ICICI- All About ICICI, Full Form, History, Headquarters, Objectives, Services
The full form of ICICI is Industrial Credit and Investment Corporation of India Bank
ICICI full form in hindi-
इंडस्ट्रियल क्रेडिट ऐण्ड इन्वेस्टमेन्ट कार्पोरेशन ऑफ इण्डिया
हिन्दी – भारतीय औद्योगिक ऋण और निवेश निगम
ICICI Banking Corporation is a fully-owned subsidiary of Industrial Credit & Investment Corp of India Ltd. In 1994, the institution further diversified into the banking sector and established ICICI Bank.
ICICI is the 2nd largest bank in India.
History
At the initiative of the World Bank, the Government of India, and representatives of Indian industry, ICICI was formed in 1955.
The main purpose was to forward short- and long-term finances to Indian businesses.
By the ’90s, with the help of India’s liberalization policies, the institution branched out to banking services.
ICICI bank was formed in 1994. The parent company ICICI Limited was merged with ICICI bank in 2002.
ICICI Headquarters
ICICI Bank Limited has its –
• Registered office in Vadodara, Gujarat.
• Corporate office in Mumbai, Maharashtra.
CEO of ICICI bank (currently 2021)
Sandeep Bakhshi
He is also Managing Director of the bank since October 15, 2018.
|
Sandeep Bakhshi |
The ICICI bank has its subsidiaries in the Canada and United Kingdom.
Branches in United States, Hong Kong, Qatar, Singapore, Oman, Bahrain, Dubai International Finance Centre, China, and South Africa.
Representative offices in United Arab Emirates, Malaysia, Bangladesh, and Indonesia.
The company’s UK subsidiary has also established branches in Germany and Belgium.
Types of Services Offered by ICICI Bank
The bank offers a wide range of services.
These include –
1. Deposit Accounts (Savings & Current Account)
2. Loans:-
-Home loans
-Personal loans
-Vehicle loans
-Education loans
-Gold Loans
-Pradhan Mantri Mudra Yojana
3. Fixed and recurring deposits
4. Net Banking, Mobile Banking, and branch services
5. Credit & Debit cards
The Objective of ICICI Bank
• By advancing credits, the bank assists small and medium businesses.
• It promotes and encourages internal and external capital sources in those enterprises.
• By advancing equipment financing bank provides support to the agriculture and manufacturing sector.
• Rehabilitating sick industrial units by Advancing financial credit.
• Promote private ownership of industrial investments.
• It assists in the expansion of the Indian capital markets.
Functions of ICICI
These are:
• From private source funding, providing loan assistance.
• Sponsoring other stocks and Underwriting new shares.
• Advising central and state governments on specific policy issues.
• Speedy funding for reinvestment by involving revolving capital.
• Provides financial education to the private sector during the inception stage by offering advisory services.
• Through long- and short-term funding it Robust the financing strategy and involvement of equity participation.
Official website of ICICI
I hope you found this article about ICICI Bank (Industrial Credit and Investment Corporation of India Bank) helpful.
Share this with ones who don’t know or want to know about ICICI and its history, functions, objectives, etc.
Thank you for reading.
Other Bank Full Forms and Information.
