Understanding The Full Form of ICICI: History And Evolution

In the present era, there are many banks that provide products and services like personal and business loans, insurance, investments and wealth management. ICICI Bank is one of India’s largest and leading private sector banks that provides various banking services to its customers. Let’s explore the ICICI full form, its history and its evolution in this article.

 ICICI Full Form

The ICICI full form expanded as the Industrial Credit and Investment Corporation of India. It was originally formed as a financial institution as an initiative of the World Bank in 1955. It has its headquarters in Mumbai, Maharashtra. The main objective of this bank is to create development financing for Indian businesses and support the industrial development of the country.

History And Evolution of ICICI

Until the 1980s, ICICI Bank focused on financing various industrial projects such as manufacturing, infrastructure, mining, etc. However, in 1990, after the liberalization of the financial sector in India, ICICI transformed into a diversified financial service provider and expanded its activities in the financial sector.

As the Indian economy is integrated with the world economy, ICICI expanded its new capital opportunities by providing a wide range of financial services to clients of different sectors. ICICI became the first private financial institution or bank and the first Indian company to be mentioned on the New York Stock Exchange in 1999. As the ICICI full form represents, it became the influential industrial credit-providing bank to its customers in over 17+ countries with 5000 and more branches and 15000+ ATMs across the country.

ICICI Bank emerged as an influential financial institution with a broad spectrum of customers all over the world. The following timeline provides an overview of ICICI Bank’s evolution.

• In 1994, the establishment of ICICI Bank as its financial institution branch.
• In 1998, It was the first bank to start Internet banking in India.
• In 2001, It purchased the Bank of Madura, founded in 1943.
• In 2003, It launched its branches in the UK, Singapore, Dubai, Shanghai and Canada; in 2006, Belgium, Antwerp, Jakarta, Bangkok and Kuala Lumpur ICICI launched its branches.
• In the year 2005,  Investitsionno-Kreditny Bank (a Russian subsidiary ) was purchased by ICICI and named ICICI Bank Eurasia.
• In 2008 Its New York branch was approved by the US Federal Reserve.
• In the year 2013, ICICI Bank was the first private bank to open a mobile branch in Maharashtra also with an ATM.
• In 2020, ICICI Bank Ltd. owned more than five per cent of the shareholding of Yes Bank Ltd. by approving a thousand crores investment in them.

Services Provided By ICICI Bank

ICICI Bank offers various services, including ICICI Personal Loans, credit cards, investments, and many more. The following services are offered by ICICI Bank:

• Current and savings accounts
• Home Loans
• ICICI Personal Loans
• Vehicle Loans
• Mutual funds
• Insurance schemes like General, vehicle, and health insurance
• Deposit schemes like fixed and recurring Deposits
• Banking facilities like Internet and mobile banking
• Digital wallets
• Banking services to manufacturing industries, agriculture, and infrastructure

ICICI Subsidies In India

• ICICI Prudential Trust Limited
• ICICI Prudential Life Insurance Company Limited
• ICICI Prudential Pension Funds Management Company Limited
• ICICI Prudential Asset Management Company Limited
• ICICI Lombard General Insurance Company Limited
• ICICI Direct
• ICICI Securities Limited
• ICICI Home Finance Company Limited
• ICICI Investment Management Company Limited
• ICICI Trusteeship Services Limited
• ICICI Venture Funds Management Company Limited
• ICICI Securities Primary Dealership Limited

The ICICI full form refers to Industrial Credit and Investment Corporation of India, which provides sustainable growth to society, not only focusing on the financial sector but also on healthcare, education and the environment.

Conclusion

ICICI, a financial institute providing various services like ICICI personal loan, credit cards, insurance, and investment schemes, has been significantly impacting the Indian economy. Today ICICI has emerged as one of the top private banks by delivering the best service to its customers and contributing to the development of our nation.