PROJECT TOPICS

1. Health insurance.
2. Micro Insurance.
3. Private sector banks and its profitability (icici bank ).
4. Marketing in insurance.
5. Life insurance agents.

Submitted By,
Aji Mon Pappac
han
Roll no: 2
VNS college.
Konnappara.

MUMBAI: ICICI Bank, India's No. 2 lender, reported an 18.8 percent rise in quart
erly net profit, beating brokerage forecasts, helped by credit growth and drop i
n provision for bad loans.
Indian banks including rival private-sector lender HDFC Bank are seeing strong l
oan demand in Asia's third-largest economy, which the International Monetary Fun
d expects to expand 9.7 percent in 2010.
ICICI Bank said its net profit in July-September, its fiscal second quarter, ros
e to Rs 1,236 crore ($278 million) from Rs 1,040 crore reported a year earlier.
A Reuters poll of analysts had forecast net profit of Rs 1,169 crore. State Bank
of India , the country's top lender, and ICICI and HDFC Bank are seeing an impr
ovement in asset quality on strong revival in business and consumer confidence i
n India.
HDFC Bank last week met street estimates with a 33-percent rise in quarterly net
profit and forecast credit growth at more than 20 percent in this fiscal year.
Shares in ICICI Bank, valued at about $27 billion, have risen 26 percent so far
this year, compared with a 38 percent jump in the sector index and 15 percent ga
in in the main Mumbai market.

Company History - ICICI Bank

1994
- The Bank was Incorporated on 5th January at Baroda. ICICI Bank
was
promoted by ICICI and erstwhile SCICI Ltd. and received the
Certificate
for Commencement of Business on 24th February. It does banking
business of all kinds. It was founded as an institution to provide
quality banking services using state-of-the-art technology.
- The Bank has established a well diversified branch network with 24
branches in 15 centres covering 12 states. The bank set up a fully
computerised environment with the State-of-the-art technology at all
offices continuously upgrading its strong systems and procedures
with
special emphasis on risk management.
1996
- The deposit products and other services of the bank were branded
with
names such as `Maxicash' for services accounts, `Money Plus' for
Current Account, `Quantum' for fixed deposit account, `Power Pay'
for
payroll accounts treasure chest for locker facilities and `Trice'
for
automated teller machine facility.
- The Bank had, in compliance with a directive issued by RBI,
deposited
in aggregate Rs 88.16 crores with small Industrial Development Bank
of
India and National Bank for Agricultural & Rural Development.

- The `B' category branches were authorised to handle full range of

foreign exchange transaction of customers and five other branches
were
placed in `C' category to handle limited foreign exchange
transactions.
- Seven branches of the bank with substantial foreign exchange
business
were linked to the society for worldwide Interbank Telecommunication
(SWIFT) network which enables them to transmit Letter of Credit and
fund transfer messages promptly world wide.
- 700 No. of equity shares subscribed for by signatories to the
Memorandum of Association. 1500,00,000 No. of equity shares
allotted
to ICICI Ltd.
1997
- The bank introduced electronic funds transfer facility. The bank
has
a full fledged vigilance and inspection department.
- The bank opened 11 branches and 2 extension counters thereby
increasing the total network of branches to 33 and extension
counters
to 4.
- The Bank offered 150,00,000 No. of equity shares of Rs 10 each at
a
prem., of Rs 25 per share to ICICI.
- The Bank offered for sale 412,50,200 No. of equity shares of Rs 10
each at a price of Rs 35 per share.
- Sicom Ltd. has entered into an agreement with ICICI Bank and
Dresdner
Bank for providing a counter guarantee against letters of credits
(LCs)
opened by its clients.
- The merger of SCICI with ICICI effective from April 1, the bank
has
become a wholly-owned subsidiary of ICICI.
- ICICI Banking Corporation, a fully-owned subsidiary of Industrial
Credit & Investment Corp of India Ltd, has finalised an offer for
sale
of 4 crore equity shares of Rs.10 each at a premium of Rs.30 per
share,
according to merchant banking sources.
1998
- ICICI Bank, which introduced Internet banking in India, is set to
launch various technology-based new services in the near future.
Some
of the new services include setting up of call centres and the
introduction of fund transfers between own accounts in its branches.

- ICICI Banking Corporation Ltd, the first bank in the country to go

in
for Internet banking, is now all set to provide its account-holders
with the facility of transferring funds across their accounts on the
Net.
1999 - ICICI Bank has signed an agreement to use the NCR switchmark
technology for online-networking all its ATMs, the officials said
they
network would come into place in September.
- ICICI Bank recently restructured its organisational structure by
setting up strategic business units for retail banking, corporate
banking and forex and treasury operations, as independent profit
centres.
- ICICI is all set to launch a 60-second television commercial on
August 15, 1999.
2000

- ICICI Bank became the first Indian bank to list on the New York
Stock
Exchange with its 5-million American depository shares issue
generating a demand book 13 times its size at .2 billion.
- The Bank proposes to bring credit cards to the large, underserved
population in rural and semi-urban areas.
- SkyCell Communications Ltd, one of the two cellular service
providers
in Chennai, has launched `Sky Banking', for which the company has
tied
up with ICICI Bank and HDFC Bank.
- The ICICI has announced the launch of mobile banking services for
its
customers, using the wireless application protocol (WAP) technology.
- Ford India has tied up with ICICI Bank to introduce a scheme,
enabling non-resident Indians (NRIs) to purchase a Ford Ikon car for
their friends and relatives in India.
- ICICI Bank has set up a ATM facility at a Indian Oil Corporation
petrodiesel outlet at Chennai.
- ICICI Bank has tied up with Chennai Telephones to provide Internet
bill payment facility to its customers.
- ICICI Bank has tied up with the Siddhivinayak temple trust to
enable
the bank's infinity (Internet banking) customers to order and pay for
a
pooja online, on the occasion of Aangaraki Chaturthi.
- The Bank proposes to extend its area of operation by opening about
35
to 40 offices and extension counters during the current fiscal
subject
to the Reserve Bank of India's approval.
- ICICI Bank will launch a slew of new schemes in the personal
segment
ranging from launch of co-branded credit cards to providing loans
against share within the next three months.
- The Company has offered higher rates of interest on its regular
income bonds and multiplier bonds while pruning it on tax saving
bonds.
- The Finance portal India Infoline has tied up with ICICI Bank and
HDFC Bank for banking back-ends.
- Tata Teleservices Ltd. has tied up with ICICI Bank and Global
Trust
Bank to enable its customers to use Internet banking facilities for
the
payment of telephone bills.
- ICICI Bank will provide credit for online transactions over
chem-B.com, the online trading site for chemicals and chemical
products, launched by Chembazaar Online Pvt. Ltd.
- ICICI became the first financial institution to go for placement
of
dematerialised debt securities.
- Mumbai-based ICICI Bank launched its Kid-e-bank facility in
Bangalore.
- ELECTRICMELA.com, the B2B portal for the electrical industry is
entering into an alliance with ICICI Bank for payment gateways.
- Spice Cell has tied up with Citibank N A, HDFC Bank and ICICI Bank
for mobile bill settlements
- ICICI Bank and UAE Exchange Centre have entered into a wire
transfer
arrangement, for electronic and telex transfer of funds.
- The Bank has tied up with MunshiKaka.com to provide value added
services to its customers.
- ICICI has signed a tripartite agreement with Amitabh Bachchan
Corporation Ltd. and Mr. Amitabh Bachchan, appointing him as its
brand
ambassador.
- The new generation ICICI Bank has extended its business multiplier
scheme to current account holders in Coimbatore.
- ICICI Bank has launched the Business Multiplier Account in Kerala.
- The swap ratio for the merger of Bank of Madura (BoM) with ICICI
Bank
has been pegged at 1:2 i.e., two shares of ICICI Bank for every one
share of BoM.
- The Kerala Government has joined hands with ICICI Bank to
introduce
Internet banking facility in the State's public sector undertakings.
- ICICI Bank launched its debit card under the brand name
ICICIN-cash.
2001
- ICICI Is all set to become the first domestic financial
institution
to get a financial strength rating by the Moody's Interbank Credit
Services, the bank credit rating arm of the international credit
rating
agency Moody's Investors Services.
- The Bank of Madura (BOM) got merged with ICICIBK. The share
exchange
ratio was fixed at two shares of ICICIBK for one share of BOM. With
this merger ICICIBK has become one of the largest private sector
banks
in India. Commenting on the merger Shri H N Sinor, Managing Director
and CEO ICICIBK said that This merger would lead to considerable
synergies in the operations of the merged entity and would benefit
the
customers and other stakeholders.
- ICICI Bank and Deutsche Bank have entered into a long-term rupee
interest rate swap benchmarked to Government bond yields.
- ICICI Bank has tied up with Advantage E- Accounting to offer an
on-line taxation and personal finance services along with off-line
services like filing.
- The Bank has entered into a wire-transfer arrangement called
`Money2India' with the United Arab Emirates largest foreign exchange
house for transfer of funds to India.
- ICICI emerged as the largest fund mobiliser during 2000-01 by
privately placing debts with more than one year tenure for Rs 6,413
crore, even as public sector State Bank of India placed the single
largest placement of the year for Rs 2,500 crore, according to Prime
Database.
- ICICI Bank and BPL Mobile have tied-up to launch a co-branded
credit
card. To be named ICICI bank-BPL Mobile Credit Card, the card will
be
operational by the end of August this year.
-ICICI Bank has launched its interactive touch screen kiosk 'Sparsh'
at
its automated teller machine (ATM) centres and branches allowing
free
access to its online services.

- ICICI Bank has introduced a Web-based product that facilitates

on-line conclusion of forex deals in the city.
- ICICI Bank has launched its hundredth ATM in Mumbai. With this,
the
bank will have a network of 574 ATMs spread across 54 cities.
According
to a press release, ICICI Bank continues to focus attention on newer
functions that will enable the ATM network to be a key tool of its
customer acquisition and retention strategy.
- ICICI Bank launched its 100th ATM in Mumbai at the bank's branch
in
Nariman Point. The bank now has a network of 574 ATMs spread over 54
cities in India.
- Visa international and ICICI bank on September 10 announced a
pilot
programme for facilitating e-commerce in the country.
- As part of its drive to introduce alternate delivery channels,
ICICI
Bank has launched mobile banking facilities in conjunction with
Spice
Communications.

- ICICI Bank has aligned the compensation structure of officers of

Bank
of Madura and made it performance-linked in line with ICICI Bank
- The ICICI Bank, Teynampet, Chennai, has been directed by the
District
Consumer Disputes Redressal Forum, Chennai (South) to pay a
compensation of Rs 50,000 to a credit-card holder of the bank for
`deficiency in service'.
- In the run-up to the reverse merger with ICICI Bank, ICICI has
slashed its management grades to have an identical administrative
structure like that of the banking subsidiary. ICICI had changed its
management structure by combining two levels and cutting down the
management structure to eight levels.
- ICICI Bank plans to tap the debt market to raise Rs 350 crore for
meeting Tier-II capital requirements.
- ICICI Bank and BPL Mobile have tied-up to launch a co-branded
credit
card. To be named ICICI Bank-BPL Mobile Credit Card.
- The bank has developed multiple access channels comprising lean
brick
and mortar branches, ATMs, call centers and Internet banking. As on
June 2001, the bank had a network of 357 branches and 37 extension
counters. Its network of 546 ATMs is the largest in the country
accounting for nearly 18% of all ATMs in the country. Customers in
37
cities can now access account information over the telephone. These
investments in channel infrastructure have enabled the bank to
achieve
rapid growth in its retail business.
2002
- CICI Bank Ltd has informed that the Board of Directors inducted
Shri
N Vaghul, as an Additional Director on the Board of the Bank.
non-executive whole-time director and also the non-executive
Chairman
of ICICI Ltd.
- The board of directors of ICICI Bank and ICICI in separate meeting
at
Mumbai, approved the merger of ICICI with ICICI Bank. The merger of
two
wholly-owned subsidiaries of ICICI, ICICI Personal Financial
Services
and ICICI Capital Services, with ICICI Bank was also approved by the
respective Boards.The high courts of Mumbai and Gujarat, and the
Government of India (GOI) as may be required. Consequently, the
appointed date of merger is proposed to be March 31, 2002, or the
date
from which RBI's approval becomes effective, whichever is later.
- The scheme of amalgamation envisages a share exchange ratio of one
domestic equity share of ICICI Bank for two domestic equity shares
of
ICICI. As each American Depositary Share (ADS) of ICICI represents
five
domestic equity shares while each ADS of ICICI Bank represents two
domestic equity shares, the ADS holders of ICICI would be issued
five
ADS of ICICI Bank in exchange for four ADS of ICICI.
-ICICI Bank Ltd has informed BSE that Reserve Bank of India on April
26, 2002 approved the merger of ICICI Ltd and two of its wholly owned
subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital
Services Ltd with ICICI Bank Ltd.
-ICICI Bank acquires Shimla and Darjeeling Branches from Standard
Chartered Grindlays Bank.
2002-ICICI Bank sells 3 million equity shares of Bhushan Steel.
-ICICI Bank Ltd has sold 2,75,000 equity shares of Bhushan Steel &
Strips Ltd on August 07, 2002 at Rs 35 per share on spot delivery
basis.
-S&S Power Switchgear Ltd has informed BSE that ICICI bank has
appointed Mr S C Bhatia as Nominee director on Board of the Company
with effect October 24, 2002.Further the Board has accepted the
resignation of Mr A R Santhanakrishna as director with effect from
August 18, 2002.
-BPL Ltd has informed BSE that ICICI Bank Ltd has nominated Mr V A
Raghu as their nominee on the Board of the Company with effect from
September 30, 2002.
-ICICI Bank Ltd has informed that the Government of India has
nominated Ms Vinita Rai, Secretary (Banking & Insurance) as the
Government Nominee on the Board of the Bank in place of Mr D C Gupta
with effect from October 31, 2002.
-Launches eCheques facility for its internet banking

-Moody's upgrades ICICI's Rating above India's Rating

-Enters into agreement with Bharti Cellular paving consumers to
recharge the Bharti's pre-paid cash cards (Magic) at ICICI ATM
machines
-Launches a scheme called `Mutual Fund Sweep Account' which enables
its customers to invest surplus funds in their current accounts in
high-liquidity mutual funds through an automatic sweep facility
-Clinches a deal with the govt. of Karnataka for partial payment of
services
-High Court approves ICICI, ICICI Bank merger
-RBI approves ICICI Bank--ICICI merger
-Deposits Rs 3,000 cr with RBI to meet Cash Reserve Ratio (CRR)
requirements
-Placed itself as a one-stop financial solutions supplier with a
branch out and de-risked business model. ICICI Bank - with ICICI,
ICICI Personal Finance Services and ICICI Capital merged with itself
- is the biggest private sector bank in the nation with a balance
sheet size of Rs 1,04,000 crore, capital adequacy of 11.44 per cent,
500 outlets and 1,005 ATMs
-Ties up with Bharti for pre-paid mobile cards via ATMs
-BPL Mobile and ICICI Bank tie up to enable to recharge BPL's prepaid
cellular service ability (branded `mots') at any of the bank's 1000
plus ATMs across the nation
-K V Kamat appointed MD and CEO, Lalita D.Gupte Joint MD
-Ties up with NCR Corporation, ATM manufacturer
-Merged ICICI Bank makes debut on BSE and NSE
-Rallis terminates contract farming agreement with ICICI Bank
-Allots equity shares to erstwhile equity shareholders of ICICI
-ICICIdirect.com, the brokerage arm, launches online trading in
derivatives
-Put on sale the land held by Pal Peugeot - the defunct joint venture
between Premier Automobiles and Peugeot
-Introduces first home loan securitisation scheme of Rs 58 crore
-Buys 190 Ajmera reisdential flats for Rs 37 cr
-Sanctions debt restructuring package to Alufluoride Ltd.
-Takes over Shimla and Drajeeling branches of Standard Chartered
Bank
-Bank of India (BoI) ties up with ICICI Bank to utilize former's wide
branch network covering 1,000 branches for the latter's cash
management services
-ICICIdirect.com unveils Direct Alerts
-AirTel, in tie-up with the ICICI Bank, declares the launch of
re-charge facility for the AirTel Magic pre-paid cards on ICICI
Bank's ATM network in the twin cities of Hyderabad & Secunderbad in
Andhra Pradesh
-Replaces Rs 7000 cr high cost borrowings of ICICI
-Sets up Private Banking Division to target high net worth
individuals
-Bags Best Internet Bank award by Global Finance, organiser of the
World's Best Internet Bank Awards 2002
-Ties up with IL&FS Mutual Fund to offer to mutual fund products
online
-Gets Debt Recovery Appellate Tribunal (DRAT) approval to divest
Daewoo's Surajpur assets

-Figures among the Top 1000 world banks

-Soma Textile Board allots Optionally Fully Convertible Debentures
(OFCD) to ICICI Bank aggregating Rs 3.22 cr.
- Classifies loans to Dabhol Power Company as NPAs
-Unveils mobile banking alerts
-Srei International Finance Ltd (Srei) forays into debt
securitisation alliance with ICICI Bank
-ICICI Bank bags UK Banker Magazine award
-Introduces Roaming Current Account, a new current account product
-Launches call centre in Hyderabad
-Hamblin Watsa Investment Council acquires 42.31 million equity
shares of ICICI Bank
-101.4 million shares of ICICI Bank held by ICICI Ltd. transferred to
the ICICI Bank Shares Trust
-ICICI Bank divests 16.5% stake for Rs 1,320 crore
-Foreign holding in ICICI Bank reaches 62%
-Lalbhais acquire ICICI's 10% stake in Amtrex Hitachi
-Orcasia acquires 42.31 million equity shares of ICICI Bank
-SBI, ICICI Bank feature among top 100 banks in Asia
-ICICI Knowledge Park, Apollo Hospitals ink MoU
-Launches chip-based credit card for transporters

-ICICI Bank launches `Drivesmart' credit card for transporters

-Buys 'Sobha Pearl' property in Bangalore owned by Sobha Developers
for Rs 20 crore
-Launches new initiative called '180 degree feedback'
-Unveils 'eTransfer' for NRI's
-ICICI Knowledge Park ties up with Apollo Hospitals
-HDFC MF ties up with ICICI Bank for Any Time Mutual Fund (ATMF)
service
-Signs MoU with Food Ministry for optimal utilisation of Plan funds
and to bring in professional appraisal in project financing
-SBI divests 10 lakh shares of ICICI Bank
-ICICI Bank, RPG Cellular Services Ltd. in alliance for recharge
facility at ATMs

-Takes posession of Mardia Chemicals Unit under NPA Act

-Ties up with co-operative banks for free-float funds
-Introduces ATM in Bengali language
-Takes over Patheja group assets under securitisation law
-ICICI Bank Home Shoppe starts operations in Pune
-Launches 'ATM on Wheels' in Mumbai
-Euromoney Asia poll reports ICICI Bank as the best managed bank in
Asia in the category of banking and finance
-Skoda Auto ties up with ICICI Bank to offer Skoda Monthly Instalment
(SMI), rather than an equated monthly instalment, for its cars
-Secures special one-time approval from RBI for issuing tax-free
bonds worth Rs 2500 crore
-Becomes the first Indian bank to launch a Resident Foreign Currency
(RFC) account
-ICICI Bank chairman Mr. N Vaghul heads Asset Reconstruction Company
(ARC)
-ICICI Bank, HPCL launch co-branded Visa Electron Debit Card
-Launches `Welcome Kit' which will help the person, who opens an
account with ICICI Bank to operate his account immediately
2003
-Launches micro-finance programmes
-ICICI Onesource deploys new recruitment system

-Sets up NRI advisory service

-Singapore govt offloads 2-cr shares of ICICI Bank
-Bank chief K V Kamath appointed head of finance panel for river
linking project
-Launches 'Give2India' to facilitate donations by NRIs
-Comes out with a bond issue of Rs 400 crore
-Installs Telugu language ATMs in Hyderabad
-Launches 'ICICI Bank Pure Gold'-certified and tamper proof 24-carat
pure gold coins in Chennai
-Collects over Rs 1,200-cr via first bond issue
-Obtains 'excellence in retail banking' award instituted by the
Singapore-based Asian Bankers Journal

-ICICI Bank-led combine gets approval for Nationwide Multi Commodity

Exchange (NMCE) set up
-BioServe takes up about 3,000 sq.ft space at the ICICI Knowledge
Park to set up a contract research lab
-Sets up integrated currency management center in Pune
-Rama Newsprint & Papers Ltd allots 5632129 no. of Equity shares to
ICICI Bank Ltd on conversion right exercised by them
-HDFC, ICICI buy 33-pc stake in Hindustan Coca-Cola Beverages, the
Indian bottling subsidiary of the Atlanta-based carbonated soft
drinks giant Coca-Cola
-Reliance Info forges alliance with ICICI for bill receivables
-Ties up with Employees Provident Fund Organisation to distribute
pension across the country
-Ties up with TeNet for micro-banking
-Starts 12-hours banking services
-ICICI Bank restructures organisational structure
-Acquires the Credit Card Division of Tata Finance
-Air India ropes in ICICI Bank as authorised dealers for hedging
-ICICI Bank along with others set up Rs 800-cr India Advantage Fund
-Records Rs 8000-cr securitisation during '02-03
-Enters deal with Pramati Technologies to deploy Pramati Server
Software
-Tops NPA recovery list among domestic lenders

-Unveils Pure Gold coins in Karnataka

-Decides to scrap '97 series deep discount bonds
-Obtains approval to set up Overseas Banking Units (OBU)
-Communication ministry engages ICICI Bank, IIT to study viability of
telecom firms
-Unveils NRI remittance product in Canada
-ICICI Bank, Amway launch co-branded international credit card
-Picks up 25% shares in NCDEX (National Commodities & Derivatives
Exchange)
-ICICIdirect introduces tax-free Savings Bond '03 online
-Videsh Sanchar Nigam Limited (VSNL) and ICICI Bank have announced a
tie-up for the distribution of Tata Indicom`s dial-up Internet
services

-ICICI Bank offers rail ticket booking facility to its customers

-Buys Apple Credit's 30-pc stake in Transamerica Apple Distribution
Finance Ltd. (TADFL)
-Takes over 100-pc of TADFL
-Outgoing ICICI Bank Joint Managing Director Mr. H N Sinor becomes
new chief executive and secretary of Indian Banks Association (IBA)
-ICICI Bank, HDFC Bank tie up with Indian Railway Catering and
Tourism Corporation (IRCTC) for online rail bookings
-ICICI Bank, DaimlerChrysler team up for new finance scheme
-Gets Insurance Regulatory Development Authority (IRDA) nod for India
Advantage Fund
-Announces VRS, the first for the new generation private sector
banks
-Bags DM Review World Class Solution Award 2003
-Enters into an institutional agreement with Dubai Bank wherein ICICI
Bank would be the principal correspondent bank of Dubai Bank in India
-Discontinues the contract with Bollywood Superstar Amitabh Bachchan
since it finds him too expensive
-Embarks on market making securitised instruments
-Global Finance Magazine awards ICICI Bank as the Best consumer
internet Bank in India
-ICICI Bank empanelled for JNPT's Electronic Data Interchange (EDI)
project

-Signs option contract with BHEL

-ICICI Bank's 1350 employees opt for VRS
-Textile sector leads ICICI Bank's NPA
-Approves 7.3 million options to its employees
-Birla Tyres ties up with with ICICI bank to offer Rs 2 lakh life
insurance benefit to the truck drivers on the purchase of every pair
of tyres
-Inaugurates its first Offshore Banking Unit (OBU) at SEEPZ Special
Economic Zone, Mumbai
-ICICI implements NCR solution (Cheque Mark PDC Module) for post
dated cheques
-ICICI Bank picks up Timesofmoney.com's e-filing service
-ICICI Bank acquires 17.75% stake in NDTV

-Launches 'Instra Transfer', an NRI remittance product, which will

enable NRIs in the Gulf to transfer funds to India within two hours
-Acquires 36,000,000 shares amounting to 12.65% of Himachal
Futuristic Communications Ltd (HFCL)
-Divests 0.31% shares in Federal Bank
-Converts part of HFCL loan into equity shares giving 12.65% stake in
the company
-Inaugurates Singapore branch
-Decides to take the service of Bollywood Superstar Amitabh Bachchan
(Big B) on purely case-to-case basis
-ICICI Bank in alliance with Federation of Automobile Dealers
Association (FADA) unveils credit card for vendors to dealers and
opens a business-to-business (B2B) section in FADA's Web site
-West Coast signs agreement to acquire ICICI's 34 percent stake in
Rama Newsprint & Papers Ltd. (RNPL)
-Investmentz.com forges alliance with ICICI Bank for offering
payment gateway to its customers for real-time transfer of funds
-Banker Magazine of UK confers its 'Best Multi-Channel Strategy 2003'
and Bank of the Year 2003' awards to ICICI Bank
-Instanex Skindia depository receipts index increases the index
percentage of market capitalisation used for ICICI Bank to 95 per
cent from 75 per cent
-ICICI Bank in association with the Federation of Automobile Dealers
Association (FADA) unveils a credit card for vendors to dealers and
opens a business-to-business (B2B) section in FADA's Web site
-Issues notice to Ponni Sugars (Orissa) Ltd. to take possession of
the Balangir Sugar Mill
- Allottment 287774 equity shares of face value of Rs.10/- each on
October 13, 2003 under the Employee Stock Option Scheme.
-ICICI bank gets Banker magazine awards for the year
-Crisil assings highest ratings to instruments issued under ICICI
Bank's securitisation programme
-ICICI bank gets 'Best emerging market Bank ' award from the Global
Finance Magazine
-Mr. R Seshasayee who was appointed as Director on the Bank on May
03, 2002 has tendered his resignation as a Director of the Bank.
-ActionAid has signed up with ICICI to launch the Karm Mitra credit
card
-The trading of icici issued bond October 2000- Tax Saving Bond -
Option I ICICI1100 N1 (benefit u/s 88) was suspended

-ICICI Bank introduced foreign currency term deposit scheme for

non-residents including NRI's at its offshore banking unit (OBU) in
mumbai
-ICICI tie up with Big Bazaar to introduce Co-branded Card
specifically for Big Bazaar customers.
-The company's asset-backed securities (ABS) worth Rs 835 crore on
october 09 obtained highest safety ratings from Icra.
-The company unveiled its global deposits scheme for individuals from
its Singapore branch.
-Tied up with SBI and HDFC to share ATM networks
- Has set up representative office in Dubai
-Allotted 166857 equity shares of face value of Rs.10/- each on
October 20, 2003 under the Employee Stock Option Scheme.
-ICICI Bank unveils global deposits
-Five persons have been arrested on the charge of duping ICICI Bank
of Rs 1.34 crore by encashing a cheque purported to have been issued
by Fortis Banque of France..
2004
-ICICI bank credit cards cross two million mark
- ICICI Banks 300 million dollar Eurobond has been awarded for being
the best bond issue of India and emerging Asian market during 2003,
by two foreign magazines.
-ICICI ePayments Ltd. has informed that they have acquired 8008357
shares amounting to 69.99% of the total paid up capital of Tata
Infomedia Limited

-ICICI Bank Ltd has informed that the Bank has allotted 1,25,444
equity shares of the face value of Rs 10/- each on December 22, 2003
under the Employees Stock Option Scheme, 2000 (ESOS).
-The government has allowed ICICI Bank to keep the Rs 350 crore
20-year preference shares (subscribed to by ITC) in its books for
five years.
-ICICI Bank Ltd has informed that the Bank has allotted 73,980 equity
shares of the face value of Rs 10/- each on December 29, 2003 under
the Employees Stock Option Scheme, 2000 (ESOS).
-Bahrain Monetary Agency issues licence to ICICI Bank's overseas
unit. It also extended a special concession for offering NRI banking
services in the island nation as well as in the international
markets
2004
-ICICI Bank inks pact with Mohan Bagan to unveil co-branded credit
card

-ICICI-Overdrive awards for Honda City, Bajaj Pulsar

-ICICI Bank ties up with Air Deccan
-ICICI Bank opens new premises in Mangalore
-ICICI Bank unveils mobile ATM in Kerala
-ICICI Bank unveils International fixed deposit scheme at Singapore
branch
-ICICI Bank acquires numero uno position in new remittance shceme
-ICICI Bank sets up ATM in Thiruvananthapuram
-ICICI Bank launches its new home Loan Scheme With Variable EMI
-ICICI Bank Ltd has informed that the shares of the Bank are delisted
from The Delhi Stock Exchange Association Limited with effect from
February 11, 2004.
-ICICI Bank, Mohun Bagan launch co-branded credit card
-The world's largest micro-finance securitisation deal of .3mn
completed between ICICI Bank and Share Microfin Ltd., a Hyderabad
based microfinancing organisation
-ICICI Bank signs a memorandum of understaning with Jammu and Kashmir
Bank to share the ATM network.
-ICICI Bank and Andhra Bank have announced a tie-up, that enables
sharing of their ATM networks.
-Global Finance magazine has named ICICI Bank as one of the Best
Emerging Market Banks Asia in an exclusive survey to be published in
the May 2004 issue.

-Comes out with a public offering of equity shares at a price of Rs

280 to raise Rs 3500 crore with a greenshoe option of Rs 450 crore
-ICICI Emerging Sector, the private equity arm of ICICI Bank, has
acquired a 54 per cent stake in the Bangalore-based Arvind Brands,
the apparel arm of the Sanjay Lalbhai-promoted Arvind Mills,
-ICICI Bank unveils Car Overdraft facility
-ICICI Bank, SBI, LIC in pact for Rs 20,000-cr projects
-ICICI Bank and Punjab National Bank have signed a memorandum of
understanding (MoU) for ATM network sharing, giving customers an
access to over 2,200 ATMs in India.
- ICICI Bank unveils co-branded credit card ICICI Bank Ebony
-ICICI Bank has won the best bank award instituted by Asia money in
the category of best domestic commercial bank in India
-ICICI Bank has bagged the prestigious award of 'Best Retail Bank in
India' in the category 'The Asian Banker Excellence in Retail
Financial Services Program 2003'
-ICICI Bank-Aircel jointly unveil new co-branded credit card
-Life Insurance Corporation acquires 16,370,009 shares constituting
2.23% of voting rights in the company, increases its stake to
73,382,324 shares constituting 10.09% of voting rights
-Punjab and Sind Bank (PSB) and ICICI Bank on July 02 announced the
launch of co-branded credit card that will be available in three
variants - Gold, Silver and Blue credit card
-ICICI Bank in association with Reliance Infocomm has launched an
interactive mobile banking service in India
-ICICI Bank unveils multi-branded card
-ICICI Bank has introduced a pre-approved personal loan product for
Global Trust Bank (GTB) customers
-ICICI Bank bags Internet awards from Global Finance magazine
-ICICI Bank Home Loans and ICICI Bank Home Search have launched `Home
Utsav', a property exhibition at the Institute of Engineers
-ICICI Bank Ltd on August 9, 2004, opened its representative office
in Dhaka further increasing its international presence. In light of
the significant bilateral trade links between the two countries, the
bank greatly values the need to have an on-the-ground presence
-ICICI Bank offers new service to Canada emigrants
- Launches 'Hello Canada Newcomers Account' designed to provide
instant access to banking services in Canada for Indians migrants on
August 23
- ICICI Bank introduces an easy deposit card at an interest rate of
0.99 per cent

-ICICI Bank rolls out kisan credit card in AP

- Launches `Easy Deposit Card', which charges an interest of 0.99 per
cent per month
-ICICI Bank launches new mobile phone banking service
-Sets up offshore banking unit (OBU) in Bahrain
-Launches a new service for pre-paid subscribers of Airtel, Hutch,
Orange and IDEA in association with Euronet to recharge cards through
bank's ATMs or by sending SMS.
-ICICI Bank has signed a deal with SunTec Business Solutions Private
Ltd
-ICICI Bank unveils Visa Card in UK
-ICICI Bank in ally with CESC launches new co-branded credit card
-Godrej Sara Lee ties up with ICICI Bank to finance distributors
across the country through the channel financing model
-Hindustan Petroleum Corporation Ltd (HPCL), ICICI Bank on December
23rd launches Drivesmart
2005
- ICICI Bank overtakes Citibank in credit cards with 3 mn credit
cards while Citibank says it has 2.5 mn cards
-ICICI inks pact with Godrej Sara Lee for channel financing
-Merc joins hands with ICICI Bank to offer loans
-ICICI Bank unveils office in Johannesburg
- Britain's Lloyds TSB, in association with ICICI Bank, on April 18,
2005, launches new services offering free money transfers between
India and the UK, as well as access to rupee mortgage for Indian
property purchases.
-ICICI Bank-Air Deccan credit card unveiled
-ICICI Bank acquires bank in Russia
-ICICI Bank, HLN jointly launch co-branded credit card
-ICICI Bank launches online Public Provident Fund (PPF) scheme on
July 01, 2005
-ICICI Bank forges alliance with Fortis to serve NRIs on July 22,
2005
-ICICI Bank buys Apnaloan
-ICICI Bank Home Loans launched a `Home Utsav' property exhibition on
August 18th

-Bharti Tele-Ventures on September 19 announced a tie-up with ICICI

Bank and Visa to launch credit card on the mobile phone
--ICICI Bank rolls out travel smart mastercard
--ICICI wins Microsoft Corporate Challenge
-ICICI Bank teams up with Hong Kong's Bank of East Asia to offer
services to its clients with operations in greater China.
-ICICI Bank inaugurates 1st branch in Hong Kong
-ICICI bank ties up with Grameen Foundation USA to set up Grameen
Capital India.
-ICICI Bank's 0 million American depository shares (ADS) issue has
been subscribed six times the issue size. The issue closes tomorrow
concurrently with the Rs 5,750 crore public issue of equity shares in
the domestic market. The domestic issue has received subscriptions for
1.86 times the 9.90 crore shares on offer.
-ICICI Bank sets up pilot project in Guntur dist

-ICICI Bank as outperformer: CLSA report

2006
-ICICI Bank sets up Russian subsidiary
-ICICI Bank sets up new branch at Banjara Hills
-ICICI bank teams up with Spanish MNC.
-ICICI Bank sets up branch in Belgium
-JBIC inks agreement with ICICI Bank
-Indian inks deal with ICICI Bank
-Dishman inks mn deal with ICICI Bank
-ICICI Bank inks MoU with Mitsubishi UFJ Securities
-NIIT partners with ICICI Bank on 26, September, 2006 to enter
Financial Services Training.
- ICICI Bank has rolled out a new product `NRI SmartSave Deposits', a
fixed deposit scheme for non-resident Indians
-ICICI Bank has inked a memorandum of understanding with Export
Development Canada (EDC), a Canadian export credit agency, for
financing support to Indian purchasers of capital goods and
professional services from Canada.
-ICICI Bank opens 3 represetatives offices abroad.
2007
-ICICI Bank has come out with loan-on-the-spot (LOTS) product for car
loans.

-ICICI Bank launches card-based remittance product in Kerala

-ICICI Bank is looking at increasing its share of the growing Indian
remittance market. ICICI Bank on February 8 rolled out a
rupee-denominated remittance card that is primarily targeted at
beneficiaries of non-resident Indians (NRIs).
-Mumbai: ICICI Bank has inked a co-operation pact with Austria-based
Raiffeisenlandesbank Oberösterreich (RLB) for covering several
business areas and increasing co-operation in funding commercial and
syndicated credit business, and cash management services.
-ICICI bank sets up first branch in Madikeri.
-Indian Railways and ICICI Bank inked a memorandum of understanding
for extending the sale of e-tickets via merchant establishments
located in 125 cities across the country.
-ICICI bank mops up 0mn through five-year bond.
-BMW India and ICICI Bank on February 23 signed an agreement for
offering financing solutions that will benefit the prospective
buyers.
-Thomas Cook (I) Ltd (TCIL) has joined hands with ICICI Bank to
introduce a first of its kind premium card named Thomas Cook Titanium
Mastercard.
- ICICI Bank, India's second largest Bank, and Export Development
Canada (EDC), Canada's Export Credit Agency, on March 13, signed a
USD 50 million Line of Credit (LoC) agreement.
-ICICI Bank inks agreement with Emirates Bank.
-CRISIL assigns highest ratings to ICICI Bank's loan receivables
securitisation programme.
- ICICI Bank and apparel discount chain Megamart April 10, joined
hands to unveil a co-branded credit card.
-ICICI Bank Ltd has informed that Reserve Bank of India, has approved
the Scheme of Amalgamation of The Sangli Bank Ltd with the Bank. The
Scheme of Amalgamation shall come into effect from April 19, 2007.
- ICICI Bank on declared a Rs 100-crore fund to support innovation
and development of green businesses in India.
-SOTC has joined hands with ICICI bank to offer-holiday now pay later
(HNPL) facility to travelers.
- ICICI Bank offers cheaper loans for cutting down CFC.
-ICICI sets up branch in Birmingham.
History and Major Events
We were incorporated in 1994 as a part of the ICICI group. Our
initial equity capital was
contributed 75.0% by ICICI and 25.0% by SCICI Limited, a diversified
finance and shipping finance
lender of which ICICI owned 19.9% at December 1996. Pursuant to the
merger of SCICI into ICICI,
we became a wholly owned subsidiary of ICICI.
The chronology of events since we were incorporated in 1994 is as
follows:
Change of name
Our name was changed from ICICI Banking Corporation Limited to ICICI
Bank Limited on
September 10, 1999. The change of name was effected on account of our
being widely known by
the name ICICI Bank.
Merger of Bank of Madura
Bank of Madura was merged with us effective March 10, 2001. The share
exchange ratio fixed for
the transaction was two of our equity shares of Rs. 10 each for every
equity share of Bank of
Madura of Rs. 10 each.

Amalgamation of ICICI
ICICI, ICICI Capital Services and ICICI Personal Financial Services
amalgamated with us with effect
from May 3, 2002. The Appointed Date for the merger specified in the
Scheme of Amalgamation,
which was the date of the amalgamation for accounting purposes under
Indian GAAP, was March
30, 2002. The amalgamation was approved by the High Court of
Judicature at Bombay vide its
order dated April 11, 2002 and by the High Court of Gujarat at
Ahmedabad vide its order dated
March 7, 2002. The share exchange ratio was one of our equity shares
of Rs. 10 each for every
two equity shares of ICICI of Rs. 10 each.
Amalgamation of The Sangli Bank Limited
The Board of Directors of ICICI Bank Limited and the Board of
Directors of The Sangli Bank
Limited (Sangli Bank) at their respective Meetings held on December
9, 2006, approved an allstock
amalgamation of Sangli Bank with ICICI Bank. The amalgamation was
subsequently
approved by the Members of both banks. RBI (RBI) approved the scheme
of amalgamation
effective April 19, 2007.
Source date - Prospects - 19/06/2007
- ICICI Bank mops up .9bn in via share sale in India.
- ICICI mops up Rs 1,294cr through green-shoe option.
- ICICI Bank signs pact with Korea Exim Bank.
- ICICI Bank has slashed the rates on special deposit schemes by 50
basis points from 9.5 per cent to 9 per cent.

- ICICI Bank awarded as the Outstanding Regional Private Bank.

-The Department of Commerce, PSG College of Arts and Science,
Coimbatore, is all set to conduct a training programme for students
in association with the ICICI Bank.
- ICICI Bank, under its-Industry-Academia Partnership- programme, is
in talks with three leading universities of the West Bengal to launch
banking and insurance courses.
2008
- ICICI Bank Ltd has informed that the Government of India has
nominated Shri. Arun Ramanathan, on the Board of the Bank effective
January 18, 2008 in place of Shri. Vinod Rai who has resigned
effective January 06, 2008.
- ICICI Bank Ltd has informed that the Government of India has
nominated Shri. Arun Ramanathan, on the Board of the Bank effective
January 18, 2008 in place of Shri. Vinod Rai who has resigned
effective January 06, 2008.

- ICICI Bank has forayed into Rs 1,150-crore equity-cum-debt deal

with Jaypee Infratech, which is to build and operate the 165-km six
lane Taj Expressway linking Noida with Agra.
-Standard & Poor's Ratings Services lowered ICICI Bank Ltd.'s 0
million U.S. commercial paper program's short-term issue credit
rating to 'A-1' from 'A-1+', following the agency's downgrade of
Fortis Bank SA/NV.
2009
- ICICI Bank appointed N S Kannan as the Executive Director and
Chief Financial Officer on the board with effect from May 1 following
the vacancy caused by the elevation of Chanda Kochhar as Managing
Director and CEO of the bank, with effect from May 1.
 - ICICI Bank has announced the cut in the interest rates on floating
home loans for new borrowers by 25-50 basis points, with immediate
effect. The interest rates on existing home loans would reduce only
if the floating reference rate is cut.
- ICICI Bank with Singapore Airlines launched “ICICI Bank Singapore
Airlines Visa Platinum Credit Card”, the Card has exclusive
privileges especially designed for the members.
- ICICI Bank Limited acting through its Hong Kong Branch (ICICI Bank)
signed a loan agreement with the Export-Import Bank of China (China
Exim) for USD 98 million under the Two- step Buyer Credit (Export
Credit) arrangement. ICICI Bank is the first Indian Bank to have
entered into this arrangement with China Exim.
2010
- ICICI Bank has increased deposit rates on select maturities. The
bank has raised the interest rate on deposits maturing in 270 days to
less than one year by 25 basis points to 5.75 per cent for deposits of
Rs 15 lakh to Rs 1 crore.

- ICICI Bank increased its deposit rates in select tenures by up to

0.50% with instant effect, signaling hardening of interest rates in
the industry.
- ICICI Bank has announced the appointment of Mr Rajiv Sabharwal as a
whole-time director of the bank. The bank said Mr Sabharwal is
designated as an Executive Director effective June 24. Mr Sabharwal
was heading the bank's retail banking operations.
- ICICI Bank announced the appointment of Mr Rajiv Sabharwal as a
whole-time director of the bank.
The productivity of (profit per employee) private banks was higher than national
ised banks and SBI & associates during 2009-10 and 2008-09. However productivity
for all the three group of banks rise during 2009-10.
The average profit per employee of private banks was Rs 7.19 lakh against Rs 5.7
4 lakh and Rs 4.65 lakh for nationalised banks and SBI & associates, respectivel
y during 2009-10. On the other hand wages to total expenses ratio of SBI & assoc
iates was the highest of 17.03% as against 13.65% and 12.76% for PSBs and privat
e banks, respectively during the above period. But the number of employees ( 4.6
7 lakh) and number of branches (43,187) was highest in nationalised banks compar
ed to SBI & associates and private banks during 2009-10.
YES Bank has emerged as the most efficient private sector bank in the country ha
ving scored over all nationalised banks, SBI & associates and private sector ban
ks...
ICICI Bank

ICICI Securities Launches Online National Pension System (NPS)

Last Updated: 2010-12-07T10:20:44+05:30
ICICI Securities has introduced the National Pension System (NPS) on its portal
on Monday. The country’s largest private banking sector has launched the online pe
nsion service for easy access to its customers.
“The online availability of NPA will give a big boost to pension ...
ICICI Prudential Fixed Maturity Plan Series 53 Launched
Last Updated: 2010-12-03T09:01:45+05:30
ICICI Prudential Mutual Fund has started a fresh fund called ICICI Prudential Fi
xed Maturity Plan Series 53.
The scheme is for 371 Days and New Fund Offer (NFO) will be priced at Rs. 10 per
unit. It is reported that the subscription will be opened from 1 December to 7
December 2010. The ...
ICICI Bank Net Profit Up 18.9% In Q2
Last Updated: 2010-10-30T15:07:15+05:30
India’s second largest lender ICICI Bank has reported 18.9% rise in net profit in
the second quarter owing to the acquisition of Bank of Rajasthan and lower provi
sioning for bad loans.
As per the quarterly report, the bank’s net profit jumped to Rs 1,236.7 crore, fro
m Rs ...
ICICI Ranked In Top 10 Most Valuable Company
Last Updated: 2010-09-20T12:03:05+05:30
The ICICI Bank has been ranked among the top 10 firms as most valuable companies
by market capitalization.
Last week witnessed rise in banking sector stock trading pushing ICICI’s value to
the top 10 rank.
ICICI Bank is the largest financial services company based in India ...
ICICI Bank Q1 Net Profit Up By 17% At Rs.1,026 Crore
Last Updated: 2010-07-31T16:44:08+05:30
ICICI Bank on Saturday registered the net profit of Rs.1,026 crore up by 17 perc
ent for the first quarter of this fiscal.
The bank’s net profit for the last year’s corresponding quarter was at Rs.878 crore.
However, the total income of the bank was down at Rs.7,493.05 ...
Loans Could Become Costlier Over Next Year: ICICI
Last Updated: 2010-07-19T17:18:46+05:30
Loans will gradually become costlier over the next year with demand for credit i
ncreasing substantially in the second part of the fiscal, India s largest privat
e lender, ICICI Bank, said on Monday.
"The demand for liquidity will increase substantially in the second half of this
year ...
ICICI Bank To Announce Its Base Rate On June 30
Last Updated: 2010-06-29T11:27:41+05:30
India’s leading bank ICICI Bank has planned to announce its base rate on June 30.
It was intimated to the media by a top bank official today.
“We will announce our base rate on June 30,” ICICI Bank managing director and chief
executive Chanda Kochhar told reporters in ...
Bank of Rajasthan-ICICI Merger: BoR Cancels Extraordinary General Meeting
Last Updated: 2010-06-21T17:13:43+05:30
Bank of Rajasthan’s Extraordinary General Meeting (EGM) was cancelled today follow
ing a court stay.
The bank’s management had planned for an Extraordinary General Meeting today regar
ding its merger with ICICI Bank. The meeting was called off as the civil court o
rder to stay the ...
Deal Of ICICI And Bank Of Rajasthan Valued At Rs 3,041 Crore
Last Updated: 2010-05-24T17:34:30+05:30
The all-share deal of ICICI Bank and Bank of Rajasthan valued at Rs 3,041 crore
was approved on Sunday. The deal involves for every 118 shares of Bank of Rajast
han, ICICI will give 25 shares.
The Managing Director and CEO of ICICI Bank, Chanda Kochhar commented that the m
erger with BoR is ...
Bank Of Rajasthan Employees Alarmed Regarding Merger With ICICI
Last Updated: 2010-05-20T09:19:26+05:30
After the announcement of proposed merger between Bank of Rajasthan (BoR) and IC
ICI Bank, the employees and shareholders from both the sides have shown mixed re
actions.
While the employees of BoR are alarmed at the new proposal of merger, the shareh
olders of ICICI question whether the ...
ICICI In Talks To Buy Out Tayals In Bank Of Rajasthan (BoR)
Last Updated: 2010-05-06T16:55:05+05:30
The promoters of Bank Of Rajasthan (BoR) have started preliminary discussions wi
th India’s second-largest lender, ICICI, and a few other banks to explore the poss
ibility of merger.
“There are differences on valuations and talks have not progressed... A deal could
be sometime ...
ICICI Bank Is 45th Most Valuable Brand In The World
Last Updated: 2010-04-29T11:15:17+05:30
According to a survey, ICICI bank has been ranked as the 45th most valuable bran
d among 100 most valuable brands in the world.
"With a brand value of USD 14.5 billion, the Indian bank ICICI is the first Indi
an brand to feature in the BrandZ Top 100. ICICI is the bank that ...
ICICI Bank Net Profits Up 7%
Last Updated: 2010-04-24T16:22:59+05:30
India’s largest private lender ICICI Bank Saturday reported a 7% increase in net p
rofit in 2009-10 at Rs.4,025 crore ($896 million) compared to Rs.3,758 crore ($8
37 million) in the previous fiscal.
The bank s income, however, slipped 14.2% at Rs.33,184.58 crore in the last ...
HDFC Bank Is Now India s Top Pvt Retail Bank
Last Updated: 2010-04-19T15:09:37+05:30
HDFC Bank, the country’s second-largest private bank, has been crowned the top ret
ail bank displacing ICICI Bank. The reason is attributed to the recovery in dema
nd and robust economic growth during the past few months.
As per the reports, HDFC Bank has also lent more to the ...
ICICI And HDFC Banks May Get ‘Foreign’ Tag
Last Updated: 2010-04-06T12:54:16+05:30
Indian banking majors, ICICI Bank and HDFC Bank may get foreign tag soon as re
vealed by the Commerce Ministry.
The Commerce Ministry on Monday said that company with foreign holding more than
50% will be deemed a "foreign entity. However, the said banks have played down
the saying ...
ICICI Bank 2009-2010 Q2 Net Profit up 2.6%
Last Updated: 2009-10-30T15:14:25+05:30
ICICI bank, which is India’s largest private lending firm, has registered a net pr
ofit of Rs.1,040 crore for the second quarter of the 2009-10 fiscal which ended
on Sep 30, which is just 2.6% up from the net profit posted during the correspon
ding period last fiscal.
The total income ...
Cheaper Home & Car Loans From ICICI, HDFC
Last Updated: 2009-06-05T15:13:40+05:30
ICICI Bank and HDFC Bank have slashed the interest rates on home and auto loans
by 50 basis points. The reduction in rates on home and auto loans will apply to
new as well as existing customers.
Other big lending houses are slowly following suit to attract people into taking
loans. A cut by 25 ...
Tata Teleservices Ties Up With ICICI Bank For Mobile Banking
Last Updated: 2009-05-29T15:42:21+05:30
With an aim to provide mobile banking services to the subscribers, Tata Teleserv
ices Ltd (TTSL) has tied up with ICICI Bank. While informing about the new servi
ces, TTSL said that customers will be able to access banking services on their h
andset by registering with the ICICI s mobile banking. The ...
ICICI Bank Reduces Interest Rates
Last Updated: 2009-04-22T11:33:00+05:30
Immediately after the announcement of RBI s cut of key rates, India s largest pr
ivate sector lender ICICI Bank reduced its interest rates. The Reserve Bank of I
ndia (RBI) lowered the repo rate and reverse by 25 basis point each. The repo ra
te or the short-term lending rate has been brought down to ...
Shikha Sharma And Renuka Ramnath Set To Exit ICICI
Last Updated: 2009-04-19T10:11:02+05:30
Two senior ICICI Bank Group Officials, Shikha Sharma, the Managing Director & CE
O of ICICI Prudential Life Insurance Company and Renuka Ramnath, the Managing Di
rector & CEO of ICICI Venture, are set move on from the group, banking sources s
aid. However, there was no official confirmation ...
ICICI Bank Reduces Home Loan Rates
Last Updated: 2009-03-06T16:33:40+05:30
The second largest private sector lender of India, ICICI Bank has announced the
reduction of interest rates in its new home loans by 25-50 basis points. As per
a statement of bank, home loans up to Rs 20 lakhs will have interest rate of 9.7
5 percent as against the earlier 10 percent. Similarly, the ...
ICICI Bank Board Appoints K. V. Kamath As Non-Executive Chairman
Last Updated: 2008-12-20T12:58:41+05:30
Board of Directors of ICICI Bank has decided to appoint Mr. K. V. Kamath, presen
tly Managing Director & CEO, as non-executive Chairman of the Board for a period
of five years effective May 1, 2009 replacing Mr. N. Vaghul who will retire on
April 30. Mr. Kamath’s current term as MD & ...
ICICI Prudential Life Launches Sarv Jana Suraksha
Last Updated: 2008-09-19T13:59:10+05:30
ICICI Prudential Life has launched its ambitious Sarv Jana Suraksha life insuran
ce scheme which focuses towards lower income group people. Under the scheme of S
arv Jana Suraksha the policy maturity time would be five years. The policy offer
s age-independent premium to subscribers who are in the age ...
ICICI Will Lose Rs 375cr For Lehman Bankruptcy
Last Updated: 2008-09-17T15:39:52+05:30
Bankruptcy of Lehman Brother will cost Rs 375 cr for ICICI as its UK subsidiary
has invested 57 m euro in the bonds of Lehman Brothers. However, according to JM
D of the ICICI Bank Chanda Kochhar, Lehman Brothers has already provided $12 mil
lion against the investment in these bonds. The bank had ...
ICICI Lombard Nirmaya Scheme
Last Updated: 2008-09-11T11:36:56+05:30
The ICICI Lombard, in collaboration with insurance and broking company Alegion w
ill expand its Nirmaya scheme. Nirmaya scheme launched by the National Trust aim
s for the welfare of persons who have mental diseases like autism, cerebral pals
y, mental retardation and multiple disabilities. According ...
ICICI Bank, TVS Motor Bag Symantec Awards
Last Updated: 2008-09-09T15:36:40+05:30
ICICI Bank and TVS Motors have won prestigious Symantec award for their secure a
nd better management of systems and information. Both the companies have been se
lected for the 2008 Symantec visionary award. The visionary award recognizes IT
thought leaders for their innovative use of Symantec s ...
ICICI Bank Launches Net Account With Auto Sweep-In For Term Deposits
Last Updated: 2008-07-08T10:45:56+05:30
The ICICI Bank on Monday, July 7, announced that it has introduced a new service
designed to facilitate financial transactions. A pure online account has been l
aunched by the ICICI Bank, where deposits above Rs 5000 will get automatically c
onverted into a term deposit scheme that will given an ...
ICICI Bank (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) (formerly Industrial Credit
and Investment Corporation of India, Marathi: ) is a major banking and f
organization in India. It is the second largest bank in India [3] and the large
st private sector bank in India by market capitalization. The bank also has a ne
twork of 2,016 branches (as on 31 March 2010) and about 5,219 ATMs in India and
presence in 18 countries,[2] as well as some 24 million customers (at the end of
July 2007). ICICI Bank offers a wide range of banking products and financial se
rvices to corporate and retail customers through a variety of delivery channels
and specialization subsidiaries and affiliates in the areas of investment bankin
g, life and non-life insurance, venture capital and asset management. (These dat
a are dynamic.) ICICI Bank is also the largest issuer of credit cards in India.[
4] ICICI Bank s shares are listed on the stock exchanges at BSE, NSE, Kolkata an
d Vadodara (formerly Baroda) ; its ADRs trade on the New York Stock Exchange (NY
SE).
The Bank is expanding in overseas markets and has the largest international bala
nce sheet among Indian banks. ICICI Bank now has wholly owned subsidiaries, bran
ches and representatives offices in 19 countries, including an offshore unit in
Mumbai. This includes wholly owned subsidiaries in Canada, Russia and the UK (th
e subsidiary through which the HiSAVE savings brand[5] is operated), offshore ba
nking units in Bahrain and Singapore, an advisory branch in Dubai, branches in B
elgium, 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 par
ticular.
ICICI reported a 1.15% rise in net profit to 1,014.21 crore on a 1.29% increase
in total income to 9,712.31 crore in Q2 September 2008 over Q2 September 2007. T
he bank s CASA ratio increased to 30% in 2008 from 25% in 2007.[6][7]
ICICI Bank is one of the Big Four Banks of India, along with State Bank of India
, Punjab National Bank and Canara Bank — its main competitors.[8]
Contents
[hide]
• 1 History
• 2 Controversy
• 3 See also
• 4 References
• 5 External links
[edit] History

ICICI Bank HQ at BKC Mumbai

In 1955, The Industrial Credit and Investment Corporation of India Limited (ICIC
I) was incorporated at the initiative of World Bank, the Government of India and
representatives of Indian industry, with the objective of creating a developmen
t financial institution for providing medium-term and long-term project financin
g to Indian businesses. In 1994, ICICI established Banking Corporation as a bank
ing subsidiary. Formerly known as Industrial Credit and Investment Corporation o
f India, ICICI Banking Corporation was later renamed as ICICI Bank Limited . IC
ICI founded a separate legal entity, ICICI Bank, to undertake normal banking ope
rations - taking deposits, credit cards, car loans etc. In 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 th
e 1960s. In 2002, The Boards of Directors of ICICI and ICICI Bank approved the r
everse merger of ICICI, ICICI Personal Financial Services Limited and ICICI Capi
tal Services Limited, into ICICI Bank. After receiving all necessary regulatory
approvals, ICICI integrated the group s financing and banking operations, both w
holesale and retail, into a single entity. At the same time, ICICI started its i
nternational expansion by opening representative offices in New York and London.
In India, ICICI Bank bought the Shimla and Darjeeling branches that Standard Ch
artered Bank had inherited when it acquired Grindlays Bank.
In 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 B
anking Unit (OBU) in Singapore and representative offices in Dubai and Shanghai.
In 2004, ICICI opened a representative office in Bangladesh to tap the extensiv
e trade between that country, India and South Africa. In 2005, ICICI acquired In
vestitsionno-Kreditny Bank (IKB), a Russia bank with about US$4mn in assets, hea
d 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 I
nternational Financial Centre and in Hong Kong. In 2006, ICICI Bank UK opened a
branch in Antwerp, in Belgium. ICICI opened representative offices in Bangkok, J
akarta, and Kuala Lumpur. In 2007, ICICI amalgamated Sangli Bank, which was head
quartered in Sangli, in Maharashtra State, and which had 158 branches in Maharas
htra 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 spher
e, 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. Peter
sburg. In 2008, The US Federal Reserve permitted ICICI to convert its representa
tive office in New York into a branch. ICICI also established a branch in Frankf
urt. In 2009, ICICI made huge changes in its organisation like elimination of lo
ss making department and restreching outsourced staff or renegotiate their charg
es in consequent to the recession. In addition to this, ICICI adopted a massive
approach aims for cost control and cost cutting. In consequent of it, compesatio
n to staff was not increased and no bonus declared for 2008-09.
On 23 May ICICI Bank announced that it would merge with Bank of Rajasthan throug
h a share-swap in a non-cash deal that values the Bank of Rajasthan at about 3,0
00 crore. ICICI announced that the merger expand ICICI Bank s branch network by
25%.[9][10][11]
On 18h October 2010, ICICI will inaugurate I-Express, an instant cross-border mo
ney transfer option for Non-Resident Indians (NRIs). This service will be availa
ble through the ICICI Bank s select partners in the Gulf Cooperation Council. [1
2]
[edit] Controversy
ICICI Bank has been in focus in recent years because of alleged harassment of cu
stomers by its recovery agents. Listed below are some of the related news links:
• ICICI Bank was fined 55 lakh for hiring goons (known coloquially as "goondas") t
o 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 le
ft 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 brea
ch of terms of contract of hire-purchase/loan agreement by seizing the vehicle i
llegally","No civilised society governed by the rule of law can brook such kind
of conduct" said Justice Kaleem, who was born in Laddhawala, Muzaffarnagar is th
e president of the consumer commission.[13][14][15][16][17][18][19][20]
• Four ICICI loan employees arrested on theft charges in Punjab [21]
• ICICI Bank told to pay 1 lakh as compensation for using unlawful recovery method
s.[22]
• RBI warns ICICI Bank for coercive methods to recover loans[23]
• 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
.[24] According to the suicide note they advised him, "If you cannot repay the b
ank 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 co
mmit suicide."[25] India biggest private bank has compensated the life by money
[26]
• ICICI Bank on huge car recovery scam in Goa - ICICI Bank invest in car-jackers t
o recover loans in Goa. A half an hour investigative report on CNN-IBN s 30 Minu
tes. The under cover report was executed by CNN-IBN s Special Investigations Tea
m from Mumbai, led by Ruksh Chatterji [27]
• 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.[28
]
• A father while talking to Times of India, alleged that "ICICI Bank recovery agen
ts visited his house and threatened his family. And his son Nikhil consumed pois
on because of the tension".[29]
• 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-tre
atment meted out by ICICI Bank s recovery agents and had thus decided to end her
life.[30]
• 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 aw
ay his vehicle. Feeling frustrated and insulted, he reportedly committed suicide
.[31]
• 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 def
aulted on his loan.“They humiliated me no end. They ripped my shirt, shaved my mou
stache, cut my hair and gave electric shocks on my chest and even spat on my fac
e" adds Murthy.[32]
• A dozen recovery agents of ICICI Bank, riding on bikes, allegedly forced a promi
nent lawyer, Someshwari Prasad, to stop his car. They held Prasad at gunpoint an
d also slapped him to force him. A manager of the ICICI Bank branch, Rakesh Meht
a, along with four other employees were arrested.[33]
• In a landmark case, Allahabad High Court had ordered registration of an FIR agai
nst 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.[34] When the Su
preme Court wanted to know about the procedure adopted by the Bank, ICICI Bank c
ounsel said notice would be sent to a defaulter asking him either to pay the ins
talments or hand over the vehicle purchased on loan, failing which the agents wo
uld be asked to seize it. When the Bench pointed out that recovery or seizure co
uld 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 mil
lions of defaulters".[35]
• Taking strong exception to ICICI Bank s use of goondas against a defaulter, th
e president of Consumer Disputes Redressal Forum said, "The fact leaves us aghas
t at the manner of functioning and goondaism in which the bank is involved for a
petty amount of 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 m
onthly instalments". But the court found out that the records proved otherwise.[
36]
• Two senior ICICI Bank officials were booked for abducting one Vikas Porwal from
his house and keeping him hostage in the Bank s premises.[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 nev
er 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 sustai
ned injuries.[39]
• An 18-year-old boy was allegedly kidnapped and detained at the Pune branch of IC
ICI Bank.[40]
• There have been several other minor legal cases accusing harassment by ICICI Ban
k [41][42][43][44][45]
• A consumer court imposed a joint penalty of 25 lakh on ICICI Bank and American E
xpress Bank for making unsolicited calls.[46]