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ICICI Bank

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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.

ICICI Bank
FormerlyIndustrial Credit and Investment Corporation of India (as a Government Organization)
Company typePrivate
ISININE090A01021
IndustryFinancial services
Founded5 January 1955; 69 years ago (1955-01-05)
Headquarters
Mumbai, Maharashtra, India (corporate headquarters)
Vadodara, Gujarat, India (registered office)
Number of locations
6,613 [1] (September 2024)
Area served
Worldwide
Key people
Products
RevenueIncrease ₹236,037 crore (US$28 billion)[3] (2024)
Increase ₹64,146 crore (US$7.7 billion)[3] (2024)
Increase ₹44,256 crore (US$5.3 billion)[3] (2024)
Total assetsIncrease ₹2,364,063 crore (US$280 billion)[4] (2024)
Total equityIncrease ₹270,032 crore (US$32 billion)[4] (2024)
Number of employees
1,35,900 (2024)[5]
SubsidiariesICICI Prudential Life Insurance[6]
ICICI Prudential Mutual Fund
ICICI Lombard[7]
ICICI Securities[8]
ICICI Direct[9]
ICICI Home Finance Company
Capital ratioTier 1 16.97% (2022)[10]
Rating
Websitewww.icicibank.com

ICICI Bank has a network of 6,613 branches and 16,120 ATMs across India.[12] It also has a presence in 11 countries.[13] 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[14] and South Africa;[15] 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.[16] 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".[17][18]

History

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The 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.[19][20] 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.[21] 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.[22]

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.[23] 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.[24] 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.[25]

ICICI, ICICI Bank, and ICICI subsidiaries ICICI Personal Financial Services Limited and ICICI Capital Services Limited merged in a reverse merger in 2002.[26] 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.[27]

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.[28][29] 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.

 
ICICI Bank office in Financial District, Hyderabad.

Acquisitions

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  • 1996: ICICI Ltd. A diversified financial institution with headquarters in Mumbai[30]
  • 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.[31]
  • 1997: SCICI (Shipping Credit and Investment Corporation of India)[32]
  • 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.[33]
  • 2001: Bank of Madura[34]
  • 2002: The Darjeeling and Shimla branches of Grindlays Bank[35]
  • 2005: Investitsionno-Kreditny Bank (IKB), a Russian bank[36]
  • 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.[37]
  • 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.[30]

Role in Indian financial infrastructure

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ICICI 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.[38]
  • In 1987, ICICI Ltd along with UTI set up CRISIL as India's first professional credit rating agency.[39]
  • 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.[40]
  • 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.[41]
  • 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.[42]
  • 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.[43]
  • 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.[44][45]
  • 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.[46]

Products

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ICICI Bank offers products and services such as savings and current accounts,[47] 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.[48] The digital platforms that ICICI Bank offers include iMobile Pay,[49] InstaBiz,[50] Digital Rupee App,[51] Retail Internet Banking, Corporate Internet Banking,[48] Money2India, Money2World,[52] and digital wallet named Pockets by ICICI Bank.[53]

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.[54]

In December 2020, ICICI Bank introduced 'iMobile Pay', an interoperable app offering payment and banking services to customers across various banking institutions.[49] The app was originally launched as iMobile in 2008.[55] iMobile Pay provides over 350 services.[56] iMobile Pay registered over 10 million sign-ups from non-ICICI Bank account holders by the end of September in 2023.[57][58]

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.[50]InstaBIZ offers interoperability, enabling merchants to instantly collect payments using UPI IDs and QR codes.[59] The app currently has approximately 1.5 million active users, with a year-on-year throughput growth of over 70%.[60]As of September 2022, the platform had accumulated around 195,000 registrations from non-ICICI Bank account holders.[61]

Subsidiaries

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ICICI Prudential Life Insurance

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Main article: ICICI Prudential Life Insurance

ICICI Lombard

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Main article: ICICI Lombard

ICICI Prudential Mutual Fund

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Main article: ICICI Prudential Mutual Fund

ICICI Securities

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Main article: ICICIdirect

ICICI Bank Canada

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ICICI Bank Canada
Company typeSubsidiary
IndustryFinancial services
Founded2003
Headquarters
Toronto, Ontario, Canada
Key people
Vikash Sharma (President and Chief Executive Officer)
ParentICICI Bank Limited
Websitewww.icicibank.ca

ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank, whose corporate office is located in Toronto. Established in December 2003,[62] ICICI Bank Canada is a full-service direct bank with assets of about $6.5 billion as of 31 December 2019.[62] It is governed by Canada's Bank Act and operates under the supervision of the Office of the Superintendent of Financial Institutions.[63] The bank has seven branches in Canada.[62]

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.[62] 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);[64] a registered member with the Canada Deposit Insurance Corporation (CDIC),[65] a federal agency insuring deposits at all of Canada's chartered banks; Interac Association;[66] Cirrus Network; and The Exchange Network.[67]

ICICI Bank UK PLC

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ICICI Bank UK PLC
Company typeSubsidiary
IndustryFinancial services
Founded2003
Headquarters
India  
ParentICICI Bank Limited
Websitewww.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.[68] Presently the Bank has seven branches[69] 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%.[68]

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.[70] In 2019, ICICI Bank UK PLC launched an instant account opening facility through its iMobile app.[71][72]

ICICI Bank US

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ICICI Bank Regional Subsidiaries

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ICICI Bank has operations in Bahrain, Germany, Europe, Hong Kong, and China in addition to the countries mentioned above.

Controversies

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Inhumane debt recovery methods

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A 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.[73][74]

Money laundering allegations

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ICICI Bank was one of the leading Indian banks accused of blatant money laundering through violation of RBI guidelines in the famous CobraPost[75] sting operation which shook up Indian banking industry during April–May 2013.[76]

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.[77][78][79] 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.[80][81]

Chanda Kochhar fraud case

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On 4 October 2018, the then MD & CEO Chanda Kochhar stepped down from her position following allegations of corruption.[82] 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.[83] 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.[84]

See also

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References

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  2. ^ "RBI approves appointment of Pradeep Kumar Sinha as Part-time Chairman of ICICI Bank". The Economic Times. Retrieved 25 May 2024.
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  5. ^ "ICICI Bank Annual Report 2024" (PDF). Retrieved 8 August 2024.
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  82. ^ "Chanda Kochhar quits ICICI Bank; Sandeep Bakhshi appointed new CEO – Times of India ►". The Times of India. 4 October 2018. Retrieved 9 September 2019.
  83. ^ "Justice Srikrishna Report" (PDF). Archived from the original (PDF) on 25 November 2020. Retrieved 2 February 2019.
  84. ^ "ED attaches assets worth Rs 78 crore, shares belonging to Chanda Kochhar". Business Today India. 10 January 2020. Retrieved 28 April 2020.
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Further reading

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