What is the full form of ICICI Bank?
The full form of ICICI bank is Industrial Credit and Investment Corporation of India.
- Table of contents
About ICICI Bank.
In 1955, ICICI was formed with the initiative of World Bank, Government of India and Indian industrialists. The main objective of creating ICICI was to provide medium-term and long-term project financing to Indian businesses. At the time of ICICI foundation, it was considered as a financial institution in India and Sir Arcot Ramasamy Mudaliar was elected as the first Chairman of ICICI Limited. A few years later i.e. in 1994 ICICI Bank was established by ICICI Ltd, and in 2002, the parent company ICICI Ltd merged with ICICI bank.
Read Also: 150+ Banking Full Form.
History of ICICI Bank.
- In 1994, ICICI Bank was incorporated as a part of the ICICI group.
- In 1998, ICICI bank first launched internet banking in India.
- In 1999, it was the first Indian bank to be listed on the New York Stock Exchange.
- In 2001, ICICI purchased the Bank of Madura.
- In January 2002, The parent company (ICICI) has been merged into a subsidiary company (ICICI Bank).
- In 2003, this bank has opened branches in Canada, UK, and Singapore.
- In 2004, ICICI established an office in Bangladesh to develop the banking industry in Bangladesh and South Africa.
- In 2005, ICICI Bank purchased IKB ( Investitsionno-Kreditny Bank). IKB was a Russian bank and after the acquisition, IKB was renamed to ICICI Bank Eurasia.
- In 2006, ICICI set up a branch in Belgium, Antwerp.
- In 2007, ICICI acquired the Sangli Bank.
- In 2008, With the permission of the United States (US) Federal Reserve, it converted its New York office into a branch of ICICI Bank.
- In 2013, ICICI was the first private-sector bank who launch a mobile branch with an ATM in Maharashtra.
- In 2020, ICICI Bank invest 1,000 crores in Yes Bank Ltd. As a result of this investment, ICICI Bank owns more than five percent of Yes Bank’s shareholding.
Type of products and services offered by ICICI Bank
- Account Types
- Savings Account
- Current Account
- PPF(Public Provident Fund) Account
- Deposit Schemes like
- Fixed Deposit (FD)
- Recurring Deposit (RD)
- Card Services
- Credit card
- Debit card
- Business card
- Loan Schemes like
- Car loan
- Home loan
- Personal loan
- Education loans
- Gold Loans
- Insurance Schemes.
- Health Insurance
- Life Insurance
- General Insurance
- Others Services like
- Branch services
- Internet Banking
- Mobile banking
Read Also: List of All Indian Public and Private Banks
List of Companies under ICICI group
- ICICI Bank India.
- ICICI Venture.
- ICICI Securities.
- ICICI Home Finance Company.
- ICICI Prudential Life Insurance Company.
- ICICI Lombard General Insurance Company.
- ICICI Securities Primary Dealership Limited.
- ICICI Prudential Asset Management Company.
ICICI bank Full Form & ICICI bank related FAQ
1. Full Form of ICICI Bank?
ICICI stands for Industrial Credit and Investment Corporation of India.
2. Who was the first chairman of ICICI?
Sir Arcot Ramasamy Mudaliar
3. Where are the headquarters of ICICI Bank?
Mumbai, Maharashtra, India
4. Is ICICI bank a government bank?
ICICI bank is a leading private-sector bank.
In this article, we have discussed a brief description of ICICI Bank, the Full history of ICICI bank, how ICICI Bank was launched, and when parent organization ICICI Ltd merged with ICICI Bank. Also, we discussed the subsidiaries of ICICI Bank. And finally, at the end of the article we have discussed some questions related to ICICI Bank which are frequently asked on the internet. We hope we have covered most things related to ICICI Bank in this article.
We hope you enjoyed reading this article. And if you have any queries then you can ask in the comment section.