ICICI Bank India

By: EconomyWatch Content   Date: 5 November 2009

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With its headquarters in Mumbai, ICICI Bank India is considered the largest private sector bank in the nation. The bank has made a name for itself due to its innovative products and modern banking solutions for Indian customers.

ICICI Bank India: Business and Branches

ICICI Bank India began operations in 1994. Initially, the bank was a wholly owned subsidiary of ICICI Limited, an Indian financial institution. However, with the launch of its initial public offering (IPO) in 1998, the company's shareholding was reduced to 46%. In 2002, the operations of the parent company were merged with ICICI Bank to multiply the range of services and increase share value.

 

ICICI Bank India has a network of over 1,500 branches and 4,800+ ATMs across the nation. According to the financials, the bank has total assets worth Rs3,674.19 billion (2009 figures). In the second quarter of the financial year 2009-10, the bank earned net profits of Rs8.78 billion.

ICICI Bank India: Products

ICICI Bank India offers core banking and online banking solutions to individual, corporate, non-resident Indian (NRI) and enterprise customers. The range of products and services available to each class of customers include:

 

  • Personal banking: Deposit, loans, investment and credit cards.
  • NRI banking: Money transfers, international bank accounts, home loans and deposits
  • Business banking: Commercial loans, capital market, investment banking, agriculture banking and structured finance.

 

Apart from banking, ICICI also specializes in life and non-life insurance, investment banking, asset management and venture capital.

ICICI Bank India: Online Services

ICICI Bank India is one of the pioneer banking institutions in the nation to launch internet banking services. ICICI internet banking is available through select branches only. The range of online services includes:

 

  • Account management
  • Payment for credit cards, loans, insurance premiums and utility bills
  • Online shopping through credit or ATM-cum-debit card
  • Transfer funds to another account
  • Electronic money order
  • Railways and airlines ticket booking
  • Mobile recharge for all network providers
  • Donations

 

ICICI Bank India employs a highly secure online environment for e-banking services. Every customer is provided a username, log-in password and transaction password. The bank also uses modern technologies, such as virtual keyboard and card mapping, for safe online banking.


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