ICICI Abbreviations

ICICI abbreviations are Industrial Credit and Investment Corporation of India. The ICICI Bank was founded in 1955 by a business firm of the same name. The establishment of ICICI Bank was initiated by the then government of India, the world bank, and the members of the Indian banking industry. The main objective behind the initiative was to develop a financial institution that best suits the finances of Indian businesses. ICICI Bank continues to provide project financing to businesses in India to date.

About ICICI Abbreviations

ICICI means the Industrial Credit and Investment Corporation of India. Its parent company is the ICICI Bank Limited. It is a private bank, and its main competitors are the Kotak Bank, Axis Bank, DCB Bank, HDFC Bank, etc. ICICI Bank is regarded as the 2nd largest Indian investment bank. It is also the 3rd largest bank in terms of market capitalization. ICICI was the first financial institution or bank in India to introduce online internet banking in India. The ICICI Bank has gone from being a financial institution specializing in development projects to providing finance to financial assistance to diverse businesses and individuals through their subsidiaries or affiliates.

The Acquisitions of ICICI Bank Since its Inception

The parent company, Industrial Credit and Investment Corporation of India Bank, merged with the ICICI bank. In 1998, ICCI bank went public, and its shares were reduced to 46%. Some of the acquisitions of the banks since then are mentioned below:

1. In 1996, ICICI Limited opened its financial institution, and its Headquarters were in Mumbai.
2. In 1997, ICICI acquired the ITC Classic Finance, which was established in 1986. The non-banking financial firm had, at the time of its acquisition by ICICI, 8 offices and 26 outlets along with 700 brokers.
3. In 1997, ICICI acquired SCICI, which stands for Shipping Credit and Investment Corporation of India.
4.  In 1998, ICICI acquired Anagram Finance which has 50 branches across India. The main objective of the firm was to finance retail cars and trucks.
5. In 2001, ICICI acquired the Bank of Madura.
6. In 2002, ICICI acquired the Grindlays Bank, specifically its Darjeeling and Shimla branches.
7. In 2005, ICICI acquired the Russian bank, Investitsionno-Kreditny Bank.
8. In 2007, ICICI acquired the Sangli Bank, a private sector bank with 198 branches all over India. The bank had its reach in not just the urban areas but also in the semi-urban and rural areas of India.
9. In 2010, ICICI acquired the Bank of Rajasthan for Rs. 30 billion, but the Bank of Rajasthan did not lose its holdings.

List of Subsidiaries that Fall Under the ICICI Bank

1. ICICI Lombard
2. ICICI Direct
3. ICICI Bank UK PLC
4. ICICI Prudential Life Insurance
5. ICICI Bank Canada
6. ICICI Prudential Mutual Fund

The Role of ICIC Bank in the Indian Banking Industry

1. ICICI Limited helped set up the first credit rating agency professionally in India, called CRISIL.
2. In 2006, ICICI Bank helped set up a company to provide the underprivileged with technological solutions like smart cards.
3. In 2002, ICICI Bank and other institutions like the ARCIL acquired non-performing assets to maximize their recovery.
4. In 2000, ICICI Bank also helped set up the Credit Information Bureau of India Limited, which is the first national credit bureau in India.
5. In 2003, ICICI Bank along with other banks like the Canara Bank, CRISIL, NABARD, Punjab National Bank, Goldman Sachs and others to form the NCDEX, which is the National Commodities and Derivatives Exchange.

Conclusion

ICICI was established 26 years ago, and since then, it has  transformed itself into a pioneering financial institution. Still, it has also made substantial contributions to the Indian banking industry. It has helped set up other financial institutions and worked for the overall progress of the banking industry. It has many firsts under its name. For instance, ICICI was the first bank in India to introduce the online internet banking system to its customers. The ICCI Bank founder is the Industrial Credit and Investment Corporation of India.