The Industrial Credit and Investment Corporation of India (ICICI) was a government institution established on 5 January 1955 and SirArcot Ramasamy Mudaliar was elected as the first Chairman of ICICI Ltd. It was structured as a joint-venture of theWorld 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 inVadodara. The bank was founded as theIndustrial 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 itswholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank.[21] Themerger of parent ICICI Ltd. into its subsidiary ICICI Bank led toprivatization.
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 ofsubsidiaries andaffiliates like ICICI Bank. ICICI Bank launchedInternet 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 anequity offering in the form ofAmerican depositary receipts on theNYSE in 2000.[23] ICICI Bank acquired theBank 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 areverse merger in 2002.[26] During the2008 financial crisis, customersrushed to ICICI ATMs and branches in some locations due to rumours ofbank 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 outwardremittance platform called Money2World foronline outward remittance transactions for non-ICICI and ICICI customers.[28][29]
In March 2020, the board of ICICI Bank Ltd. approved an investment of₹10 billion (US$120 million) inYes Bank, resulting in a 5% ownership interest in Yes Bank.[citation needed]
1996: ICICI Ltd. A 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 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]
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 inMaharashtra, and it had 198 branches. It had 158 inMaharashtra and 31 inKarnataka, and others inGujarat,Andhra Pradesh,Tamil Nadu,Goa, andDelhi. Its branches were relatively evenly split between metropolitan areas and rural or semi-urban areas.[37]
2010: TheBank of Rajasthan (BOR) was acquired by the ICICI Bank in 2010 for₹30 billion (US$350 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]
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 theNational Stock Exchange of India on behalf of theGovernment 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]
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 andunderbanked population of the country. Using technologies likesmart cards,biometrics and a basket of support services, FINO enables financial institutions to conceptualise, develop and operationalise projects to support sector initiatives inmicrofinance and livelihoods.[41]
North Eastern Development Finance Corporation Ltd. (NEDFi)[43] 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.[44]
Following the enactment of theSecuritisation 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.[45][46]
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.[47]
ICICI Securities Limited was established in March 1995 as a wholly-owned subsidiary of ICICI Bank.[48][49] The company provides services in equity and derivatives trading, as well as research related to stock and commodity markets. Its retail broking platform, ICICI Direct, facilitates the distribution of third-party financial products, including mutual funds, insurance, fixed deposits, bonds, exchange-traded funds, and pension schemes.[50]
ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank, whose corporate office is located inToronto. Established in December 2003,[51] ICICI Bank Canada is a full-service direct bank with assets of about $6.5 billion as of 31 December 2019.[51] It is governed by Canada'sBank Act and operates under the supervision of theOffice of the Superintendent of Financial Institutions.[52] The bank has seven branches in Canada.[51]
In November 2003, ICICI Bank Canada was established as aSchedule II (foreign-owned or -controlled) bank, and its head office and downtown Toronto branch was opened in December.[51] In 2008, the bank relocated its corporate office to the Don Valley Business Park in Toronto.
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.[57] Presently the Bank has seven branches[58] in the UK: one each inBirmingham,East Ham,Harrow,London,Manchester,Southall andWembley.
A number of cases were filed against ICICI Bank and its employees for using "brutal measures" in its recovery methods against loan payment defaulters and credit card payments, with allegations that the bank was using goons to recover the money and that the recovery agents exhibited "inappropriate" and, in some cases, "inhuman" behaviour. Incidents were reported wherein the defaulters were put to "public shame" by the recovery agents. In some cases, notes written by the bank's employees asking the defaulters to "sell everything in the house, including family members" were found. Some suicide notes reportedly spoke of the bank's recovery methods as the cause of the suicide. Subsequently, the bank faced legal cases and monetary penalties.[59][60]
On 4 October 2018,Chanda Kochhar stepped down as MD andCEO of ICICI Bank following allegations ofcorruption.[68] In January 2019, based on the report of an enquiry panel headed byJustice Srikrishna, the bank boardterminated her employment, and asked for aclaw back of bonuses and benefits.[69] In 2020, theEnforcement Directorate provisionally seized assets and shares belonging to Chanda Kochhar worth more than₹78 crore (US$11.08 million), in relation to theICICI bank loan case.[70]
^"Monetary and Credit Information Review". Reserve Bank of India. 31 January 2024.Archived from the original on 30 November 2024. Retrieved5 September 2024.Domestic Systemically Important Banks (D-SIBs) - The Reserve Bank on January 2, 2023 released the list of Domestic Systemically Important Banks (D-SIBs). State Bank of India, ICICI Bank, and HDFC Bank continue to be identified as D-SIBs, under the same bucketing structure as in the 2021 list of D-SIBs.
^"Who We Regulate – Foreign Banks".Office of the Superintendent of Financial Institutions Canada. 30 October 2012.Archived from the original on 21 August 2019. Retrieved16 October 2019.
^"Member Banks".Canadian Bankers Association.Archived from the original on 26 June 2019. Retrieved16 October 2019.
^"List of Members".Canada Deposit Insurance Corporation.Archived from the original on 16 October 2019. Retrieved16 October 2019.
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.eISSN1932-2054.ISSN1932-2062.
₹294,587crore (US$35 billion)[3] (2025)
129,177 (2025)[5]
