ICICI Full Form – Industrial Credit and Investment Corporation of India

ICICI Full Form: ICICI stands for Industrial Credit and Investment Corporation of India. It started in 1955 and became an important part of India’s banking world. Today, ICICI Bank is the second largest bank in India. It has total money (assets) worth 91 billion dollars and makes a profit of 1,155 million dollars after paying taxes.

ICICI Bank has more than 2,000 branches and around 9,000 ATMs all over India. This helps people from small villages to big cities use its services easily. The bank gives many services like saving money, taking loans, and using debit or credit cards. In 1994, ICICI also started ICICI Bank to help more people. Besides banking, ICICI also offers insurance services like life insurance and health insurance.

Full Form of ICICI Bank

The full form of ICICI Bank is Industrial Credit and Investment Corporation of India Bank.

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History of ICICI Bank

ICICI was started in 1955 to help big businesses in India grow by giving them money and support. In 1994, ICICI Bank was started as its banking branch to help common people and businesses. Check the given details for the ICICI Bank’s important events:

1. In 1998, ICICI Bank became the first bank in India to offer internet banking.
2. In 1999, it became the first Indian bank listed on the New York Stock Exchange (USA).
3. In 2001, ICICI Bank bought Bank of Madura, which started in 1943.
4. In 2002, ICICI became part of ICICI Bank through a merger.
5. In 2003, ICICI Bank opened branches in Canada, the UK, and Singapore, and offices in Dubai and Shanghai.
6. In 2004, ICICI Bank started its office in Bangladesh and entered the South African banking market.
7. In 2005, it bought a Russian bank named IKB, and called it ICICI Bank Eurasia. It also opened branches in Hong Kong and Dubai.
8. In 2006, it opened a branch in Belgium and offices in Jakarta, Bangkok, and Kuala Lumpur.
9. In 2007, it bought Sangli Bank, which had many branches in Maharashtra and Karnataka.
10. In 2008, its New York branch became a full ICICI Bank branch, and it opened an office in Frankfurt.
11. In 2013, ICICI Bank opened the first mobile bank with ATM in Maharashtra to help people in villages.
12. In 2020, ICICI Bank invested ₹1,000 crore in Yes Bank, becoming a part-owner.

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Objectives of ICICI Bank

ICICI Bank works to help people and businesses in many ways. Here are the main goals of ICICI Bank:

1. Helping small and medium businesses by giving them loans to grow their work.
2. Bringing money from India and other countries to help businesses get more funds.
3. Helping India’s markets grow bigger and encouraging people to own factories and industries.
4. Giving money to farmers and factories to buy new machines and equipment.
5. Helping sick or weak industries by giving them loans to start working again.

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Functions of ICICI Bank

To meet its goals, ICICI Bank does many important jobs. Here are the main functions of ICICI Bank:

• Helps companies sell their new shares and supports them in raising money.
• Gives quick loans to companies so they can invest and grow their business.
• Teaches new businesses how to manage money and grow by giving advice.
• Gives advice to the Indian government on special money and business-related matters.
• Provides loans from private investors to help companies get extra funds.
• Offers both short-term and long-term loans to businesses to help them grow and become stronger.

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Types of Services Offered by ICICI Bank

ICICI Bank offers many helpful services for people and businesses. Let’s look at them in simple words:

Deposit Accounts: People can open Savings Accounts and Current Accounts to keep their money safe.

Loans: ICICI Bank gives different types of loans like:

• Home Loan (to buy a house)
• Personal Loan (for personal needs)
• Car Loan (to buy a vehicle)
• Education Loan (for studies)
• Gold Loan (using gold as security)
• Mudra Loan (special loan under government scheme)
• Fixed and Recurring Deposits: People can save money for a fixed time to earn more interest.
• Credit and Debit Cards: Cards to spend money easily and safely.
• Net Banking and Mobile Banking: People can manage their money online using their phone or computer.
• PPF Account: A special saving account to help save money for the future.

ICICI Bank also helps small businesses by giving advice, loans, and helping them grow. It plays a big role in keeping India’s money system strong.

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Difference Between ICICI and ICICI Bank

Many people think ICICI and ICICI Bank are the same, but they are a little different.:

ICICI stands for Industrial Credit and Investment Corporation of India. It started in 1955 as a company that helped big businesses and industries by giving them money to grow. ICICI worked to help India’s economy become strong.

ICICI Bank is a separate bank started by ICICI in 1994. ICICI Bank helps common people like us. It gives services like saving money, giving loans, credit cards, and online banking.

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ICICI Full Form FAQs

What is ICICI full form?

ICICI stands for Industrial Credit and Investment Corporation of India.

What is ICICI Industrial Credit and Investment Corporation of India?

ICICI is a financial company started in 1955 to help businesses grow by giving them money and support.

What is the full name of ICICI Bank?

The full name of ICICI Bank is ICICI Bank Limited.

Who is the CEO of ICICI Bank?

Sandeep Bakhshi is the Managing Director and CEO of ICICI Bank since October 15, 2018.