ICICI Full Form

ICICI stands for Industrial Credit and Investment Corporation of India. ICICI is one of the top private-sector banks in India. Many customers in India prefer ICICI as their parent bank for investment due to its smooth services and banking products. ICICI bank is committed to offering the services since 1994. The Head Office of ICICI is situated in Mumbai. In the current scenario, ICICI has established its network of over 4850 branches in urban and rural areas, also around 14410 ATMs are active across the country. It also offers UPI-based payments which is one of the key services of ICICI. Due to the technology in innovative products and services, ICICI has been awarded many awards in various sectors.

History of ICICI 

• 1994: ICICI Bank was established on 5th January 1994.
• 1990: In 1990, along with the liberalization of the financial sector in India, ICICI changed and improved its business strategies including the development of financial projects of institutions to a diversified financial services provider with the other group of companies and other subsidiaries. 
• 1994: In 1994, ICICI was included as a part of the ICICI group. 
• 1998: ICICI banking started its internet banking service in the year 1998. 
• 1999: In 1999, ICICI became the first Indian company that is listed on the New York Stock Exchange from non-Japan Asia. 
• 2001: In 2001, ICICI had approved to merge two of its subsidiaries named as ICICI Personal Financial Services Limited and ICICI Capital Services Limited with ICICI Bank.
• 2008: Bank of Rajasthan which has a presence in Northern and Western regions of India was acquired by ICICI in 2008. 
• 2015: In 2015, ICICI launched its rapid credit-card service. 
• 2020: In 2020, ICICI launched a technology product known as ICICI Bank Quick Pay, where users can perform money transactions straight from their mobile phones rather than running to the Bank physically. 

Objectives of ICICI

1. To provide several banking products and services: ICICI is all famous for its Banking Products and Services offered, which makes the attention of the customer get associated with ICICI. Some of the Key Products of ICICI includes Saving Account, Home Loans, Car Loans, Demat Account, and many more. This all makes the customer’s requirement fulfilled in a single place.
2. To provide better customer services: ICICI is all attractive due to its Customer Care Service, users can query their problems, and issues to the ICICI team through various modes like Chat, Email, or on Call. The issue is been immediately taken into consideration by the ICICI team which makes the customer more satisfied in terms of help. 
3. To provide flexibility to customers: ICICI Mobile Banking, Internet Banking, and more services are made too flexible that the user can operate his account from anywhere in the globe and perform secure transactions of high amounts without any disruption. 
4. To provide a secure digital banking platform: ICICI offers a secure Banking Platform for various transaction services like UPI-Enabled Payments, Mobile Banking, and many more. This assures the customer about the money concerns after transaction failure or fraud.
5. To provide NRI-Services: ICICI Bank has special services to NRIs that included Fixed Deposits, Saving Accounts, Current Accounts, providing loans, and issuing credit and debit cards. Along with this, there are Insurance Products provided by the ICICI to NRIs.

Products and Services of ICICI

• Savings Account: Savings accounts are the primary and largely used service by customers. Various types of saving accounts are being provided by the ICICI such as regular savings account, senior citizens saving account, and women’s saving account with features such as internet banking, mobile banking, etc. 
• Family Wealth Account: Family Wealth account is a service that is being provided for high-net-worth families. This type of service comes with privileges such as access to premium lounges, priority services, etc.
• Home Loans: Home loans service is being provided for constructing or purchasing houses. This service is provided with benefits such as low-interest rates, repayment options, the facility to transfer the balance, etc. 
• Car Loans: Car loans are provided for purchasing new cars for an individual with the features such as instant online approval, low-interest rates, etc.  
• Foreign Exchange Services: Foreign Exchange Service is provided by ICICI bank for their customers to travel abroad and for their business needs. This type of service includes buying and selling foreign currencies, travel cards, etc.
• Demat Account: ICICI Bank provides the service of a Demat account for its customers to hold the shares and securities in electronic forms that help them to keep secure, and buy and sell their shares and securities.  
• Insurance: Insurance services are being offered by the ICICI such as life insurance, health insurance, and travel insurance. These services are provided to provide security to an individual and their families. 

Functions of ICICI

The main functions of ICICI are:

• To provide long-term and medium-term loans for their customers as required in rupees or foreign currencies. 
• To underwrite the new issues of debentures and shares.
• To provide equipment-related finance. 
• To promote and support the expansion of markets and then motivate the private ownerships. 
• To promote and develop finance-related services in the non-public sectors. 

Achievements of ICICI

1. International and Domestic Financial Magazines awarded ICICI bank with the title of “Best Retail Bank in India” for several years in a row.
2. “Best Bank for Risk Management” is also one of the achievement achievements received by ICICI through reputed Publications and Institutions.
3. ICICI was the 1st Bank from India to be listed on the New York Stock Exchange.
4. ICICI received the award of “Best Digital Bank in India” by Asiamoney. This award was consecutively awarded to ICICI from 2017 to 2019.
5. Currently, ICICI is the largest private sector bank in aspects of assets and market capitalization.
6. Debit and Credit cards were first introduced by ICICI in India. This is one of the biggest achievements of ICICI. 
7. ICICI is being recognized as one of the global “Most Ethical Banks” by Ethisphere Institute for years. This award was been given to ICICI for 6 consecutive years from 2014 to 2019. 
8. ICICI Bank is also been awarded “Best Mobile Banking App” by well-known publications and organizations.

Frequently Asked Questions:

Q1: What are the services and products offered by ICICI Bank? 

Answer: ICICI provides a variety of financial services and products, including savings accounts, current accounts, term deposits, loans, credit cards, insurance, investments, and wealth management services.

Q2: How safe is it to Invest with ICICI Bank?

Answer: ICICI Bank is a reputable financial institution in India with a long history of successful financial operations. It follows strong security and safety measures to safeguard customer investments and deposits and is governed by the Reserve Bank of India (RBI).

Q3: Is ICICI a government bank? 

Answer: No, ICICI is not a government bank. It is a private-sector bank in India. 

Q4: Is ICICI FDIC insured?

Answer: No, ICICI is not FDIC insured as ICICI is an Indian Bank.

Q5: Does ICICI have branches outside India?

Answer: Yes, ICICI has various branches in many other countries like Canada, the United Kingdom, the USA, and many more.

Q6: When was ICICI  Founded?

Answer: ICICI Bank was founded in 1994.