ICICI Bank Press Release

March 27, 2000

At a recent board meeting, the ICICI Bank board of directors discussed among other things, certain existing non-performing loans that required additional provisions. The board of directors decided to provide for an additional amount of Rs. 13.5 crores (US$ 3 million) under the US GAAP in respect of certain accounts already identified as non-performing loans. This provision is in response to developments in March 2000 in connection with certain borrowers, the loans of which were already classified as non-performing. This is in addition to the provisions we expect to make in our fourth quarter review, which are expected to be in line with the provisions made in the first three quarters. The net non-performing assets of the bank are expected to reduce further, as a result of these provisions.

The above provision would be taken into the books during the quarter ending March 31, 2000. This press release is given as the bank is required to complete all process in connection with its issue of American Depository Shares (ADSs) to be listed on the New York Stock Exchange during the next few days.

This press release is not an offer for securities for sale in the United States and the ADSs may not be offered or sold in the United States absent registration or an exemption from registration. The public offering of ADSs to be made in the United States will be made solely by means of a prospectus that may be obtained from ICICI Bank and that will contain detailed information about ICICI Bank, its management and its financial statements.