ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
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![]() Headquarters in Bandra Kurla Complex, Mumbai | |
Formerly | Industrial Credit and Investment Corporation of India (as a Government Organization) |
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Company type | Public |
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ISIN | INE090A01021 |
Industry | Financial services |
Founded | 5 January 1994 |
Headquarters | |
Number of locations | 6,523 [1] (March 2024) |
Area served | Worldwide |
Key people |
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Products | |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 1,35,900 (2024)[5] |
Subsidiaries | ICICI Prudential Life Insurance[6] ICICI Prudential Mutual Fund ICICI Lombard[7] ICICI Securities[8] ICICI Direct[9] ICICI Home Finance Company |
Capital ratio | Tier 1 16.97% (2022)[10] |
Rating | |
Website | www |
ICICI Bank has a network of 6,523 branches and 17,190 ATMs across India, and has a presence in 17 countries.[12] The bank has subsidiaries in the United Kingdom and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance Centre, China[13] and South Africa;[14] as well as representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has also established branches in Belgium and Germany.[15] The Reserve Bank of India (RBI) has identified the State Bank of India, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs), which are often referred to as banks that are “too big to fail”.[16][17]
History
editThe Industrial Credit and Investment Corporation of India (ICICI) was a government institution established on 5 January 1955 and Sir Arcot Ramasamy Mudaliar was elected as the first Chairman of ICICI Ltd. It was structured as a joint-venture of the World Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry.[18][19] ICICI Bank was established by ICICI, as a wholly owned subsidiary in 1994 in Vadodara. The bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to ICICI Bank. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank.[20] The merger of parent ICICI Ltd. into its subsidiary ICICI Bank led to privatization.
In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. ICICI Bank launched Internet Banking operations in 1998.[21]
ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in 1998, followed by an equity offering in the form of American depositary receipts on the NYSE in 2000.[22] ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001–02.[23] In 1999, ICICI become the first Indian company and the first bank or a financial institution from non-Japan Asia to be listed on the NYSE.[24]
ICICI, ICICI Bank, and ICICI subsidiaries ICICI Personal Financial Services Limited and ICICI Capital Services Limited merged in a reverse merger in 2002.[25] During the financial crisis of 2007–2008, customers rushed to ICICI ATMs and branches in some locations due to rumors of bank failure. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumours.[26]
In 2015, ICICI unveiled an outward remittance platform called ‘Money2World’. The first of its kind, it enabled fully online outward remittance transactions for non-ICICI and ICICI customers alike.[27][28] In March 2020, the board of ICICI Bank Ltd. approved an investment of ₹10 billion (US$120 million) in Yes Bank, resulting in a 5% ownership interest in Yes.
Acquisitions
edit- 1996: ICICI Ltd. A diversified financial institution with headquarters in Mumbai[29]
- 1997: ITC Classic Finance. Incorporated in 1986, ITC Classic was a non-bank financial firm that engaged in hire, purchase and leasing operations. At the time of being acquired, ITC Classic had eight offices, 26 outlets and 700 brokers.[30]
- 1997: SCICI (Shipping Credit and Investment Corporation of India)[31]
- 1998: Anagram (ENAGRAM) Finance. Anagram had built up a network of some 50 branches in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in the retail financing of cars and trucks. It also had some 250,000 depositors.[32]
- 2001: Bank of Madura[33]
- 2002: The Darjeeling and Shimla branches of Grindlays Bank[34]
- 2005: Investitsionno-Kreditny Bank (IKB), a Russian bank[35]
- 2007: Sangli Bank. Sangli Bank was a private sector unlisted bank, founded in 1916, and 30% owned by the Bahte family. Its headquarters were in Sangli in Maharashtra, and it had 198 branches. It had 158 in Maharashtra and 31 in Karnataka, and others in Gujarat, Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches were relatively evenly split between metropolitan areas and rural or semi-urban areas.[36]
- 2010: The Bank of Rajasthan (BOR) was acquired by the ICICI Bank in 2010 for ₹30 billion (US$360 million). Reserve Bank of India was critical of BOR's promoters not reducing their holdings in the company. BOR has since been merged with ICICI Bank.[29]
Role in Indian financial infrastructure
editICICI Bank has contributed to the setting up of a number of Indian institutions to establish financial infrastructure in the country over the years:
- In 1992, India's leading financial institutions, including ICICI Ltd., promoted the National Stock Exchange of India on behalf of the Government of India to establish a nationwide trading facility for equities, debt instruments, and hybrids, ensuring equal access to investors across the country through an appropriate communication network.[37]
- In 1987, ICICI Ltd along with UTI set up CRISIL as India's first professional credit rating agency.[38]
- 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 Fertiliser Cooperative Limited (IFFCO) and Punjab National Bank.[39]
- ICICI Bank facilitated the setting up of "FINO Cross Link to Case Link Study" in 2006, as a company that would provide technology solutions and services to reach the underserved and underbanked population of the country. Using technologies like smart cards, biometrics and a basket of support services, FINO enables financial institutions to conceptualise, develop and operationalise projects to support sector initiatives in microfinance and livelihoods.[40]
- Entrepreneurship Development Institute of India (EDII), was set up in 1983, by the erstwhile apex financial institutions like IDBI, ICICI, IFCI and SBI with the support of the Government of Gujarat as a national resource organisation committed to entrepreneurship development, education, training and research.[41]
- Eastern Development Finance Corporation (NEDFI) was promoted by national-level financial institutions like ICICI Ltd in 1995 at Guwahati, Assam for the development of industries, infrastructure, animal husbandry, agri-horticulture plantation, medicinal plants, sericulture, aquaculture, poultry and dairy in the North Eastern states of India.[42]
- Following the enactment of the Securitisation Act in 2002, ICICI Bank, together with other institutions, set up Asset Reconstruction Company India Limited (ARCIL) in 2003. ARCIL was established to acquire non-performing assets (NPAs) from financial institutions and banks with a view to enhance the management of these assets and help in the maximisation of recovery.[43][44]
- ICICI Bank helped establish India's first national credit bureau, Credit Information Bureau of India Limited (CIBIL), in 2000. CIBIL provides credit information reports to its members, containing the credit history of both commercial and consumer borrowers.[45]
Products
editICICI Bank offers products and services such as savings and current accounts,[46] trade and forex services, fixed and recurring deposits, business loans, home loans, personal loans, auto loans, and gold loans, NRI Banking services, remittances, card services, lockers, agri and rural services.[47] The digital platforms that ICICI Bank offers include iMobile Pay,[48] InstaBiz,[49] Digital Rupee App,[50] Retail Internet Banking, Corporate Internet Banking,[47] Money2India, Money2World,[51] and digital wallet named Pockets by ICICI Bank.[52]
In March 2020, ICICI Bank launched 'ICICI STACK,' a digital banking suite for individuals, merchants, and corporates, providing online services such as payments, digital accounts, instant loans, insurance, investments, and more.[53]
In December 2020, ICICI Bank introduced 'iMobile Pay', an interoperable app offering payment and banking services to customers across various banking institutions.[48] The app was originally launched as iMobile in 2008.[54] iMobile Pay provides over 350 services.[55] iMobile Pay registered over 10 million sign-ups from non-ICICI Bank account holders by the end of September in 2023.[56][57]
In July 2019, ICICI Bank introduced the InstaBIZ app to offer enhanced banking and value-added services to micro, small, and medium (MSME) customers, and customers of any bank.[49]InstaBIZ offers interoperability, enabling merchants to instantly collect payments using UPI IDs and QR codes.[58] The app currently has approximately 1.5 million active users, with a year-on-year throughput growth of over 70%.[59]As of September 2022, the platform had accumulated around 195,000 registrations from non-ICICI Bank account holders.[60]
Subsidiaries
editICICI Prudential Life Insurance
editICICI Lombard
editICICI Prudential Mutual Fund
editICICI Securities
editICICI Bank Canada
editCompany type | Subsidiary |
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Industry | Financial services |
Founded | 2003 |
Headquarters | |
Key people | Vikash Sharma (President and Chief Executive Officer) |
Parent | ICICI Bank Limited |
Website | www.icicibank.ca |
ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank, whose corporate office is located in Toronto. Established in December 2003,[61] ICICI Bank Canada is a full-service direct bank with assets of about $6.5 billion as of 31 December 2019.[61] It is governed by Canada's Bank Act and operates under the supervision of the Office of the Superintendent of Financial Institutions.[62] The bank has seven branches in Canada.[61]
In 2003, ICICI Bank Canada was established as a Schedule II (foreign-owned or -controlled) bank. It was incorporated in November and opened its head office and downtown Toronto branch in December.[61] In 2004 it launched an online banking platform. In 2005, it launched its financial advisor services channel. In 2008, the bank relocated its corporate office to the Don Valley Business Park in Toronto. In 2010, it launched a mortgage broker service. In 2014, the bank launched a mobile banking app.
ICICI Bank Canada is a member of several esteemed trade association; as well as the Canadian Bankers Association (CBA);[63] a registered member with the Canada Deposit Insurance Corporation (CDIC),[64] a federal agency insuring deposits at all of Canada's chartered banks; Interac Association;[65] Cirrus Network; and The Exchange Network.[66]
ICICI Bank UK PLC
edit An ICICI Bank branch in London, United Kingdom | |
Company type | Subsidiary |
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Industry | Financial services |
Founded | 2003 |
Headquarters | |
Parent | ICICI Bank Limited |
Website | www.icicibank.co.uk |
ICICI Bank UK PLC was incorporated in England and Wales on 11 February 2003, as a private company with the name ICICI Bank UK Ltd. It then became a public limited company on 30 October 2006.[67] Presently the Bank has seven branches[68] in the UK: one each in Birmingham, East Ham, Harrow, London, Manchester, Southall and Wembley.
The bank currently has seven branches in the UK. ICICI Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. It is covered by the Financial Services Compensation Scheme (FSCS). The bank has a long-term foreign currency credit rating of Baa1 from Moody's. On 31 March 2019, it had a capital adequacy ratio of 16.8%.[67]
ICICI Bank UK PLC offers products and services such as a current account, savings account, remittance to India, safe deposit box, NRI Services, business banking, foreign exchange services, commercial real estate and corporate banking.[69] In 2019, ICICI Bank UK PLC launched an instant account opening facility through its iMobile app.[70][71]
ICICI Bank US
editICICI Bank Regional Subsidiaries
editICICI Bank has operations in Bahrain, Germany, Europe, Hong Kong, and China in addition to the countries mentioned above.
Controversies
editInhumane debt recovery methods
editA few years after its rise to prominence in the banking sector, ICICI Bank faced allegations on the recovery methods it used against loan payment defaulters. A number of cases were filed against the bank and its employees for using "brutal measures" to recover the money. Most of the allegations were that the bank was using goons to recover the credit card payments and that these "recovery agents" exhibited inappropriately and in some cases, inhuman behaviour. Incidents were reported wherein the defaulters were put to "public shame" by the recovery agents
The bank also faced allegations of inappropriate behaviour in recovering its loans. These allegations started initially when the "recovery agents" and bank employees started threatening the defaulters. In some cases, notes were written by the bank's employees asking the defaulters to "sell everything in the house, including family members", were found. Such charges faced by the bank rose to a peak when suicide cases were reported, wherein the suicide notes spoke of the bank's recovery methods as the cause of the suicide. This led to legal battles and the bank paying huge compensation.[72][73]
Money laundering allegations
editICICI Bank was one of the leading Indian banks accused of blatant money laundering through violation of RBI guidelines in the famous CobraPost[74] sting operation which shook up Indian banking industry during April–May 2013.[75]
On 14 March 2013 the online magazine Cobrapost released video footage from Operation Red Spider showing high-ranking officials and some employees of ICICI Bank agreeing to convert black money into white, an act in violation of Prevention of Money Laundering Act, 2002. The Government of India and Reserve Bank of India ordered an inquiry following the exposé. On 15 March 2013, ICICI Bank suspended 18 employees, pending inquiry.[76][77][78] On 11 April 2013 the Deputy Governor of RBI, Harun Rashid Khan reportedly said that the central bank was initiating action against ICICI Bank in connection with allegations of money laundering.[79][80]
Chanda Kochhar fraud case
editOn 4 October 2018, the then MD & CEO Chanda Kochhar stepped down from her position following allegations of corruption.[81] In January 2019, based on the report of an enquiry panel headed by Justice Srikrishna, the bank board officially terminated her from service. It also become one of the first in the country to ask for a claw back of bonuses and benefits.[82] In 2020 the Enforcement Directorate provisionally seized assets and shares belonging to Chanda Kochhar with an estimated value of more than ₹780 million (US$9.3 million), in relation to the ICICI bank loan case.[83]
See also
editReferences
edit- ^ "ICICI Bank Annual Report" (PDF). 8 August 2024.
- ^ "ICICI Bank appoints former IAS Girish Chandra Chaturvedi as non-executive part-time chairman". Business Today. Retrieved 25 September 2020.
- ^ a b c "ICICI Bank Consolidated Profit & Loss account, ICICI Bank Financial Statement & Accounts" (PDF). www.icicibank.com. Retrieved 27 April 2024.
- ^ a b "ICICI Bank Consolidated Balance Sheet, ICICI Bank Financial Statement & Accounts" (PDF). www.icicibank.com. Retrieved 27 April 2024.
- ^ "ICICI Bank Annual Report 2024" (PDF). Retrieved 8 August 2024.
- ^ "ICICI Bank sells 1.5% stake in ICICI Prudential Life Insurance for Rs 840 crore". Zee News. 22 June 2020.
- ^ "ICICI Bank divests stake in ICICI Prudential for Rs 2,250 crore". The Statesman. 22 June 2020.
- ^ "ICICI Securities". www.icicisecurities.com.
- ^ "ICICIdirect - Online Share Trading in India at low brokerage". www.icicidirect.com.
- ^ "Basel – Pillar 3 Disclosures" (PDF). icicibank.com. 30 June 2022.
- ^ a b c Credit Rating ICIC Bank
- ^ "ICICI Bank Annual Report" (PDF). 8 August 2024.
- ^ "PM Modi inaugurates ICICI Bank's first Chinese branch in Shanghai". The Economic Times. 16 May 2015.
- ^ "ICICI Bank enter South Africa, opens branch in Johannesburg". Zee News.
- ^ "ICICI UK opens branch in Frankfurt". Sify. 29 February 2008. Archived from the original on 22 October 2012. Retrieved 30 July 2011.
- ^ "Reserve Bank of India - Publications".
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- ^ "NOS on ICICI" (PDF). NOS org. Archived from the original (PDF) on 22 March 2012. Retrieved 5 August 2011.
- ^ "about ICICI". lloydstsb. Archived from the original on 23 December 2012. Retrieved 5 August 2011.
- ^ "ICICI Bank, ICICI ratify merger, swap ratio at 1:2". The Times of India. 26 October 2001.
- ^ "The CEO as CIO: An interview with K. V. Kamath of ICICI". McKinsey & Company. Spring 2007. Archived (PDF) from the original on 27 September 2011. Retrieved 29 July 2011.
- ^ "ICICI Bank History". Times Internet.
- ^ "Bank of Madura, ICICI Bank merger – a synergy for better service". The Hindu. 28 December 2000.
- ^ "ICICI Bank _NYSE". Mondovisione.
- ^ "RBI Clears ICICI-ICICI Bank Merger With Conditions". Financial Express. Mumbai. 27 April 2002. Retrieved 24 October 2020.
- ^ "ICICI Financial Rumours". Indian Express. 1 October 2008.
- ^ "ICICI Bank | ICICI Bank launches 'Money2World', India's first fully online service for outward remittances". www.icicibank.com. 12 October 2015. Retrieved 15 April 2024.
- ^ "ICICI Bank launches outward remittance service for non-account holders". 13 October 2015.
- ^ a b "ICICI Bank History". Times Internet.
- ^ "Itc Classic To Merge Into Icici". 27 November 1997. Retrieved 22 May 2015.
- ^ "Icici-Scici Merger Sets Trend For Consolidation". 26 December 1997. Retrieved 2 March 2019.
- ^ "ICICI swallows Anagram Finance". 21 May 1998. Retrieved 22 May 2015.
- ^ "Bank of Madura, ICICI Bank merger – a synergy for better service". The Hindu. Retrieved 22 May 2015.[dead link]
- ^ "Icici Bank To Pick Grindlays Shimla, Darjeeling Branches". 29 June 2002. Retrieved 22 May 2015.
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- ^ "A global analytical company providing Ratings, Research, and Risk and Policy Advisory services". CRISIL. 30 June 2011. Archived from the original on 28 July 2011. Retrieved 30 July 2011.
- ^ "Commodity Market|Commodity Price|Futures|Trading|Bullion|Indian Commodity Exchange|Agri Commodity Price|Commodities". NCDEX. Retrieved 30 July 2011.
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- ^ a b "Products". ICICI Bank. Retrieved 12 September 2018.
- ^ a b "ICICI Bank launches 'iMobile Pay': Country's first app that provides payments and banking services for all". Moneycontrol. 7 December 2020.
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- ^ Kishore Jaleel, Tania (16 March 2009). "Best routes to send money abroad". Livemint.
- ^ Ojha, Sangeeta (26 May 2021). "Back Back ICICI Bank links UPI ID facility to its 'Pockets' digital wallet". Livemint.
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- ^ "ICICI Bank iMobile Pay app: Now, pay credit card bills of any bank instantly". Livemint. 6 September 2021.
- ^ "iMobile Pay registered over 10 million sign-ups from non-ICICI Bank account holders by the end of September in 2023". CNBC TV18. 21 October 2023.
- ^ Adhikari, Anand (5 February 2023). "ICICI Bank is transforming banking through tech infusion, but is that enough?". Business Today (India).
- ^ "ICICI Bank makes 'InstaBIZ' interoperable". Livemint. 9 February 2022.
- ^ Choudhary, Govind (22 June 2023). "Indian banks enter the QR Code battle. HDFC Bank, Axis Bank join ICICI bank in the race for merchant dominance: Report". Livemint.
- ^ "Back Back ICICI Bank Q2 results: 5 key highlights of the quarter". Livemint. 22 October 2022.
- ^ a b c d "All about ICICI Bank". ICICI Bank Canada. Retrieved 16 October 2019.
- ^ "Who We Regulate – Foreign Banks". Office of the Superintendent of Financial Institutions Canada. 30 October 2012. Retrieved 16 October 2019.
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- ^ a b "About ICICI Bank UK PLC". ICICI Bank UK PLC.
- ^ "ICICI Bank UK PLC Branches". ICICI Bank UK PLC.
- ^ "ICICI Bank UK PLC Products & Services". ICICI Bank UK PLC.
- ^ "ICICI Bank UK PLC Launches Instant Account Opening On iMobile App – Financial Express ►". Financial Express. 2 October 2019.
- ^ "ICICI Bank UK PLC Launches Instant Account Opening On iMobile App – Business World ►". Business World.
- ^ PTI (21 November 2007). "RBI warns ICICI Bank on recovery agents". The Times of India. Archived from the original on 14 July 2013. Retrieved 16 March 2013.
- ^ Sarang, Bindisha (7 January 2013). "How to deal with rising abuse of bank recovery agents". first post. Retrieved 16 March 2013.
- ^ "RBI Probes Cobrapost Report, Reveals Violations By Banks". www.moneycontrol.com. 13 May 2013.
- ^ "Cobra Post Exposure of Indian Banks". The Times of India. Archived from the original on 7 June 2013.
- ^ "Money laundering case: ICICI bank suspends 18 employees". zee news. 15 March 2013. Retrieved 16 March 2013.
- ^ "Probes Begin as Top Indian Banks Are Embroiled in Sting Operation". Wharton School of the University of Pennsylvania. Retrieved 16 March 2013.
- ^ Ronamai, Raymond (15 March 2013). "India's Private Banks Under Scanner: Is RBI to be Blamed for Money Laundering?". International Business Times. Retrieved 16 March 2013.
- ^ PTI (12 April 2013). "Cobrapost expose: IRDA report likely next week". The Hindu. Chennai, India. Retrieved 18 April 2013.
- ^ pti (11 April 2013). "Cobrapost expose: RBI initiating action against banks over money laundering allegations". DNA. Retrieved 18 April 2013.
- ^ "Chanda Kochhar quits ICICI Bank; Sandeep Bakhshi appointed new CEO – Times of India ►". The Times of India. 4 October 2018. Retrieved 9 September 2019.
- ^ "Justice Srikrishna Report" (PDF). Archived from the original (PDF) on 25 November 2020. Retrieved 2 February 2019.
- ^ "ED attaches assets worth Rs 78 crore, shares belonging to Chanda Kochhar". Business Today India. 10 January 2020. Retrieved 28 April 2020.
External links
edit- Official website
- Business data for ICICI Bank:
Further reading
edit- Praveen, Suthrum; Krishnan, M.S. (2010). ICICI Bank (B) Going Global – Going Rural!. William Davidson Institute At The University of Michigan. ISBN 9781616741877.
- Chandani, Arti; Mehta, Mita; Chandrasekaran, K.B. (14 July 2014). "A Working Paper on the Impact of Gender of Leader on the Financial Performance of the Bank: A Case of ICICI Bank". Procedia Economics and Finance. 11: 459–471. doi:10.1016/S2212-5671(14)00212-3. ISSN 2212-5671.
- Parameswar, Nakul; Dhir, Swati; Dhir, Sanjay (16 December 2016). "Banking on Innovation, Innovation in Banking at ICICI Bank". Global Business and Organizational Excellence. 36 (2): 6–16. doi:10.1002/joe.21765. eISSN 1932-2054. ISSN 1932-2062.