ICICI Full Form

ICICI acronym stands for Industrial Credit and Investment Corporation of India. The creation of ICICI in 1955 was a milestone in the Indian capital market segment. ICICI bank is the 2nd largest bank in India with total assets of ＄91 billion, and profit after taxation stood at ＄1,155 million. The bank has a combined network of over 2000 branches and around 9000 ATM's spread across the entire geography of India. 

ICICI offers a huge array of banking and non-banking financial products to its large customer base. The institution diversified into the banking sector and established ICICI Bank in 1994. It also caters to insurance offering numerous categories of life and non-life insurance. 

History of ICICI

ICICI was started in 1955 by the initiative of the World Bank. The main purpose of its establishment was to forward short- and long-term finances to Indian businesses. 

By the 90’s, the institution branched out to banking services with the help of India’s liberalization policies. The year 1991–1994 is known as the big leap for the Indian economy. Dr. Manmohan Singh, then finance minister, liberated the economy from the tormenting licence raj system. 

ICICI took advantage of these developments, and ICICI bank was formed in 1994. In 2002, ICICI limited the parent company was merged with ICICI bank. It is headquartered in Mumbai, Maharashtra, and operates in 17 countries around the world. 

Objectives of ICICI Bank

1. Long-term investors and customers are well acquainted with the ICICI. But, for those who aren’t, it's necessary to point out the objects of this bank. 

2. Assisting small and medium businesses by advancing credits.

3. Promote and encourage internal and external capital sources in those enterprises.

4. Assisting in the expansion of the Indian capital markets and promoting private ownership of industrial investments.

5. To support agriculture and the manufacturing sector by advancing equipment financing.

6. Advancing financial credit for rehabilitating sick industrial units.

Functions of ICICI

To fulfill the above objectives, the bank undertakes certain activities, and these are listed below:

1. Underwriting new shares and sponsoring other stocks.

2. Speedy funding for reinvestment by involving revolving capital.

3. Offering advisory services to the private sector during their inception stage by financial education.

4. Advising central and state governments on specific policy issues.

5. Providing loan assistance from private source funding.

6. Robust financing strategy and involvement of equity participation through long- and short-term funding.

Types of Services Offered by ICICI Bank 

The bank takes a flexible approach and offers a wide range of services. These include the following:

1. Deposit Accounts (Savings & Current Account)

2. Loans – Home loans, Personal loans, Vehicle loans, Education loans, Gold Loans, Pradhan Mantri Mudra Yojana.

3. Fixed and recurring deposits

4. Credit & Debit cards

5. Net Banking, Mobile Banking, and branch services

6. PPF account

ICICI Bank plays a key role in advising and financing small businesses. It also assists in preparing proposals for submission to the institution and also advises on underwriting shares. ICICI bank has played a significant factor in maintaining the financial fabric of the country.