ICICI Bank is India's second-largest bank with total assets of Rs. 3,634.

00 billion (US$ 81 billion) at

March 31, 2010 and profit after tax Rs. 40.25 billion (US$ 896 million) for the year ended March 31, 2010.
The Bank has a network of 2,510 branches and 5,808 ATMs in India, and has a presence in 19 countries,
including India. ICICI Bank offers a wide range of banking products and financial services to corporate
and retail customers through a variety of delivery channels and through its specialised subsidiaries in the
areas of investment banking, life and non-life insurance, venture capital and asset management. The
Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States,
Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and
representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and
Indonesia. Our UK subsidiary has established branches in Belgium and Germany. 

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock
Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock
Exchange (NYSE).
Corporate Profile
ICICI Bank is India's second-largest bank with total assets of Rs. 3,634.00 billion (US$ 81 billion) at
March 31, 2010.
Learn more
.........................................................

Board of Directors
ICICI Bank's Board members include eminent individuals with a wealth of experience in international
business, management consulting, banking and financial services.
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.........................................................

Investor Relations
All the latest, in-depth information about ICICI Bank's financial performance and business initiatives.

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.........................................................

Career Opportunities
Explore diverse openings with India's second-largest bank.
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Awards
Time and again our innovative banking services has been recognized and rewarded world over.
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.........................................................

News Room
 Catch up with ICICI Bank's latest business and social initiatives, as well as innovative product launches.

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.........................................................

Corporate Social Responsibility

ICICI Bank is deeply engaged in human and economic development at the national level. The Bank works
closely with ICICI Foundation across diverse sectors and programs.
Learn more
..................................................

Features
Other Accounts 

Features

 The ICICI Bank International debit card is a debit-cum-ATM card providing you with the
convenience of acceptance at merchant establishments and cash withdrawals at ATMs. Click here for
details
 The next time you want to withdraw cash from your ICICI Bank Savings account, just walk into
any bank's ATM and use your ICICI Bank ATM-cum-Debit card for free. The above benefit is available free of
cost for the first 5 transaction per month upto Rs 10,000 per transaction.
 Money Multiplier Facility
 Internet Banking is offered free of cost.
 Anywhere Banking - This facility entitles the account holder to withdraw or deposit cash upto a
limit of Rs.50,000 across all ICICI Bank branches.
 You can give us various types of standing instructions like transferring to fixed deposit accounts
at regular intervals.
 An average quarterly balance of Rs.10,000 only in metro and urban locations and Rs.5,000 only
in semi-urban and rural locations.
 Nomination facility is available.
 Interest is payable half-yearly.

Click here to open an account online.

Average Quarterly Balance*

Type of Account Balance

Rs 10,000 in metro and urban locations

Savings Account
Rs.5,000 in semi-urban and rural locations

ICICI Bank
From Wikipedia, the free encyclopedia

This article has been nominated to be checked for its neutrality. Discussion of this

nomination can be found on the talk page. (February 2010)

ICICI Bank

Type Public (NSE: ICICIBANK,BSE: 532174, NYSE: IBN)

Industry Banking

Financial services

Founded 1955

Headquarters Mumbai, Maharashtra, India

Key people K.V. Kamath

(Chairman)

Chanda Kochhar

(MD & CEO)
 N. S. Kannan

(CFO)

Products Investment Banking

Commercial Banking

Retail Banking

Private Banking

Asset Management

Mortgages

Credit Cards

Revenue   59,599.77 crore (US$12.93 billion)(2009)[1]

Operating income   6,578.64 crore (US$1.43 billion)(2010)[1]

Profit   4,843.41 crore (US$1.05 billion)(2010)[1]

Total assets  US$ 108.7 billion (2010)[2]

Employees 35,000+ (2009)

Website ICICIBank.com

ICICI Bank (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) (formerly Industrial Credit and Investment

Corporation of India, Marathi: आय सी आय सी आय बॅंक) is a major banking and financial services organization

in India. It is the second largest bank in India [3] and the largest private sector bank in India by market
capitalization. The bank also has a network of 2,016 branches (as on 31 March 2010) and about 5,219 ATMs in
India and presence in 18 countries,[2] as well as some 24 million customers (at the end of July 2007). ICICI
Bank offers a wide range of banking products and financial services to corporate and retail customers through
a variety of delivery channels and specialization subsidiaries and affiliates in the areas of investment banking,
life and non-life insurance, venture capital and asset management. (These data are dynamic.) ICICI Bank is
also the largest issuer of credit cards in India. [4] ICICI Bank's shares are listed on the stock exchanges
at BSE, NSE, Kolkata and Vadodara (formerly Baroda) ; its ADRstrade on the New York Stock
Exchange (NYSE).
The Bank is expanding in overseas markets and has the largest international balance sheet among Indian
banks. ICICI Bank now has wholly owned subsidiaries, branches and representatives offices in 19 countries,
including an offshore unit in Mumbai. This includes wholly owned subsidiaries in Canada, Russia and the UK
(the subsidiary through which the HiSAVE savings brand [5] is operated), offshore banking units in Bahrain and
Singapore, an advisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, and representative
offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the United Arab Emirates and USA.
Overseas, the Bank is targeting the NRI (Non-Resident Indian) population in particular.

ICICI reported a 1.15% rise in net profit to  1,014.21 crore on a 1.29% increase in total income to  9,712.31
crore in Q2 September 2008 over Q2 September 2007. The bank's CASA ratio increased to 30% in 2008 from
25% in 2007.[6][7]

ICICI Bank is one of the Big Four Banks of India, along with State Bank of India, Punjab National
Bank and Canara Bank — its main competitors.[8]

Contents

 [hide]

1 History

2 Controve

rsy

3 See also

4 Referenc

es

5 External

links

[edit]History

ICICI Bank HQ at BKC Mumbai

In 1955, The Industrial Credit and Investment Corporation of India Limited (ICICI) was incorporated at the
initiative of World Bank, the Government of India and representatives of Indian industry, with the objective of
creating a development financial institution for providing medium-term and long-term project financing to Indian
businesses. In 1994, ICICI established Banking Corporation as a banking subsidiary. Formerly known as
Industrial Credit and Investment Corporation of India, ICICI Banking Corporation was later renamed as 'ICICI
Bank Limited'. ICICI founded a separate legal entity, ICICI Bank, to undertake normal banking operations -
taking deposits, credit cards, car loans etc. In 2001, ICICI acquired Bank of Madura (est. 1943). Bank of
Madura was a Chettiar bank, and had acquired Chettinad Mercantile Bank (est. 1933) and Illanji
Bank (established 1904) in the 1960s. In 2002, The Boards of Directors of ICICI and ICICI Bank approved the
reverse merger of ICICI, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, into
ICICI Bank. After receiving all necessary regulatory approvals, ICICI integrated the group's financing and
banking operations, both wholesale and retail, into a single entity. At the same time, ICICI started its
international expansion by opening representative offices in New York and London. In India, ICICI Bank bought
the Shimla and Darjeeling branches that Standard Chartered Bank had inherited when it acquired Grindlays
Bank.

In 2003, ICICI opened subsidiaries in Canada and the United Kingdom (UK), and in the UK it established an
alliance with Lloyds TSB. It also opened an Offshore Banking Unit (OBU) in Singapore and representative
offices in Dubai and Shanghai. In 2004, ICICI opened a representative office in Bangladesh to tap the
extensive trade between that country, India and South Africa. In 2005, ICICI acquired Investitsionno-Kreditny
Bank (IKB), a Russia bank with about US$4mn in assets, head office in Balabanovo in the Kaluga region, and
with a branch in Moscow. ICICI renamed the bank ICICI Bank Eurasia. Also, ICICI established a branch
in Dubai International Financial Centre and in Hong Kong. In 2006, ICICI Bank UK opened a branch
in Antwerp, inBelgium. ICICI opened representative offices in Bangkok, Jakarta, and Kuala Lumpur. In 2007,
ICICI amalgamated Sangli Bank, which was headquartered in Sangli, in Maharashtra State, and which had 158
branches in Maharashtra and another 31 in Karnataka State. Sangli Bank had been founded in 1916 and was
particularly strong in rural areas. With respect to the international sphere, ICICI also received permission from
the government of Qatar to open a branch in Doha. Also, ICICI Bank Eurasia opened a second branch, this
time in St. Petersburg. In 2008, The US Federal Reserve permitted ICICI to convert its representative office
in New York into a branch. ICICI also established a branch in Frankfurt. In 2009, ICICI made huge changes in
its organisation like elimination of loss making department and restreching outsourced staff or renegotiate their
charges in consequent to the recession. In addition to this, ICICI adopted a massive approach aims for cost
control and cost cutting. In consequent of it, compesation to staff was not increased and no bonus declared for
2008-09.
On 23 May ICICI Bank announced that it would merge with Bank of Rajasthan through a share-swap in a non-
cash deal that values the Bank of Rajasthan at about  3,000 crore. ICICI announced that the merger expand
ICICI Bank's branch network by 25%. [9][10][11]

On 18h October 2010, ICICI will inaugurate I-Express, an instant cross-border money transfer option for Non-
Resident Indians (NRIs). This service will be available through the ICICI Bank's select partners in the Gulf
Cooperation Council. [12]

[edit]Controversy

ICICI Bank has been in focus in recent years because of alleged harassment of customers by its recovery
agents. Listed below are some of the related news links:

 ICICI Bank was fined  55 lakh for hiring goons (known coloquially as "goondas") to recover a loan.
Recovery agents had, allegedly, forcibly dragged out a youth (who was not even the borrower) from the
car, beaten him up with iron rods and left him bleeding as they drove away with the vehicle. "We hold ICICI
Bank guilty of the grossest kind of deficiency in service and unfair trade practice for breach of terms of
contract of hire-purchase/loan agreement by seizing the vehicle illegally","No civilised society governed by
the rule of law can brook such kind of conduct" said Justice Kaleem, who was born in Laddhawala,
Muzaffarnagar is the president of the consumer commission. [13][14][15][16][17][18][19][20]

 Four ICICI loan employees arrested on theft charges in Punjab [21]

 ICICI Bank told to pay  1 lakh as compensation for using unlawful recovery methods. [22]

 RBI warns ICICI Bank for coercive methods to recover loans [23]

 ICICI Bank drives customer to suicide - Four men including an employee of ICICI Bank booked under
sections 452, 306, 506 (II) and 34 of IPC for abetting suicide. [24] According to the suicide note they advised
him, "If you cannot repay the bank loan, sell off your wife, your kids, yourself, sell everything at your home.
Even then if you cannot not pay back the due amount, then it's better if you commit suicide." [25] India
biggest private bank has compensated the life by money [26]

 ICICI Bank on huge car recovery scam in Goa - ICICI Bank invest in car-jackers to recover loans in
Goa. A half an hour investigative report on CNN-IBN's 30 Minutes. The under cover report was executed
by CNN-IBN's Special Investigations Team from Mumbai, led by Ruksh Chatterji [27]

 Family of Y. Yadaiah alleged that he was beaten to death by ICICI Bank’s recovery agents, for failing
to pay the dues. Four persons were arrested in this case. [28]

 A father while talking to Times of India, alleged that "ICICI Bank recovery agents visited his house and
threatened his family. And his son Nikhil consumed poison because of the tension". [29]
 Oppressed by ICICI Bank's loan recovery agents, Shakuntala Joshi (38), committed suicide by
hanging. The suicide note stated that she was upset with the ill-treatment meted out by ICICI Bank's
recovery agents and had thus decided to end her life. [30]

 In another case of a suicide it is alleged that ‘goondas’ sent by ICICI Bank abused Himanshu and his
wife in front of the entire residential colony before taking away his vehicle. Feeling frustrated and insulted,
he reportedly committed suicide.[31]

 C.L.N Murthy, a scientist with the Hyderabad-based Indian Institute of Chemical Technology, was
allegedly tortured by recovery agents of ICICI Bank after he defaulted on his loan.“They humiliated me no
end. They ripped my shirt, shaved my moustache, cut my hair and gave electric shocks on my chest and
even spat on my face" adds Murthy.[32]

 A dozen recovery agents of ICICI Bank, riding on bikes, allegedly forced a prominent lawyer,
Someshwari Prasad, to stop his car. They held Prasad at gunpoint and also slapped him to force him. A
manager of the ICICI Bank branch, Rakesh Mehta, along with four other employees were arrested. [33]

 In a landmark case, Allahabad High Court had ordered registration of an FIR against ICICI Bank's
branch manager, President, Chairman and Managing Director on a complaint of 75-year-old widow
Prakash Kaur. She had complained that “goondas” were sent by the bank to harass her and forcibly took
away her truck.[34] When the Supreme Court wanted to know about the procedure adopted by the Bank,
ICICI Bank counsel said notice would be sent to a defaulter asking him either to pay the instalments or
hand over the vehicle purchased on loan, failing which the agents would be asked to seize it. When the
Bench pointed out that recovery or seizure could be done only legally, ICICI Bank counsel said, "If we have
to go through the legal process it would be difficult to recover the instalments as there are millions of
defaulters".[35]

 Taking strong exception to ICICI Bank's use of 'goondas' against a defaulter, the president of
Consumer Disputes Redressal Forum said, "The fact leaves us aghast at the manner of functioning and
goondaism in which the bank is involved for a petty amount of  1,889... such attitude is deplorable and
sends chills down the spine....The bank had the option to recover dues through legal means. They have no
legal right to snatch the vehicle in such a manner which amounts to robbery,". In this case recovery agents
pointed a pistol at a defaulter when he tried to resist. ICICI bank argued that they had taken peaceful
possession of the vehicle "after due intimation to the complainant as he was irregular in remitting the
monthly instalments". But the court found out that the records proved otherwise. [36]

 Two senior ICICI Bank officials were booked for abducting one Vikas Porwal from his house and
keeping him hostage in the Bank's premises. [37]

 The credit card division of the ICICI Bank allegedly threatened a senior citizen in Chandigarh with a
fictitious arrest warrant on account of a default that never was. [38]
 A Consumer Commission has asked ICICI Bank MD K V Kamath to appear before it in respect a
complaint. A borrower on protesting against the forceful dispossession of his car, as seen in the post-
incident photographs, was roughed up and sustained injuries. [39]

 An 18-year-old boy was allegedly kidnapped and detained at the Pune branch of ICICI Bank. [40]

 There have been several other minor legal cases accusing harassment by ICICI Bank [41][42][43][44][45]

 A consumer court imposed a joint penalty of  25 lakh on ICICI Bank and American Express Bank for
making unsolicited calls.[46]

Products Investment Banking

Commercial Banking

Retail Banking

Private Banking

Asset Management

Mortgages

Credit Cards