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The acronym ICICI stands for Industrial Credit and Investment Corporation of India. It was established in 1955 as a public limited company under the Indian Company Act for the development of private sector medium and small enterprises. Initially, when it was established it was a collaborative venture between the World Bank, representatives of Indian enterprises, and the Indian government. ICICI‘s parent entity is ICICI bank. The firm was founded primarily to provide medium- and long-term project finance to Indian companies.
What are the Objectives of ICICI bank?
- To catalyse the promotion and up-gradation of new industries in the market.
- To provide loans to industry; initiatives in the private sector.
- To provide assistance in the educational and management domains in order to enhance output scales.
- To aid our industry’s modernization process.
What is the Meaning of the Financial Assistance of ICICI?
- ICICI supplies a complete degree of financial help to enterprises so that they can easily fulfil their aims.
- Long-term and medium-term loans in both rupees and foreign money are available.
- Underwriting fresh share and debenture issuance.
- Participating in debentures and equity capital.
- It is guaranteed that equipment providers and overseas loaners will be available.
What are the Important Activities of the ICICI?
Project Finance
Project finance was ICICI’s first significant activity. The ICICI is responsible for providing industries with the charges of establishing, modernizing, or expanding manufacturing and processing operations. This is most common in the company of the Indian rupees and the foreign loans or similar underwriting or as the subscription to shares and debentures and guarantees to deliver equipment and foreign donors.
They mainly provide rupee loans to the organizations in order to purchase equipment, build infrastructure, power up machines, and other forms of preliminary costs. Foreign currency loans are available to fund the acquisition of imported capital equipment.
Leasing
Since 1983, ICICI has made significant contributions to the field of leasing. Personnel from the ICICI bank assist in the method of computerization, modernization equipment of energy conservation, export orientation, pollution control, and so on.
Project Advisory Services
These services are mostly supplied to the federal and state governments, as well as to the companies from the public and private sectors. They advise the governments on various sorts of policy reforms and what works best for them. They also advise private-sector enterprises on strategic management and value chain analysis.
Non-Resident Indian Facilities
Information is provided on the facilities and incentives provided by the Government of India to non-resident Indians for prudent investment in India.
Foreign Currency Loans
The ICICI provides foreign currency loans and advances to Indian industrial firms in order for them to obtain required capital goods from foreign nations.
What are the Key dates in the ICICI’s Event Calendar?
A joint initiative between the World Bank and the Government of India led to the formation of ICICI in 1955. Some years later, in 1994, ICICI was established as a substantial and legal member of the ICICI group. ICICI became the first Indian bank or a financial institution from Asia (other than Japan) to be listed on the New York Stock Exchange in 1999. This was another big achievement of the organization that propelled it to the international level.
ICICI purchased the Bank of Madura Limited in 2001. ICICI amalgamated with the ICICI Bank somewhere around the year 2002. In 2004, it established an office in Bangladesh and a branch in Hong Kong and Dubai in 2005. In 2006, it established a branch in Antwerp, Belgium, as well as representative offices in Kuala Lumpur, Jakarta, and Bangkok. In 2008, ICICI converted its New York branch into an ICICI Bank branch and built an office in Frankfurt. Finally, in 2013, it became the first private sector bank in Maharashtra to launch a mobile branch with an ATM.
Conclusion
You must have a firm understanding of the foundations of ICICI’s role by this point. It is related to some financial service only. You have explored all the services offered by the ICICI Bank and you can enjoy any service from the bank. History also tells us that this bank was formed to finance projects but now it has millions of retail customers enjoying various services across the country.
