ICICI Bank facts for kids
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Headquarters in Bandra Kurla Complex, Mumbai
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Formerly
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Industrial Credit and Investment Corporation of India (as a Government Organization) |
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| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=INE090A01021 INE090A01021] |
| Industry | Financial services |
| Founded | 5 January 1994 |
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Number of locations
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5,900 (March 2023) |
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Area served
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Worldwide |
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Key people
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| Revenue |  ₹236,037.72 crore (US$40 billion) (2024) |
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Operating income
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₹64,146.77 crore (US$11 billion) (2024) |
| ₹44,256.37 crore (US$7.5 billion) (2024) |
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| Total assets | ₹2,364,063.03 crore (US$400 billion) (2024) |
| Total equity | ₹270,032.26 crore (US$46 billion) (2024) |
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Number of employees
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130,542(2022) |
| Subsidiaries | ICICI Prudential Life Insurance ICICI Prudential Mutual Fund ICICI Lombard ICICI Securities ICICI Direct ICICI Home Finance Company |
| Capital ratio | Tier 1 16.97% (2022) |
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ICICI Bank Limited is a big Indian company that offers banking and financial services. Its main office is in Mumbai, India. It helps both large companies and everyday people with their money needs.
The bank has many branches and ATMs across India. It also has offices in 17 other countries around the world. ICICI Bank has special branches in the United Kingdom and Canada. It also has offices in places like the United States, Singapore, and China. The Reserve Bank of India (RBI) sees ICICI Bank as a very important bank. This means it is considered "too big to fail" because it plays a huge role in India's economy.
Contents
History of ICICI Bank
ICICI started as a government organization on January 5, 1955. Its full name was the Industrial Credit and Investment Corporation of India. It was set up with help from the World Bank to lend money to Indian industries.
ICICI Bank was created by ICICI in 1994 in Vadodara. It was first called the Industrial Credit and Investment Corporation of India Bank. Later, its name was shortened to ICICI Bank. In 2001, ICICI and some of its smaller finance companies joined with ICICI Bank. This made ICICI Bank a private company.
In the 1990s, ICICI changed from just lending money to industries. It started offering many different financial services. ICICI Bank launched its Internet Banking services in 1998. This allowed people to do banking online.
In 2000, ICICI Bank shares were listed on the NYSE in New York. This made it the first Indian bank to be listed there. In 2001, ICICI Bank bought another bank called Bank of Madura. During the financial crisis of 2007–2008, some people worried about the bank. But the Reserve Bank of India quickly said that ICICI Bank was strong and safe.
In 2015, ICICI Bank launched 'Money2World'. This platform made it easy for anyone to send money abroad online. In 2020, ICICI Bank invested in Yes Bank, another Indian bank.
How ICICI Bank Grew: Acquisitions
ICICI Bank has grown by buying other companies over the years. This helped it offer more services and reach more customers.
- 1997: It acquired ITC Classic Finance, a company that helped people buy things like cars and trucks.
- 1998: It bought Anagram Finance, which had many branches in different parts of India.
- 2001: It acquired Bank of Madura, which helped the bank grow its customer base.
- 2005: It bought Investitsionno-Kreditny Bank (IKB), a bank in Russia.
- 2007: It acquired Sangli Bank, a private bank with many branches in India.
- 2010: It bought Bank of Rajasthan (BOR). This bank then became part of ICICI Bank.
ICICI Bank's Role in India's Financial System
ICICI Bank has helped create important financial organizations in India. These organizations make the country's financial system stronger.
- National Stock Exchange of India (NSE): In 1992, ICICI helped start the NSE. This is a place where people can buy and sell company shares and other investments across India.
- CRISIL: In 1987, ICICI helped set up CRISIL. This was India's first company to rate how risky it is to lend money to companies.
- NCDEX: In 2003, ICICI Bank helped create the National Commodities and Derivatives EXchange. This is a place to trade things like farm products.
- FINO Cross Link to Case Link Study: In 2006, ICICI Bank supported FINO. This company uses technology like smart cards to help people in rural areas get banking services.
- Entrepreneurship Development Institute of India (EDII): In 1983, ICICI helped establish EDII. This institute helps people learn how to start and run their own businesses.
- Eastern Development Finance Corporation (NEDFI): In 1995, ICICI helped promote NEDFI. This organization helps develop industries in the North Eastern states of India.
- Asset Reconstruction Company India Limited (ARCIL): In 2003, ICICI Bank helped set up ARCIL. This company helps banks recover money from loans that are not being paid back.
- Credit Information Bureau of India Limited (CIBIL): In 2000, ICICI Bank helped create CIBIL. This bureau collects information about people's credit history. This helps banks decide if they should lend money.
Products and Services
ICICI Bank offers many products and services to its customers.
- Accounts: You can open savings accounts and current accounts.
- Loans: They offer different types of loans like home loans, personal loans, car loans, and business loans.
- Deposits: You can put your money in fixed deposits or recurring deposits to earn interest.
- Cards: They provide credit cards and debit cards.
- Digital Banking: ICICI Bank has many digital tools.
- iMobile Pay: This app lets you do banking and make payments easily. It was first launched in 2008 and updated in 2020. You can use it even if you don't have an ICICI Bank account.
- InstaBIZ: Launched in 2019, this app helps small and medium businesses with their banking needs. It allows businesses to collect payments using UPI IDs and QR codes.
- ICICI STACK: This is a set of digital banking services for individuals and businesses. It includes online payments, digital accounts, and instant loans.
- Other Services: They also offer services for people living abroad (NRI Banking), money transfers, and safe deposit boxes.
ICICI Bank's Global Family: Subsidiaries
ICICI Bank has several companies that are part of its larger group. These are called subsidiaries.
ICICI Prudential Life Insurance
This company provides life insurance plans.
ICICI Lombard
This company offers non-life insurance, like car insurance or health insurance.
ICICI Prudential Mutual Fund
This company helps people invest their money in Mutual funds.
ICICI Securities
This company helps people buy and sell shares in the stock market.
ICICI Bank Canada
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| Subsidiary | |
| Industry | Financial services |
| Founded | 2003 |
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Key people
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Vikash Sharma (President and Chief Executive Officer) |
| Parent | ICICI Bank Limited |
ICICI Bank Canada is a part of ICICI Bank located in Toronto, Canada. It started in December 2003. It is a full-service bank that offers many banking services. The bank has seven branches across Canada. It is regulated by Canadian banking laws and protects customer deposits. ICICI Bank Canada also offers online banking and a mobile banking app.
ICICI Bank UK PLC
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An ICICI Bank branch in London, United Kingdom
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| Subsidiary | |
| Industry | Financial services |
| Founded | 2003 |
| Parent | ICICI Bank Limited |
ICICI Bank UK PLC was set up in England in 2003. It became a public company in 2006. This bank has seven branches in the UK, including in London and Manchester. It offers services like current accounts, savings accounts, and money transfers to India. It is regulated by financial authorities in the UK and customer deposits are protected. In 2019, it launched a way to open accounts instantly using its iMobile app.
ICICI Bank Regional Subsidiaries
ICICI Bank also has operations in other places like Bahrain, Germany, Hong Kong, and China.
See also
In Spanish: ICICI Bank para niños
- Banking in India
- List of banks in India
- Reserve Bank of India
- ICICI Lombard General Insurance
- ICICI Prudential Life Insurance
- ICICI Prudential Mutual Fund
