about icici bank

8/6/2019 About Icici Bank

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ABOUT ICICI BANK

HISTORY:- In 1955, The Industrial Credit andInvestment Corporation of India Limited (ICICI) wasincorporated at the initiative of World Bank, the Government

of India and representatives of Indian industry, with theobjective of creating a development financial institution for providing medium-term and long-term project financing to

Indian businesses. In 1994, ICICI established BankingCorporation as a banking subsidiary. Formerly known as

Industrial Credit and Investment Corporation of India, ICICIBanking 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) andIllanji Bank (established 1904) in the 1960s. In 2002, The

Boards of Directors of ICICI and ICICI Bank approved thereverse 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, bothwholesale and retail, into a single entity. At the same time,

ICICI started its international expansion by openingrepresentative offices in New York and London . In India,ICICI Bank bought the Shimla and Darjeeling branches that

Standard Chartered Bank had inherited when it acquiredGrindlays Bank .

In 2003, ICICI opened subsidiaries in Canada and the UnitedKingdom (UK), and in the UK it established an alliance withLloyds TSB. It also opened an Offshore Banking Unit (OBU)in Singapore and representative offices in Dubai and
http://en.wikipedia.org/wiki/Bank_of_Madurahttp://en.wikipedia.org/wiki/Bank_of_Madurahttp://en.wikipedia.org/wiki/Chettiarhttp://en.wikipedia.org/w/index.php?title=Chettinad_Mercantile_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Illanji_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=ICICI_Personal_Financial_Services_Limited&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=ICICI_Personal_Financial_Services_Limited&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=ICICI_Capital_Services_Limited&action=edit&redlink=1http://en.wikipedia.org/wiki/New_Yorkhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/Shimlahttp://en.wikipedia.org/wiki/Darjeelinghttp://en.wikipedia.org/wiki/Standard_Chartered_Bankhttp://en.wikipedia.org/wiki/Grindlays_Bankhttp://en.wikipedia.org/wiki/Chettiarhttp://en.wikipedia.org/w/index.php?title=Chettinad_Mercantile_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Illanji_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=ICICI_Personal_Financial_Services_Limited&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=ICICI_Personal_Financial_Services_Limited&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=ICICI_Capital_Services_Limited&action=edit&redlink=1http://en.wikipedia.org/wiki/New_Yorkhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/Shimlahttp://en.wikipedia.org/wiki/Darjeelinghttp://en.wikipedia.org/wiki/Standard_Chartered_Bankhttp://en.wikipedia.org/wiki/Grindlays_Bankhttp://en.wikipedia.org/wiki/Bank_of_Madurahttp://en.wikipedia.org/wiki/Bank_of_Madura


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[edit ] ControversyICICI 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 Rs. 55 lakh for hiring goons

(known coloquially as "goondas") to recover a loan.Recovery agents had ,allegedly, forcibly dragged out ayouth (who was not even the borrower) from the car,

beaten him up with iron rods and left him bleeding asthey drove away with the vehicle. "We hold ICICI Bank

guilty of the grossest kind of deficiency in service andunfair trade practice for breach of terms of contract of hire-purchase/loan agreement by seizing the vehicleillegally,""No civilised society governed by the rule of law can brook such kind of conduct" said JusticeKaleem, who was born in Laddhawala, Muzaffarnagar isthe president of the consumer commission. [12][13][14][15][16][17][18][19]

Four ICICI loan employees arrested on theft charges inPunjab [20]

ICICI Bank told to pay Rs. 1 lakh as compensation for using unlawful recovery methods. [21]

RBI warns ICICI Bank for coercive methods to recover loans [22]

ICICI Bank drives customer to suicide - Four menincluding an employee of ICICI Bank booked under sections 452, 306, 506 (II) and 34 of IPC for abettingsuicide. [23] According to the suicide note they advisedhim, "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." [24] India biggest

private bank has compensated the life by money [25]
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ICICI Bank on huge car recovery scam in Goa - ICICIBank 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'sSpecial Investigations Team from Mumbai, led by RukshChatterji [26]

Family of Y. Yadaiah alleged that he was beaten to death by ICICI Banks recovery agents, for failing to pay thedues. Four persons were arrested in this case. [27]

A father while talking to Times of India, alleged that

"ICICI Bank recovery agents visited his house andthreatened his family. And his son Nikhil consumed poison because of the tension". [28]

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.[29]

In another case of a suicide it is alleged that goondassent by ICICI Bank abused Himanshu and his wife infront of the entire residential colony before taking awayhis vehicle. Feeling frustrated and insulted, he reportedlycommitted suicide. [30]

C.L.N Murthy, a scientist with the Hyderabad-based

Indian Institute of Chemical Technology, was allegedlytortured by recovery agents of ICICI Bank after hedefaulted on his loan.They humiliated me no end. Theyripped my shirt, shaved my moustache, cut my hair andgave electric shocks on my chest and even spat on myface" adds Murthy. [31]

A dozen recovery agents of ICICI Bank, riding on bikes,allegedly forced a prominent lawyer, SomeshwariPrasad, to stop his car. They held Prasad at gunpoint and


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also slapped him to force him. A manager of the ICICIBank branch, Rakesh Mehta, along with four other employees were arrested. [32]

In a landmark case, Allahabad High Court had orderedregistration of an FIR against ICICI Bank's branchmanager, President, Chairman and Managing Director ona complaint of 75-year-old widow Prakash Kaur. She hadcomplained that goondas were sent by the bank toharass her and forcibly took away her truck. [33] When theSupreme Court wanted to know about the procedureadopted by the Bank, ICICI Bank counsel said noticewould be sent to a defaulter asking him either to pay theinstalments 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 legallhave to go through thelegal process it would be d

ICICI Bank has introduced a new current account product, the Roaming Current Account.

The new product is aimed at corporates with net worth of Rs50 lakh to Rs50 crore. Itenables anywhere banking across 250 of its branches in 140 cities.

ICICI Bank currently has 12,000 current accounts and wants to add 50,000 by Dec 2002. The customers can avail of the new product, with a minimum quarterly average


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Looking at the growth trajectory that the country has seen inyears, infrastructure in India is indeed a big story. Be it the tihave gone by or those that are yet to come, the infrastructureholds a lot of promise.

ICICI Prudential Infrastructure Fund has made a mark forthe category over the past 5 years. As it stands today:

'Largest' is with reference to assets under management for infrastructureSource: www.valueresearchonline.com

ICICI Prudential Infrastructure Fund has had a credible track rwhich reiterates our confidence in our strong investment procecould serve as the ideal vehicle to ride the boom in the infrastsector.

A snapshot of the sector allocation for theplanned growth in infrastructure sector:

RailwaysUSD 65.45 bn

Roads/Highways

USD 78.54 bn

AirportsUSD 7.74 bn

TelecUSD 6

8132 km of new railways 22

modernized

stations

Development of 54236 km of

roads/highways

Modernize4 metro &

35 non metro

airports

Reachsubscri

in rura20 m br40 m I

Source: Planning Commission-Eleventh Plan

CLICK here to see how our fund has performedin the past 5 years

ICICI PrudentialInfrastructure Fund 12.20% 9.64% 24.47%

S&P CNX Nifty 15.88% 6.56% 17.76%

Past performance may or may not be sustained in future. Retur


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ICICI CEO on bank's future plansLast updated on: June 05, 2009 19:53 IST

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,years.

As we mark the 5th anniversary of ICICI Prudential InfrastructFund, we realize the past 5 years have been just scaling the tiiceberg. Considering the growth that the infrastructure sector ito see, we will endeavour to scale new heights in future.

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Past performance does not necessarily indicate the future returns and manecessarily provide the basis for comparison with other investments. Forcomputation of returns NAV of growth option is considered without consid

The allotment NAV has been taken as 10. *Tarakki does not mean guarafuture returns. Statutory Details: ICICI Prudential Mutual Fund (the Funup as a Trust sponsored by Prudential plc (through its wholly owned subsinamely Prudential Corporation Holdings Ltd) and ICICI Bank Ltd. ICICI PrTrust Limited (the Trust Company), a company incorporated under the CAct, 1956, is the Trustee to the Fund. ICICI Prudential Asset ManagemenLtd (the AMC), a company incorporated under the Companies Act, 1956, iInvestment Manager to the Fund. ICICI Bank Ltd and Pru dential Plc (actinits wholly owned subsidiary namely Prudential Corporation Holdings Ltd)promoters of the AMC and the Trust Company. Past performance of the S

AMC/Fund does not indicate the future performance of the Schemes of thThe Sponsors are not responsible or liable for any loss resulting from the

of the Schemes beyond the contribution of an amount of 22.2 Lacs, collemade by them towards setting up the Fund and such other accretions anto the corpus set up by the Sponsors. Risk Factors: All investments infunds and securities are subject to market risks and the NAV of thSchemes may go up or down depending upon the factors and forcaffecting the securities market and there can be no assurance thafund's objectives will be achieved. ICICI Prudential In frastructure Funopen-ended equity Scheme that seeks to generate capital appreciation andistribution to unitholders by investing predominantly in equity/equity relsecurities of the companies belonging to the infrastructure developmentin debt securities and money market instruments. Investments in the Smay be affected by trading volumes, settlement periods, volatilityfluctuations and risks such as liquidity, derivative, market, currenlending & borrowing, credit & interest rate . Entry Load: Nil Exit Loadamount, sought to be redeemed or switched out, is invested for a periodyear 1% of applicable NAV; (b) If the amount, sought to be redeemedout, is invested for a period of more than one year from the date of allotICICI Prudential Infrastructure Fund is only the name of the Schedoes not in any manner indicate either the quality of the Schemefuture prospects and returns. Please read the Statement of AdditiInformation and Scheme Information Document (SID) carefully b
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Foreseeing Indian economy back on a high-growth trajectory in the coming months, ICICI Bank [ Get Quote ] is

looking at expanding its fund-generation profile and revenue streams to capitalise on the forthcoming

opportunities.

"Looking ahead, we see favourable prospects for the India [ Images ]n economy. . . India has weathered the

global storm with a high degree of resilience and we expect the Indian economy to return to a robust growth path

ahead of other economies that are experiencing recessionary conditions," ICICI Bank managing director and

chief executive officer Chanda Kochhar [ Images ] has said.

"As we prepare ourselves for the next phase of growth, we will work on further diversifying our funding profile and

revenue streams," Kochhar said in her message to the country's largest private sector bank's shareholders in its

annual report for 2008-09.

Since 2007, as the global and Indian economic environment has changed rapidly, the bank has focused on a

conscious strategy of capital conservation, risk containment and efficiency improvement.

"We have healthy capital adequacy, sound l iquidity and improved cost efficiencies," she added.

The bank's chairman K V Kamath [ Images ] also expressed confidence that 'the Indian economy's robust

fundamentals and domestic growth drivers will impart it the resilience to emerge stronger from this period'.

"I believe the economic recovery, some signs of which are already visible, will gather momentum in the coming

months and in due course see India returning to a high growth trajectory," he noted in his message to

shareholders.

Kamath, who handed over the role of MD and CEO to Kochhar last month, further said, "The last year has been

an exceptionally challenging year for the global economy and financial sector.

"India, while fundamentally in a much stronger position, has also experienced the impact of these events as they

were transmitted through the trade and capital channels."

Kochhar said that the against the backdrop of an imminent recovery in Indian economy, "The ICICI Group sees

before it a wide opportunity spectrum: increasing household incomes and consumption in both rural and urban

India; significant industrial and infrastructure investment potential; and the vast Indian diaspora spanning the

globe.

"We, as a multi specialist financial services group, are well positioned to capitalise on these opportunities. We will

continue to participate in India's growth by meeting the financial services needs of the Indian economy."

The annual report also quoted ICICI Bank's executive director Sonjoy Chatterjee as saying, "Indian economy has

strong fundamentals and will provide robust growth opportunities for industry."

"The Indian corporate sector has demonstrated its ability to withstand the global economic challenges and we will

extend full support to the industry as it reorients strategies in this environment. We will focus on deepening our

client relationships to enhance the diversity and resilience of our revenue streams," Chatterjee said.

Kamath further said that ICICI Bank was able to meet the challenge posed by the developments in global

economy 'due to its strong capital position and the fundamental strengths of its franchise.'

data/information used in the preparation of this material is dated and manot be relevant any time after the issuance of this material. The AMC takresponsibility of updating any data/information in this material from timeThe recipient alone shall be fully responsible/are liable for any decision tabasis of this material.
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"We have demonstrated our success over a long period of time. In fiscal 1985, we had a networth of Rs 1.75

billion, assets of about Rs 21 billion and profits of Rs 0.36 billion.

In fiscal 2009, we had a networth of about Rs 500 billion, assets of about Rs 3,800 billion and profits of Rs 37.58

billion. This represents over 20 per cent compounded annual growth over a 24-year period.

"Over the past few years, we have built a strong franchise in the Indian corporate and retail segments, the non-

resident Indian segment, and the wider deposit market in certain countries. . .We believe that the strategy that we

have followed and the franchise that we have built provide a strong foundation for our growth in the years to

come," Kochhar said.

Copyright 2010 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

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