Full Form of ICICI
ICICI Full Form stands for Credit and Investment Corporation of India.
The ICICI Bank full form is the same, representing one of India’s largest private sector banks. Full form of ICICI Bank signifies the bank’s roots in project financing and industrial development. ICICI full form in English and ICICI Bank full name are widely recognized in the global financial market.
The headquarter of ICICI is in Mumbai (Maharashtra), India.
It was the parent organization of ICICI Bank which was integrated with ICICI Bank in 2002. ICICI became ICICI Bank after integrating, so it is now known as ICICI Bank. It is operating in around 17 countries across the world.
It was became the second largest bank in India in 2014. Various banking products and services are offered by the bank customers.
History
The parent organization of ICICI Bank was formed in 1955 as a joint-venture of the World Bank.
ICICI basically focused the activities on its finance project for providing long-term funds to a wide range of industrial projects, 0until the late 1980.
In 1990, ICICI converted its business from a financial institution development which was offering only finance project to financial services which offered a wide range of products and services.
In 1998, ICICI Bank has launched the Internet Banking operations.
In 2001, ICICI Bank purchased the Bank of Madura Limited in stock deal.
In 1994, ICICI Bank was integrated as a part of the ICICI group.
In 1999 From non-Japan Asia to be listed on the New York Stock Exchange, ICICI became the first Indian organization and the first financial institution or bank.
In 2001, The integration of ICICI and two of its totally-owned retail finance subsidiaries have approved by the Boards of Directors of ICICI Bank.
In 2002, the integration was approved by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002 and shareholders of ICICI and ICICI Bank by the High Court of Gujarat at Ahmedabad in March 2002.
In 2003, ICICI opened its branches in the United Kingdom (UK), Singapore and in Canada.
ICICI made an office in Bangladesh to the extensive banking market and South Africa In 2004.
In 2005, ICICI Bank acquired a Russian Bank IKB (Investitsionno-Kreditny Bank) and renamed to it ICICI Bank Eurasia. ICICI also has established a branch in Hong Kong and Dubai.
In 2006, opened branches in Antwerp, Belgium and representative offices in Jakarta and Kuala Lumpur, Bangkok.
In 2007, obtained Sangli Bank which has 31 branches in Karnataka and 158 branches in Maharashtra.
With the permission of US Federal Reserve, it transformed its New York office to ICICI bank, In 2008.
In 2013, ICICI is the first private-sector bank to open a mobile branch with an ATM in Maharashtra, India.
In March 2020, ICICI Bank has approved of Rs.1,000 crore investment in Yes Bank.
Product and Services
- Loans like, car loan and two -wheeler loan, home & personal loan
- credit cards, debit cards and business cards
- Insurance which are like, health and life insurance, general insurance
- Investments like, tax solutions and PPF, mutual fund
- Deposit schemes like, FD (fixed deposit) and RD (recurring deposit) schemes
- Business banking includes wide variety of current account products, internet and mobile banking
- Personal banking includes saving account with several benefits like debit card, credit card etc.
Conclusion
In conclusion, ICICI Bank, formerly known as Industrial Credit and Investment Corporation of India, has a rich history dating back to 1955. From its humble beginnings as a joint-venture of the World Bank to its current status as one of India’s largest banks, ICICI Bank has undergone significant transformations. With its headquarters in Mumbai, India, and operations in 17 countries worldwide, ICICI Bank offers a wide range of banking products and services to its customers. Through its various milestones, including the launch of Internet Banking, acquisitions, and expansions, ICICI Bank has solidified its position as a leading financial institution in India and beyond. Today, ICICI Bank continues to innovate and adapt to the changing banking landscape, making it a key player in the industry.
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