ICICI Bank Full Form is Industrial Credits and Investments Corporation of India.
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What Does ICICI Stand For?
It was the parent organization of ICICI Bank which was converged into ICICI Bank in 2002. After the merger, ICICI became ICICI Bank so it is currently called ICICI Bank.
It is settled in Mumbai, Maharashtra, India and is working in 17 nations around the globe. Starting at 2014, it was the second biggest bank in India regarding resources.
The bank offers a wide scope of banking items and administrations to its corporate and retail clients.
Item and Services
A portion of the mainstream items and administrations of ICICI bank are recorded beneath:
- Cards, for example, Visa, charge card and business card.
- Advances, for example, home credit, individual advance, vehicle advance and two – wheeler advance.
- Ventures, for example, common store, charge arrangements and PPF.
- Protection, for example, general protection, medical coverage and extra security.
- Store plans, for example, fixed store (FD) and repeating store (RD) plans.
- Business banking which incorporates wide scope of current record items, web banking and versatile banking.
- Individual financial which offers sparing record with different advantages like charge card, Mastercard and web banking.
- In 1955, Industrial Credit and Investment Corporation of India (ICICI) was established.
- In 1994, ICICI entered the financial business by building up ICICI bank restricted as its financial auxiliary.
- In 1998, ICICI bank turned into the first bank to dispatch web banking in Quite a while.
- In 200, it turned into the principal Indian bank recorded on the New York Stock trade.
- In 2001, ICICI procured Bank of Madura which was set up on 1943.
- In 2002, Directors of ICICI and ICICI Bank endorsed the opposite merger of ICICI (parent organization) into ICICI Bank (auxiliary).
- In 2003, ICICI Bank opened its branches the Canada, the United Kingdom (UK) and in Singapore. It additionally settled agent workplaces in Shanghai and Dubai.
- In 2004, it opened an office in Bangladesh to the broad financial market in Bangladesh and South Africa.
- In 2005, ICICI Bank gained Investitsionno-Kreditny Bank (IKB), a Russian Bank and renamed it ICICI Bank Eurasia. In this year, it additionally settled a branch in Dubai and Hong Kong.
- In 2006, it set up a branch in Antwerp, Belgium and agent workplaces in Bangkok, Jakarta and Kuala Lumpur.
- In 2007, it procured the Sangli Bank which has 158 branches in Maharashtra and 31 expanded in Karnataka.
- In 2008, with the authorization of US Federal Reserve, it changed over its New York office into a part of ICICI bank. In this year, it additionally opened a branch in Frankfurt.
- In 2013, it turned into the primary private area bank to dispatch versatile branch with ATM in Maharashtra.
Function in Indian Financial Infrastructure
ICICI bank has added to the setting up of various Indian organizations to build up budgetary foundation in the nation throughout the long term:
The National Stock Exchange was advanced by India’s driving monetary organizations (counting ICICI Ltd.) in 1992 on sake of the Government of India with the goal of setting up a cross country exchanging office for values, obligation instruments and mixtures, by guaranteeing equivalent admittance to speculators everywhere on the nation through a fitting correspondence organization.
In 1987, ICICI Ltd alongside UTI set up CRISIL as India’s first expert FICO assessment organization.
NCDEX (National Commodities and Derivatives EXchange) was set up in 2003, by ICICI Bank Ltd, LIC, NABARD, NSE, Canara Bank, CRISIL, Goldman Sachs, Indian Farmers Fertilizer Cooperative Limited (IFFCO) and Punjab National Bank.
ICICI Bank encouraged the setting up of “FINO Cross Link to Case Link Study” in 2006, as an organization that would give innovation arrangements and administrations to come to the underserved and underbanked populace of the nation. Utilizing advances like savvy cards, biometrics and a crate of help administrations, FINO empowers monetary establishments to conceptualize, create and operationalise tasks to help part activities in microfinance also, vocations.
Enterprise Development Institute of India (EDII), was set up in 1983, by the recent summit money related organizations like IDBI, ICICI, IFCI and SBI with the help of the Government of Gujarat as a public asset association focused on enterprise improvement, instruction, preparing and research.
Eastern Development Finance Corporation (NEDFI) was advanced by public level monetary organizations like ICICI Ltd in 1995 at Guwahati, Assam for the advancement of businesses, foundation, creature cultivation, agri-cultivation estate, therapeutic plants, sericulture, hydroponics, poultry and dairy in the North Eastern states of India.
Following the authorization of the Securitisation Act in 2002, ICICI Bank, along with different establishments, set up Resource Reconstruction Company India Limited (ARCIL) in 2003. ARCIL was set up to gain non-performing resources (NPAs) from budgetary establishments and saves money with a view to upgrade the administration of these benefits and help in the boost of recuperation.
ICICI Bank has helped in setting up Credit Information Bureau of India Limited (CIBIL), India’s first public credit authority in 2000. CIBIL gives a vault of data (which contains the record of business what’s more, shopper borrowers) to its individuals as credit data reports.
First source, an Indian BPO firm, since stripped.
3i Infotech, an Indian IT/ITES firm, since stripped.
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FAQ For ICICI Bank
Q. 1.Is ICICI Bank a government bank?
Ans. ICICI Bank is a leading private sector bank in India.
Q. 2.Who is founder of Icici Bank?
Ans. Industrial Credit and Investment Corporation of India.
Q. 3.Is Icici Bank International?
Ans. Yes, ICICI Bank is International.
Q. 4.Is Icici Bank under RBI?
Ans. ICICI Bank Limited is incorporated in India and regulated by the Reserve Bank of India.
Q. 5.Who is the chairman of Icici?
Ans. Girish Chandra Chaturvedi
Q. 6.Is Icici credit card free?
Ans. The ICICI Chip Platinum Credit Card is a basic card, which targets the beginners. It is designed to provide extra security, convenience, and flexibility to the customers.