ICICI Full Form
The ICICI Full form stand for Industrial Credit and Investment Corporation of India.
History of ICICI
Industrial Credit and Investment Corporation of India Ltd (or ICICI) was founded in 1955 and in 1994, ICICI Bank was formed as a subsidiary of Industrial Credit and Investment Corporation of India Ltd. Therefore, we had a company called Industrial Credit and Investment Corporation of India Ltd, and a company called ICICI Bank Ltd. With effect from March 31, 2002, by way of a “reverse merger”, Industrial Credit and Investment Corporation of India Ltd was merged into ICICI Bank, by leaving only ICICI Bank as the combined entity and the entity Industrial Credit and Investment Corporation of India Ltd no longer existed.So the ICICI Full form is Industrial Credit and Investment Corporation of India.
- In 1955 ICICI was formed. ICICI joined the financial sector in 1994 through the creation of ICICI Bank as its financial branch.
- In 1998, Industrial Credit and Investment Corporation of India is the Bank became the first bank in India to commened internet banking.
- ICICI was the first Indian bank to be mentioned on the New York Stock exchange in 2000.
- ICICI purchased/Accquired Bank of Madura in 2001 which was founded in 1943.
- The backward merger parent company into ICICI Bank subsidiary was accepted in 2002 by bank directors.
- ICICI Bank launched its branches in various countries i.e. Canada, the UK and Singapore in 2003. It also set up representative bank branches in Dubai & Shanghai.
- In 2004, it start an office in Bangladesh for Bangladesh and South Africa ‘s wide banking industry.
- ICICI Bank acquired/purchaged a Russian subsidiary IKB (Investitsionno-Kreditny Bank) in 2005 and named it ICICI Bank Eurasia. It also set up a branch in Hong Kong & Dubai in the same year.
- ICICI set up a branch in Belgium, Antwerp and representative offices in Jakarta, Bangkok and Kuala Lumpur in 2006.
- In 2008, ICICI transformed its New York branch into a branch of ICICI Bank with the approval of the US Federal Reserve.
- Industrial Credit and Investment Corporation of India Bank was the first private-sector bank to open a mobile branch in Maharashtra with an ATM in 2013.
- In March 2020, ICICI Bank Ltd.’s board approved investment of Rs 1,000 crore investment in Yes Bank Ltd. This investment led to ICICI Bank Limited acquiring more than five per cent of Yes Bank’s shareholding.
Product / Service of ICICI Bank
The bank offer wide range of services as mentioned below :-
- Deposit account
- Fixed and recurring deposit
- Credit and debit card
- Net banking , Mobile banking and other branch serviced
- Investments from tax strategies, mutual funds & PPF
- Insurance includes health, life and general insurance
- For corporate and retail customers, it offers a various banking products and financial services through a various delivery channels and specialized subsidiaries in the areas of investment banking, venture capital, life, non-life insurance and asset management. Currently, the bank has a network of 4867 branches and 14417 ATMs across India. The Bank also has a presence in 19 countries including India.
For more detail about ICICI watch video below mentioned :-
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