ICICI Bank (BSE: ICICI) (formerly Industrial Credit and Investment Corporation of India)

is India's largest private sector bank by market capitalisation and second largest overall in terms
of assets. total assets of Rs. 3,562.28 billion (US$ 77 billion) at December 31, 2009 and profit
after tax Rs. 30.19 billion (US$ 648.8 million) for the nine months ended December 31, 2009.[1]
The Bank also has a network of 1,640+ branches (as on February 11, 2010) and about 4,721
ATMs in India and presence in 18 countries, as well as some 24 million customers (at the end of
July 2007). ICICI Bank offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and specialised subsidiaries
and affiliates in the areas of investment banking, life and non-life insurance, venture capital and
asset management. (These data are dynamic.) ICICI Bank is also the largest issuer of credit cards
in India.[2]. ICICI Bank has got its equity shares listed on the stock exchanges at Kolkata and
Vadodara, Mumbai and the National Stock Exchange of India Limited, and its ADRs on the New
York Stock Exchange (NYSE). The Bank is expanding in overseas markets and has the largest
international balance sheet among Indian banks. ICICI Bank now has wholly-owned
subsidiaries, branches and representatives offices in 18 countries, including an offshore unit in
Mumbai. This includes wholly owned subsidiaries in Canada, Russia and the UK (the subsidiary
through which the HiSAVE savings brand[3] is operated), offshore banking units in Bahrain and
Singapore, an advisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, and
representative offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the
United Arab Emirates and USA. Overseas, the Bank is targeting the NRI (Non-Resident Indian)
population in particular.
ICICI reported a 1.15% rise in net profit to Rs. 1,014.21 crore on a 1.29% increase in total
income to Rs. 9,712.31 crore in Q2 September 2008 over Q2 September 2007. The bank's
current and savings account (CASA) ratio increased to 30% in 2008 from 25% in 2007.[4][5]
ICICI Bank is one of the Big Four Banks of India with State Bank of India, Axis Bank and
HDFC Bank.[6]

Contents
[hide]
• 1 History
• 2 Controversy
• 3 See also
• 4 References
• 5 External links

[edit] History
ICICI Bank HQ at BKC Mumbai
This article is in a list format that may be better presented using prose. You can help
by converting this article to prose, if appropriate. Editing help is available. (June 2008)

History of ICICI
• 1955: The Industrial Credit and Investment Corporation of India Limited (ICICI) was
incorporated at the initiative of World Bank, the Government of India and representatives
of Indian industry, with the objective of creating a development financial institution for
providing medium-term and long-term project financing to Indian businesses.
• 1994: ICICI established Banking Corporation as a banking subsidiary.formerly Industrial
Credit and Investment Corporation of India. Later, ICICI Banking Corporation was
renamed as 'ICICI Bank Limited'. ICICI founded a separate legal entity, ICICI Bank, to
undertake normal banking operations - taking deposits, credit cards, car loans etc.
• 2001: ICICI acquired Bank of Madura (est. 1943). Bank of Madura was a Chettiar bank,
and had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (established
1904) in the 1960s.
• 2002: The Boards of Directors of ICICI and ICICI Bank approved the reverse merger of
ICICI, ICICI Personal Financial Services Limited and ICICI Capital Services Limited,
into ICICI Bank. After receiving all necessary regulatory approvals, ICICI integrated the
group's financing and banking operations, both wholesale and retail, into a single entity.
At the same time, ICICI started its international expansion by opening representative
offices in New York and London. In India, ICICI Bank bought the Shimla and Darjeeling
branches that Standard Chartered Bank had inherited when it acquired Grindlays Bank.
• 2003: ICICI opened subsidiaries in Canada and the United Kingdom (UK), and in the UK
it established an alliance with Lloyds TSB. It also opened an Offshore Banking Unit
(OBU) in Singapore and representative offices in Dubai and Shanghai.
• 2004: ICICI opened a representative office in Bangladesh to tap the extensive trade
between that country, India and South Africa.
• 2005: ICICI acquired Investitsionno-Kreditny Bank (IKB), a Russia bank with about
US$4mn in assets, head office in Balabanovo in the Kaluga region, and with a branch in
Moscow. ICICI renamed the bank ICICI Bank Eurasia. Also, ICICI established a branch
in Dubai International Financial Centre and in Hong Kong.
• 2006: ICICI Bank UK opened a branch in Antwerp, in Belgium. ICICI opened
representative offices in Bangkok, Jakarta, and Kuala Lumpur.
• 2007: ICICI amalgamated Sangli Bank, which was headquartered in Sangli, in
Maharashtra State, and which had 158 branches in Maharashtra and another 31 in
Karnataka State. Sangli Bank had been founded in 1916 and was particularly strong in
rural areas. With respect to the international sphere, ICICI also received permission from
the government of Qatar to open a branch in Doha. Also, ICICI Bank Eurasia opened a
second branch, this time in St. Petersburg.
• 2008: The US Federal Reserve permitted ICICI to convert its representative office in
New York into a branch. ICICI also established a branch in Frankfurt.
[edit] Controversy
ICICI Bank has been in focus in recent years because of alleged harassment of customers by its
recovery agents. Listed below are some of the related news links:
• Farmers vent ire on bank after suicide. ICICI Bank officials used goondas to seize the
tractor [7]
• ICICI Bank was fined Rs. 55 lakh for hiring goons (known coloquially as "goondas") to
recover a loan. Recovery agents had ,allegedly, forcibly dragged out a youth (who was
not even the borrower) from the car, beaten him up with iron rods and left him bleeding
as they drove away with the vehicle. "We hold ICICI Bank guilty of the grossest kind of
deficiency in service and unfair trade practice for breach of terms of contract of hire-
purchase/loan agreement by seizing the vehicle illegally,""No civilised society governed
by the rule of law can brook such kind of conduct" said Justice J D Kapoor, president of
the consumer commission.[8][9][10][11] [12][13][14][15]
• Four ICICI loan employees arrested on theft charges in Punjab [16]
• ICICI Bank told to pay Rs. 1 lakh as compensation for using unlawful recovery methods.
[17]

• RBI warns ICICI Bank for coercive methods to recover loans[18][19]

• ICICI Bank drives customer to suicide - Four men including an employee of ICICI Bank
booked under sections 452, 306, 506 (II) and 34 of IPC for abetting suicide [20].
According to the suicide note they advised him, "If you cannot repay the bank loan, sell
off your wife, your kids, yourself, sell everything at your home. Even then if you cannot
not pay back the due amount, then it's better if you commit suicide."[21] India biggest
private bank has compensated the life by money [22]
• ICICI Bank on huge car recovery scam in Goa - ICICI Bank invest in car-jackers to
recover loans in Goa. A half an hour investigative report on CNN-IBN's 30 Minutes. The
under cover report was executed by CNN-IBN's Special Investigations Team from
Mumbai, led by Ruksh Chatterji [23] [24]
• Family of Y. Yadaiah alleged that he was beaten to death by ICICI Bank’s recovery
agents, for failing to pay the dues. Four persons were arrested in this case. [25]
• A father while talking to Times of India, alleged that "ICICI Bank recovery agents visited
his house and threatened his family. And his son Nikhil consumed poison because of the
tension". [26]
• Oppressed by ICICI Bank's loan recovery agents, Shakuntala Joshi (38), committed
suicide by hanging. The suicide note stated that she was upset with the ill-treatment
meted out by ICICI Bank's recovery agents and had thus decided to end her life. [27]
• In another case of a suicide it is alleged that ‘goondas’ sent by ICICI Bank abused
Himanshu and his wife in front of the entire residential colony before taking away his
vehicle. Feeling frustrated and insulted, he reportedly committed suicide. [28]
• C.L.N Murthy, a scientist with the Hyderabad-based Indian Institute of Chemical
Technology, was allegedly tortured by recovery agents of ICICI Bank after he defaulted
on his loan.“They humiliated me no end. They ripped my shirt, shaved my moustache,
cut my hair and gave electric shocks on my chest and even spat on my face" adds
Murthy. [29]
• A dozen recovery agents of ICICI Bank, riding on bikes, allegedly forced a prominent
lawyer, Someshwari Prasad, to stop his car. They held Prasad at gunpoint and also
slapped him to force him. A manager of the ICICI Bank branch, Rakesh Mehta, along
with four other employees were arrested. [30]
• A recovery agent allegedly working for ICICI Bank was injured in an exchange of
gunfire with Lucknow police. Police said that miscreants opened fire at the police, who
returned the fire. The agent, along with three others, was trying to escape after allegedly
stealing cash and a cheque from the defaulter. [31]
• In a landmark case, Allahabad High Court had ordered registration of an FIR against
ICICI Bank's branch manager, President, Chairman and Managing Director on a
complaint of 75-year-old widow Prakash Kaur. She had complained that “goondas” were
sent by the bank to harass her and forcibly took away her truck.[32] [33] When the Supreme
Court wanted to know about the procedure adopted by the Bank, ICICI Bank counsel said
notice would be sent to a defaulter asking him either to pay the instalments or hand over
the vehicle purchased on loan, failing which the agents would be asked to seize it. When
the Bench pointed out that recovery or seizure could be done only legally, ICICI Bank
counsel said, "If we have to go through the legal process it would be difficult to recover
the instalments as there are millions of defaulters". [34]
• Taking strong exception to ICICI Bank's use of 'goondas' against a defaulter, the
president of Consumer Disputes Redressal Forum said, "The fact leaves us aghast at the
manner of functioning and goondaism in which the bank is involved for a petty amount
of Rs 1,889... such attitude is deplorable and sends chills down the spine....The bank had
the option to recover dues through legal means. They have no legal right to snatch the
vehicle in such a manner which amounts to robbery,". In this case recovery agents
pointed a pistol at a defaulter when he tried to resist. ICICI bank argued that they had
taken peaceful possession of the vehicle "after due intimation to the complainant as he
was irregular in remitting the monthly instalments". But the court found out that the
records proved otherwise.[35]
• Two senior ICICI Bank officials were booked for abducting one Vikas Porwal from his
house and keeping him hostage in the Bank's premises.[36] [37]
• The credit card division of the ICICI Bank allegedly threatened a senior citizen in
Chandigarh with a fictitious arrest warrant on account of a default that never was. [38]
• A Consumer Commission has asked ICICI Bank MD K V Kamath to appear before it in
respect a complaint. A borrower on protesting against the forceful dispossession of his
car, as seen in the post-incident photographs, was roughed up and sustained injuries. [39]
• An 18-year-old boy was allegedly kidnapped and detained at the Pune branch of ICICI
Bank.[40]
• There have been several other minor legal cases accusing harassment by ICICI Bank [41]
[42] [43] [44][45][46]

• A consumer court imposed a joint penalty of Rs. 25 lakh on ICICI Bank and American
Express Bank for making unsolicited calls.[47]
Web Images Maps News Orkut Books Gmail more ▼

Translate Scholar Blogs

YouTube Calendar Photos Documents Reader Sites Groups

even more »

ayeshafarhatt@gmail.com | Web History | My Account | Sign out

Top of Form
f 1 all in

en icici bank Search New s Search the Web

Advanced news search

Preferences

Bottom of Form

Undo

Results 1 – 10 of about 1,094 for icici bank. (0.10 seconds)

News
• Top Stories « View all web results for icici bank
• More sections ▼
○ Starred
○ India
○ World
○ Business
○ Sci/Tech
○ Entertainment
 ○ Sports Rediff
○ Health
○ Most Popular AFQjCNHpPavxX /star?um=1&cf=a
• › All news
• Images /star?um=1&cf=a
• Blogs
ICICI raises
• › Any recent news deposit rates
• Past hour
• Past day Business Standard - 1 hour ago
• Past week
• Past month The country's largest private sector
• 2009 lender, ICICI Bank, today raised
• 2008 deposit rates by 25-50 basis points
• 2007 (bps), a week after HDFC Bank
• 2006 raised rates for ...
• 2001-2005
• Archives After HDFC Bank, now ICICI hikes
• › Sorted by relevance deposit rates NDTV.com
• Sorted by date
ICICI Bank hikes deposits rates by
25-50 bps; stk dips
Moneycontrol.com

ICICI Bank raises deposit interest

rates Deccan Herald

Moneylife Personal Finance Magaz

ine

all 21 news articles »

BOM:532174 - NSE:ICICIBANK -
BOM:500180

Email this story

AFQjCNEdEJ0JhE /star?um=1&cf=a

/star?um=1&cf=a

ICICI alone
cannot keep interest rate
high: Avinash Gupta
Economic Times - 4 minutes ago

Do you think the rate hike from

ICICI Bank will trigger off
something in the banking space? I
don't know what would be the rates
of ICICI compared to other ...

BOM:532174 - NSE:ICICIBANK

AFQjCNFfjSkLr8o /star?um=1&cf=a

/star?um=1&cf=a

ICICI rate hike

will not lead to mass
increase: Jigar Shah
Economic Times - 4 minutes ago

What do you make of the

announcement that just came in a
while back about ICICI Bank
following the footsteps to increase
deposit rates this time around by ...

BOM:532174 - NSE:ICICIBANK

AFQjCNEWAGpb /star?um=1&cf=a

/star?um=1&cf=a

Rates are
going to move up:
Ambareesh Baliga, Karvy
Stock Broking Ltd
Economic Times - 7 hours ago

How would you read this move

(increase in deposit rates) from
ICICI Bank? This really shows that
the rates are going to move up at
least in the near future ...

Slow pace of private investment a

concern: Ambareesh Baliga, Karvy
Stock ... Economic Times

all 2 news articles »

BOM:532174 - NSE:ICICIBANK
 Email this story

AFQjCNHOGjajzZ /star?um=1&cf=a

/star?um=1&cf=a

Buy ICICI
Bank with stop loss of Rs
835: Nirmal Bang
Economic Times - Feb 23, 2010

MUMBAI: Nirmal Bang Securities

has recommended investors to buy
shares of ICICI Bank with a stop
loss of Rs 835. “The structure looks
positive and if this ...

Buy Mphasis with stop loss of Rs

733: Nirmal Bang Economic Times

all 2 news articles »

BOM:532174 - BOM:526299 -
NSE:ICICIBANK

Email this story

India Talkies

AFQjCNFdjurPdr1 /star?um=1&cf=a

/star?um=1&cf=a

Sensex ends
with marginal gains realty
metal gain
Moneycontrol.com - Feb 23, 2010

Top gainers on the Sensex were

Sun Pharma at Rs 1571.95 up
2.37%, DLF at Rs 289.85 up
1.67%, ICICI Bank at Rs 845.35 up
1.64%, Sterlite Ind at Rs 758.75 up
...

Tech view: Markets likely to remain

ranged Business Standard

Sensex ends flat (prov) Myiris.com

Nifty lackluster; realty, metals,

banks shine Moneycontrol.com

Moneycontrol.com

all 330 news articles »

िहंदी मे

BOM:532174 - NSE:ICICIBANK -
BOM:500209

Email this story

AFQjCNH_44cU5 /star?um=1&cf=a

/star?um=1&cf=a

ICICI Bank,
Axis Bank look weak: Vora
Moneycontrol.com - Feb 24, 2010

Gautam Vora of ULIK Securities is

of the view that ICICI Bank, Axis
Bank look weak. Vora told CNBC-
TV18, “ICICI Bank has a maximum
upside of about Rs 80-85 ...

Good time to cover shorts in auto

stocks: Vora Moneycontrol.com

all 2 news articles »

BOM:532174 - NSE:ICICIBANK -
NSE:AXISBANK

Email this story

AFQjCNH-W3-Ko /star?um=1&cf=a
 /star?um=1&cf=a

Serious rate
hike by banks unlikely:
Deven Choksey
Economic Times - 7 hours ago

In this case, ICICI Bank's move is

largely suggesting two things. One
I think they are possibly getting
higher amount of rate off take
which I would not be ...

AFQjCNF8yVV7h /star?um=1&cf=a

/star?um=1&cf=a

Banks have
just 50 days to lend Rs 168
K crore
Economic Times - 19 hours ago

Credit growth is likely to be

dragged down by private lenders
like ICICI Bank, which are growing
slower and foreign banks, which
are shrinking their loan ...

Credit growth keeps pace with

economy Business Standard

Improved liquidity pushes non-food

credit to 15% Financial Express

all 3 news articles »

NSE:BANKINDIA - BOM:532149

Email this story

AFQjCNF59CKf77 /star?um=1&cf=a

/star?um=1&cf=a

DIARY-
Eurobond issuance in Asia
ex-Japan: Mongolia plans
bond
 Reuters India - 7 hours ago

BO: Quote, Profile, Research)

Deutsche ICICI Bank (ICBK.BO:
Quote, Profile, Research), India's
biggest private lender, has
mandated BofA Merrill Lynch
(BAC. ...

BOM:532174 - LON:HSBA

Stay up to date on these

results:

• Create an email alert

for icici bank
• Add a news gadget
for icici bank to your
Google homepage

Bottom of Form
Top of Form
AFQjCNFsF2cWlA addsection true 1 icici bank en

in

Global Sites

Home About Us Site Map Email Us 24hr Customer Care Find ATM / Branch
 Internet Banking
Eligibility
Start Banking Online
Online Services
Safe Banking
Customer Care
Terms and Conditions
FAQs

Top of Form

Bottom of Form
Top of Form
w edding

Bottom of Form
Top of Form
defaultRegistrySe

Bottom of Form
• Accounts & Deposits
○ Savings Account

○ Salary Account

○ Fixed Deposit

○ Recurring Deposits

○ more
• Loans
○ Home Loan

○ Personal Loans

○ Car Loans

○ more

• Cards
○ Debit Cards

○ Commercial Cards

○ more

• Investments
○ ICICI Bank Bonds

○ GOI Bonds

○ Mutual Funds

○ IPO

○ ICICI Bank Pure Gold

○ more

• Insurance
○ General Insurance

○ Life Insurance

○ more

• Online Services
• Demat
• Mobile Banking
• Wealth Management
• Commercial Banking
○ Cash Management Services

○ Global Trade Services

• Global Markets
○ Forex Desk

○ Derivatives Desk

○ more

• Investment Banking
○ Mergers and Acquisitions Advisory

○ more

• FI, Capital Markets & Custodial Services

○ Financial Institutions

○ more

• Structured Finance
○ Structured finance for
Corporate clients
○ more

• Project Finance
• International Banking
○ VOSTRO Accounts

○ more

• Government Banking
○ Our Services

○ Our E-governance initiatives

○ more

• Technology Finance
○ TDC Programme

○ more

• Transaction Banking & CMS

○ Club Elite Program

○ Roaming Current Account

○ Elite Current Account

○ Prepaid Current Account

○ Local Current Account

○ more

• Business Loans
○ Business Advantage Loan

○ Vendor / Dealer Finance

○ Industry Specific Loans

○ more

• Trade Services
○ Letter of Credit

○ Bank Guarantee

○ Export Bill Negotiation

○ more

• Advisory Services
○ Private Equity Placement

• Agri Corporates
○ Forex & Derivatives

○ Factoring

○ Mid Cap Credit

○ Agri Investment Banking Solutions

• Agri Traders & Processors
○ Working Capital Loans

○ Long Term Loans

○ Loan against warehouse receipt

• Micro Banking
○ Micro Credit

○ Micro Savings
Accounts & Deposits | Loans | Cards | Investments | Wealth Management | Mobile Banking | Internet Banking
Personal Banking >> Insta Banking >> Internet Banking
Internet Banking
Bank Accounts | Credit Card | Demat | Loan | Change Password
............................................................................................................................
Start Internet Banking

Steps to login

Learn more about how to login on receiving your user ID.

Why do you need Internet Banking?

Learn more about ICICIBank.com and the services available.

login to your account

Choose this option to loginto ICICIBank.com. Please click here for the steps to login.

Get your user ID

Click for information on how to apply for your Internet Banking user ID.

How to link your Bank account, Credit Card account and Demat account

Choose this option for information on linking your bank account, credit card account and demat account.

Trouble logging in?

Choose this option if you are having trouble logging into your account.

Steps to Login

You will receive two pin mailers from ICICI Bank

• Internet Banking User id,

• Login password and Transaction password.

 Check that the pin mailers arrive in a sealed condition, else please contact our 24 hour Customer Care

Centre.

• Key in the user id and password on the website and press LOGIN.

• After you request for a new password, the system would prompt for change in passwords.

• Your password should be atleast 8 characters long.

• We recommend you to change both transaction and login password.

• Passwords are case sensitive.

• Your internet banking account is locked in case you enter wrong user id and password 3 times.

• Always log out of ICICIBANK.COM when you have finished your activities.

• Login

• Learn More

Maximise Internet Banking Security

ICICI Bank.com uses the sophisticated multi layered architecture with digital certification from Verisign and 128 bit

encryption facility to ensure security of your online transactions and confidentiality of your data. However the following

information is provided as a guide to assist you in protecting the information on your computer. It is not an exhaustive

list and is intended for information purposes only.

• You need to enter your Internet Banking User id and password each time you access your internet banking

account. Since your access is protected by this password it is very important that you protect your password, by

making it known ONLY to you.

• The system prompts you to change the password on first time login. We recommend that you change both login

and transaction password.

• Your password should be atleast 8 characters long. Passwords are case sensitive.

• Do not use your date of birth, telephone number, address, your name or the name of a friend or relative in your

password.

• Your internet banking account is locked in case you enter wrong user id and password 3 times.

• Passwords are case sensitive.

• Change your password regularly.

• Ensure that you are not observed while entering the password.
• Never leave your computer unattended while you are logged in to ICICI Bank.com

• Always logoff from Internet Banking upon completion of your session. Use the Logout button for closing the

session. It is preferable not to shut the window to log off.

• Disable the option on browsers for storing user names and passwords. You can refer to the help section available

on your browser for instructions

• Login

• Get Your User ID

Insta Banking

Internet Banking

Mobile Banking

IVR Banking

ATM Banking

iMobile

i-Zone

TV Banking

Banking Standard Forms

Apply Online
Bottom of Form
Top of Form
AFQjCNGZokbjbG

Bottom of Form
-