ICICI bank is a multinational banking and financial service company with its registered office in Vadodara and corporate office in Mumbai. It offers a wide range of banking activities. The key products and services that it offers to its customers are retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, and finance and insurance. It is one of the big four banks of India and has subsidiaries in the United Kingdom and Canada.
Types of Financial Assistance of ICICI
The corporation provides financial assistance to the public in the following ways:
Sale of industrial securities and underwriting of public issues
Direct subscription to securities
Securing loans in rupees payable for up to 15 years
Providing loans in foreign currency for the ease of payment of imported capital equipment and such technical services
Guarantee on payment for credits made by others
It provides financial services like leasing, asset credit, and installment sale.
Functions and Activities of ICICI Bank
The objective of ICICI bank is to meet the needs of the private industry for long and medium-term funds in the private sector. In general terms, the main functions are:
Assistance in the formation, development, and modernization of business in the non-public sector.
Provides medium and long-term loans in rupees and foreign currencies.
Underwrites new issues of debentures and shares.
Provides equipment finance
Promoting and supporting the expansion of markets and motivating private ownership of the industrial investment.
The Activities of the ICICI Bank Include the Following
A guaranteed loan from other private investment sources.
Provides finance in the form of long term or medium-term loans or equity participation
Provides funding for reinvestment by rapidly increasing investment.
Underwriting and sponsorships on new issues of shares and debentures.
Corporate Social Responsibilities (CSR) Activities Of ICICI Bank
CSR activities form an integral part of the committee. The CSR policy sets out the rule that needs to be adhered to while implementing of any CSR policy or activity. Through CSR policy the objective of the bank is to set up proactive support to socio-economic development in India and also enable a larger number of people to benefit from its economic growth.
Scope of CSR Policy
The policy ensures compliance with section 135 of the companies act, 2013, and includes the activities covered under Schedule VII to the act and the company’s rules (CSR policy ) 2014. Amended from time to time.
The CSR committee is the governing body that examines the scope of CSR and makes sure it complies with the policy of CSR. The CSR Committee comprises three or more directors of which one is an independent director. The bank has a CSR committee constituted in accordance with the provision of policy and Act.
The CSR plan functions as prescribed by the CSR Committee under its supervision
Activities undertaken include projects implemented directly by the bank as well as contributions to the ICICI Foundation.
Implementation of identified activities shall be as per the organizational structure.
Funds are disbursed in accordance with the CSR committee.
The CSR committee reviews the progress of CSR activities twice a year.
The Board Of Directors shall review the policy annually
The activities of the ICICI Foundation for inclusive growth shall be overseen by the governing council of the ICICI Foundation.
The bank includes the ICICI annual report by the year ending March 31. The disclosure as prescribed under the Companies Act, 2013 and rules as amended from time to time. All such information is displayed on the bank’s website.
CSR Activities ICICI
ICICI CSR activities focus mainly on the below-mentioned areas.
Education- Education represents the critical area in any development sector. ICICI bank, both directly and through the ICICI foundation will work to improve the quality of education in government and municipal schools. The bank works on higher education for focused capacity building in specific disciplines.
Health Care- The health care challenge in India spans the whole country. It includes access to affordable health care for the poor section, availability of benefits, etc. The ICICI bank continues to focus on improving the delivery of healthcare facilities to vulnerable sections of society.
Skill Development and Sustainable Livelihood- The ICICI academy of skills has been set up to provide job-oriented skills training for youth. Seeing the success, the ICICI Foundation will continue to develop the ICICI Rural Self Employment Training Institutes.
Financial Inclusion- The ICICI bank continues to focus on expanding its reach through various distribution channels. The banking facility is also made accessible to low-income groups and rural populations.
Capacity Building- ICICI Foundation continues to focus on CSR initiatives, discussion, and leadership on critical challenges and growth of the economy and sector. The ICICI will continue to support initiatives in low-income groups and rural populations.