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Introduction: ICICI Full Form
ICICI full form stands for Industrial Credit and Investment Corporation of India Bank Limited. ICICI Bank Limited established itself as an international banking and financial services provider in Mumbai, Maharashtra, on January 5, 1994. It has 5275 branches and 15,589 ATMs, making it a recognized brand in 17 countries. In 1999, ICICI became the first Indian and Asian financial institution outside Japan to be listed on the New York Stock Exchange.
Establishment And Background Of ICICI
The World Bank initiated the establishment of ICICI Bank in 1955. This bank aimed to build a development financial institution to provide medium- and long-term financing to Indian enterprises. Industrial Credit and Investment Corporation of India specialized in project finance until 1980. These Bank headquarters are in Mumbai, Maharashtra, and the registered office is in Vadodara, Gujarat.
This bank operates in over 17 countries and provides its clients with comprehensive financial services and products. On the other hand, there are over 15000 ATMs and 5275 ICICI branches throughout India.
ICICI Bank Overview
ICICI Bank is India’s largest private-sector bank. The World Bank took the initiative to establish This Bank. This bank was the first Indian corporation and Bank outside Japan to list on the New York Stock Exchange.
Products And Services Offered By ICICI Bank
Below are the products and services offered by this bank.
1. Savings Account
This bank offers nine distinct types of savings accounts to satisfy the demands of its customers. Customers may do basic banking processes fast and earn interest on their money.
2. ICICI Bank Current Account
Current accounts are created to satisfy the demands of small and medium-sized business owners and independent contractors. The bank provides three types of current accounts to its customers.
3. Home Mortgage
This bank offers home loans with higher eligibility and lower EMIs at reasonable interest rates to meet the demands of its customers.
4. Personal Loan
This bank offers personal loans up to Rs. 20 lakhs with low-interest rates and periods of up to 7 years.
5. Deposits regularly
You can acquire a loan against a fixed deposit from This Bank at attractive interest rates. Customers must deposit at least Rs to use an ICICI Bank Fixed Deposit. 1000.
6. Debit Card
This bank provides several debit cards for customers to choose from based on how frequently they need to withdraw money. Furthermore, these debit cards offer benefits in various industries, including entertainment, travel, e-commerce, healthcare, and others.
7. Online Banking
Account users can use this Bank’s Internet banking service to transfer money, make a fixed deposit, obtain general insurance, pay utility bills, and more.
8. ICICI Bank’s Customer Base
With a market capitalization of $75 billion and a more than 52 million clientele, this bank has become a household name in India. Only 30% of ICICI Bank’s 18.5 million accounts are active.
9. Branch Network and Global Presence
This development financing institution operates in 17 countries, with 5,900 branches and 16,650 ATMs dispersed over India. The bank has subsidiaries in the United Kingdom and Canada, as well as branches in the United States, as well as representative offices in the United Arab Emirates as well as subcontractors in these countries. The company’s UK subsidiary has also established Belgian and German subsidiaries.
Evolution Of ICICI
ICICI, ever forward-thinking, responded to the need to upgrade its organizational structure to provide universal banking.
Early Days Of ICICI
The primary purpose was to build a development finance institution to provide medium- and long-term project funding to Indian enterprises.
Mergers and Acquisitions
The merger of ICICI and this Bank was a logical next move in keeping with its newly declared universal outlook. Low-cost deposits, increased fee-based income, payment system participation, and transaction banking services would boost shareholder value. Furthermore, these Bank stockholders would benefit from the considerable financial base and scale of operations, access to commercial ties formed over five decades, new market sectors, and other advantages.
- In October 2001, the boards of directors of this bank and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, authorized the merger of ICICI.
- In August 2010, the Bank of Rajasthan Ltd. and ICICI Bank Ltd. merged. The merger greatly enlarged the combined branch network, bringing it to about 2500 sites nationwide.
Services And Offerings
ICICI Bank offers a variety of products and services, including online money transfers and monitoring services. It also covers current accounts, savings accounts, and digital wallets known as ICICI pockets.
Various Banking Services And Products Offered By ICICI Bank
ICICI Bank provides the following regular services and products.
- A business card, a debit card, and a credit card are included.
- Loans of various categories have home, personal, auto, and two-wheeler loans.
- Investments in tax planning, mutual funds, and PPF
- There are three forms of insurance: health insurance, life insurance, and general insurance.
- Deposit systems include the FD (Fixed Deposit) and RD (Recurring Deposit) systems.
- A commercial banking service that provides various current account products, Internet banking and mobile banking.
Innovative Digital Banking Solutions
New regulations and ever-changing customer expectations obstruct India’s robust and competitive banking sector.
- The Industrial Credit and Investment Corporation of India Bank is headquartered in Mumbai. It has established itself as a market leader by strategically leveraging technology. It has expanded its reach to underserved consumers in rural communities through cutting-edge products, financial literacy initiatives, and effective product delivery methods.
- Industrial Credit and Investment Corporation of India Bank has positioned itself as technologically astute and client-friendly, anticipating consumer demands for secure, effective, and seamless service.
Benefits That Set ICICI Bank Apart From Its Competitors
1. Extra Points
You can earn Bank Reward points on purchases made with your card.
2. Visa Benefits
With fantastic Visa benefits, you may live a high life wherever you are, in India or overseas. Relax with a 1% fuel surcharge waiver. The promotion is valid at all HPCL pumps with a maximum transactional value of Rs 4,000. To take advantage of the offer, payment must be made by swiping the card on ICICI Merchant Services swipe terminals.
3. Internationally Acceptable
Services include card replacement and emergency help.
4. Chip and PIN for Security
Our credit cards include an implanted microchip, offering an extra security layer against fraud and duplicate purchases.
ICICI’s Impact And Recognition
Let’s understand more about ICICI’s impact and recognition below.
Impact Of ICICI Bank On The Indian Economy
When the economy is strong, consumers and businesses frequently feel more confident and spend more. Suppose this bank provides more loans and collects more fees. It may benefit from increased spending. In general, unemployment falls as the economy expands. As unemployment rates fall, so does the percentage of non-performing assets.
Overall, ICICI Bank has a higher potential for earnings growth. This bank made provisions due to the outbreak and the uncertainties surrounding India’s economic operations. As a result, the bank carried excess liquidity and witnessed deposit inflows. The bank can use the funds to increase earnings in a thriving economy.
Awards, Accolades, And Industry Recognition Received By ICICI Bank
In 2022, this bank received six awards from Asian Banking & Finance, a Singapore-based journal.
- For its efforts in retail banking, the bank has received awards in the categories of “Service Innovation of the Year – India”. Also, “Digital Transformation of the Year – India.”
- The bank received recognition in the “India Domestic Trade Finance Bank of the Year” categories for its wholesale banking initiatives. Received “India Domestic Initiative of the Year” and “India Domestic COVID Management Initiative of the Year.”
- For its corporate and investment banking work, the bank was also named the winner of the “Innovation Deal of the Year-India” category.
Conclusion
ICICI Bank has more opportunities to make effective loans. It runs more profitable operations. This provides financial assistance in a variety of ways. Loans with long and medium terms are available in both rupee and foreign currency. The suppliers guarantee the equipment types. In addition to retail and corporate banking, this group offers its clients investment banking. As well as wealth management, insurance, and other services. Despite its status as a private bank, this has earned the trust of many of its customers through its customer-centric ideals.
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ICICI Full Form: FAQs
ICICI full form is Industrial Credit and Investment Corporation of India
A punishment of 6% of the shortfall or Rs 500, whichever is smaller, is imposed for failure to maintain the average balance. All savings accounts across all branches in every country will be subject to fines.
This bank provides a diverse range of banking products and financial services to corporate and retail clients through various delivery channels and group companies.
The nation’s premier financial newspaper named ICICI Bank “Company of the Year” for 2022 at The Economic Times Awards for Corporate Excellence.
In the 2023 Euromoney-Asiamoney Trade Finance Survey, ICICI Bank was ranked first in the “Best Services” (Asian Banks) category for its Trade Finance services.
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