The genesis of the Bank lay in India's liberalized financial
environment
The New Economic Policy announced by the Government of
India in July 1991 proved to be a harbinger of a liberalized domestic
financial environment. In keeping with this trend, the country's central
bank allowed the setting up of new private sector banks offering a high
technology complement of banking services with a well capitalized base.
It was in this context that the ICICI Banking Corporation Limited was
established in June 1994.
The Bank has an authorized capital of Rs. 300 crore.
It is governed by the Banking Regulation Act, 1949 and the Companies Act,
1956, among others. The Bank is a Scheduled Bank under the Second Schedule
to the Reserve Bank of India Act, 1934.
The Bank's promoters provide institutional character
and strong business support
Two pre-eminent All-India Financial Institutions, the
Industrial Credit and Investment Corporation of India Limited and SCICI
Limited which has since merged with the former, founded the Bank by contributing
to the Bank's Rs. 150 crore equity capital in the ratio of 75:25. Both
institutions have been catalysts in the growth of Indian industry by extending
term lending facilities to domestic corporates. ICICI has also been responsible
for the establishment of institutions in different financial sectors such
as credit rating, investment banking, asset management, venture capital
and the like. The long term strategic goal of the promoters is to be able
to provide all clients of the group universal banking products under one
roof.
The Bank has built a substantial scale of business in
a short time span by leveraging its impressive reach and technology as
well as developing an array of financial products for its customers.
The Bank offers a complete range of commercial banking
products and services to customers in all its target segments.
The Bank's branch reach extends across 24 centres in
15 cities and 12 states. All branches are linked through Very Small Aperture
Terminals (VSAT) technology, giving the Bank a powerful technology edge
over its nearest competitors in terms of the service levels it can provide
its customers. The Bank proposes to rapidly broaden the reach of its branch
network and aggressively maintain the service differentiation derived
by its high technology focus.
The expansion of the Bank's retail network is crucial
in developing a stable resource base on which to build the Bank's future
business plans. The Bank also offers its retail customers significant
technology driven products, primary among them being access at all branches
to Automated Teller Machines (ATMs) over and above the normal range of
products offered by other commercial banks. The Bank's electronic funds
transfer facility is an added attraction to all customers, individuals
and corporates alike.
The Bank has established a reputation for its skills
in corporate advances, advisory services and treasury management. The
Bank is an Authorized Dealer in foreign exchange and is one of the first
banks ('designated bank') allowed to maintain the accounts of Foreign
Institutional Investors in India. The Bank is also a registered underwriter
and can act as bankers to primary market issuances. The Bank is a member
of the Society for Worldwide Interbank Financial Telecommunication (SWIFT)
and consequently can provide trade related services to all its customers
with unmatched speed and efficiency.
ICICI Bank prides itself on having developed its current
scale of business with an adherence to a strong system of institutional
values, ethics and customer friendliness. The scale of business of the
Bank is illustrated in the table below, which details salient features
of the Bank's performance for the financial year ended March 31, 1997
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Performance of the Bank