICICI Bank has been ranked as the largest private bank in India. According to reports, the assets of the bank are about Rs. 12.50 Trillion. Now, let us look at some of the products and services offered by the ICICI Bank.
- ICICI Bank offers services in terms of net banking like a credit card, business card, debit card, and much more.
- It provides loans like home loans, personal loans, education loans, car loans, etc.
- Investments like mutual funds or PPFs are also provided by this bank.
- Business Banking is also provided by ICICI Bank including mobile banking, internet banking, and many other products.
There are many services and products offered in other companies under the ICICI Bank. ICICI is a private bank that provides numerous services to its consumers. It is one of the best banks in India. Thus, ICICI bank through it numerous investment projects have proved that they are one of the leading sector private bank.