What is the Full form of ICICI?
The ICICI full form is Industrial Credit and Investment Corporation of India. It was the parent organization of ICICI Bank, which has been merged with ICICI Bank in 2002. Just after integration, ICICI was rebranded as ICICI Bank and is today known as ICICI Bank. It is headquartered in Mumbai, Maharashtra, India, and operates in seventeen countries worldwide. In 2014, it was the second-largest investment bank in India and the third-largest bank by market value.
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The origins of ICICI
- ICICI was created in 1955. In 1994, ICICI entered the financial sector by establishing ICICI Bank as its financial arm.
- ICICI Bank was the first bank in India to use internet banking in 1998.
- In 1999, it was the first Indian bank to appear on the New York Stock Exchange.
- ICICI acquired the 1943-founded Bank of Madura (2001) in 2001.
- The backward merger of ICICI Bank’s parent company into its subsidiary was approved by bank directors in 2002.
- In 2003, ICICI Bank opened branches in Canada, the United Kingdom, and Singapore. It also has branch offices in Dubai and Shanghai.
- In 2004, it launched a branch in Bangladesh in order to participate in the vast South African and Bangladeshi banking industries.
- In 2005, ICICI Bank acquired the Russian affiliate IKB (Investmentno-Kreditny Bank) and renamed it ICICI Bank Eurasia. The company also opened offices in Hong Kong and Dubai in the same year.
- In 2006, it established a branch in Antwerp, Belgium, and representative offices in Jakarta, Bangkok, and Kuala Lumpur.
- Sangli Bank was founded in 2007 and has 158 subsidiaries in Maharashtra and 31 offices in Karnataka.
- It converted its New York branch into an ICICI Bank branch in 2008, with the approval of the US Federal Reserve. The company opened a Frankfurt office in the same year.
- It was the first private bank to launch a mobile branch with an ATM in Maharashtra in 2013.
- In March 2020, the board of directors of ICICI Bank Ltd. approved a Rs 1 trillion investment in Yes Bank Ltd. ICICI Bank Limited now owns more than five percent of Yes Bank’s shares as a result of this investment.
Product / Service
Listed below are some of ICICI bank’s regular services and products.
- Cards consist of debit and credit cards as well as business cards.
- Loans include mortgage, personal, auto, and motorcycle financing.
- Investments from tax strategies, mutual funds & PPF.
- Included in insurance are health, life, and general coverage.
- FD (Fixed Deposit) and RD (Recurring Deposit) Systems are examples of deposit schemes.
- Business banking offers a vast array of current accounts, internet banking, and mobile banking services.
