What is the Full Form of ICICI Bank and its Objectives?
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 license 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
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.
Assisting small and medium businesses by advancing credits
Promote and encourage internal and external capital sources in those enterprises
Assisting in the expansion of the Indian capital markets and promote private ownership of industrial investments
To support agriculture and manufacturing sector by advancing equipment financing
Advancing financial credit for rehabilitating sick industrial units
Functions of ICICI
To fulfill the above objectives, the bank undertakes certain activities, and these are:
Underwriting new shares and sponsoring other stocks
Speedy funding for reinvestment by involving revolving capital
Offering advisory services to the private sector during their inception stage by financial education
Advising central and state governments on specific policy issues
Providing loan assistance from private source funding
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 includes:
1. Deposit Accounts (Savings & Current Account)
Pradhan Mantri Mudra Yojana
3. Fixed and recurring deposits
4. Credit & Debit cards
5. Net Banking, Mobile Banking, and branch services
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.
1. Can we Open a Zero-Balance Account in ICICI?
A: Yes, it’s possible to open a zero-balance account with ICICI. You don’t have to maintain a minimum monthly balance with this basic savings account. You also don’t need to pay any charges for keeping a debit card. Please visit your nearest branch for latest details.
2. What is the Minimum Balance that you Need to Maintain for the ICICI Savings Account?
A: The low amount for opening a savings account in ICICI is Rs 10000 in metro and urban locations. It is Rs 5000 for semi-urban and Rs 2000 in rural locations. Please visit your nearest branch for latest details.
3. What is the Full Form of ICICI?
A: ICICI abbreviation stands for Industrial Credit and Investment Corporation of India. The financial institution was established in 1955 and the bank in 1994.
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