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What is the full form of ICICI?

By Anushree Goswami Last updated : April 20, 2024

ICICI is an abbreviation of the Industrial Credit and Investment Corporation of India. It is one of the largest and leading Indian multinational banking and financial services corporation, which was the parent company of ICICI Bank. In 2002, ICICI was combined into ICICI Bank. After the union, ICICI turned out to be ICICI Bank as a consequence it is now called ICICI Bank. Its head office is situated in Mumbai, Maharashtra, India. It is providing services in 17 countries comprising India around the world.

Image source: https://commons.wikimedia.org/wiki/File:ICICI_Bank_Logo.svg

As of 2018, ICICI Bank is the second-largest bank in India in terms of assets and market capitalization. It provides an extensive range of banking products and financial services for corporate and retail customers through various delivery channels and specialized subordinate corporations in the areas of investment banking, life, non-life insurance, venture capital, and asset management.

ICICI Product and Services

Following given below are some of the popular products and services of ICICI bank:

• Cards such as credit card, debit card, and business card
• Loans such as home loan, personal loan, car loan and two-wheelers loan
• Investments such as mutual fund, tax solutions, and PPF
• Insurance such as general insurance, health insurance, and life insurance
• Deposit schemes such as fixed deposit (FD) and recurring deposit (RD) schemes
• Business banking which comprises an extensive range of current account products, internet banking, and mobile banking
• Personal banking which provides the saving account with a variety of benefits like debit card, credit card, and internet banking

ICICI Brief History

• In 1994, Industrial Credit and Investment Corporation of India established ICICI bank limited as its banking subordinate corporation.
• In 1998, ICICI bank turned out to be the first bank to introduce internet banking in India.
• In 2001, ICICI bought Bank of Madura which was established in 1943.
• In 2002, Directors of ICICI and ICICI Bank officially permitted the reverse unification of ICICI (parent company) into ICICI Bank (subsidiary).
• In 2004, it opened an office in Bangladesh to the wide-ranging banking market in Bangladesh and South Africa.
• In 2006, it established a branch in Antwerp, Belgium and representative offices in Bangkok, Jakarta and Kuala Lumpur.
• In 2013, it turned out to be the first private sector bank to introduce a mobile branch with ATM in Maharashtra.