ICICI Full Form

By | October 5, 2021
ICICI Full Form

ICICI Full Form

ICICI: Credit and Investment Corporation of India

Initially was the forerunner company of ICICI Bank later on in 2002 assimilated into ICICI Bank. After the coalition of the two, ICICI became ICICI Bank and therefore came to be known as ICICI Bank. The headquarter is situated in Mumbai, Maharashtra, India which operates in 17 countries across the world.

It became the second-largest bank in India in terms of assets as of 2014. A wide range of banking products and services are offered by the bank to its corporate and retail customers.

Product and Services

The popular products and services of ICICI bank are as such:

  • Cards such as credit cards, debit cards, and business cards.
  • Loans such as home loan, personal loan, car loan and two-wheeler loan.
  • Investments such as mutual fund, tax solutions, and PPF.
  • Insurance such as general insurance, health insurance, and life insurance.
  • Deposit schemes such as fixed deposit (FD) and recurring deposit (RD) schemes.
  • Business banking which includes a wide range of current account products, internet banking, and mobile banking.
  • Personal banking offers a savings account with various benefits like debit cards, credit cards, and internet banking.

Brief History

  • In the year 1955, the Industrial Credit and Investment Corporation of India (ICICI) was established.
  • ICICI introduced itself in the banking industry by inaugurating ICICI bank limited as its banking subsidiary in 1994.
  • ICICI bank came to be the first bank to launch internet banking in India in the year 1998.
  • In 2000, it grew at large when the first Indian bank listed on the New York Stock exchange.
  • In 2001, ICICI seized Bank of Madura which was established in 1943.
  • Directors of ICICI and ICICI Bank allowed the reverse merger of ICICI (parent company) into ICICI Bank (subsidiary) in the year 2002.
  • ICICI Bank made its branches accessible in Canada, the United Kingdom (UK) and Singapore. It also established representative offices in Shanghai and Dubai in the year 2003
  • Inauguration of an office in Bangladesh to boundless banking market as well as in South Africa took place in the year 2004.
  • In 2005, ICICI Bank seized over Investitsionno-Kreditny Bank (IKB), a Russian Bank and renamed it ICICI Bank Eurasia. And also in the same year launched a branch in Dubai and Hong Kong.
  • In 2006, it rooted a branch in Antwerp, Belgium and representative offices in Bangkok, Jakarta and Kuala Lumpur.
  • In the year of 2007, the Sangli Bank was overtaken with its 158 branches in Maharashtra and 31 branches in Karnataka.
  • In 2008, it attained the permission of the US Federal Reserve, to transform its New York office into a branch of ICICI bank and inaugurated a branch in Frankfurt in the same year of 2008.
  • In 2013, it became the first private sector bank to launch a mobile branch with ATM in Maharashtra.

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