Industrial Credit and Investment Corporation of India

Introduction

The Industrial Credit and Investment Corporation of India establishment can be traced back to 1955. Initially, the ICICI was formed to provide financial aid to medium and long-term Indian industry projects. India limited’s industrial credit and investment corporation started as a provider of facilitating finance but later on, went on to take a diversified part in multiple financial activities. The incorporation of the ICICI bank in 1994 as a part of the ICICI group with its headquarters in Vadodara shows the diversification of roles by the Industrial Credit and Investment Corporation of India Limited. 

Industrial Credit and Investment Corporation of India Establishment and Events

The Industrial Credit And Investment Corporation Of India Owner is not a single individual. It was formed in 1955 as a joint-venture by the Government of India, World Bank and Indian Business representatives. The corporation of the ICICI bank occurred in the year 1994. The ICICI bank in 1999 became the first Indian bank and Non-Japan financial institution in Asia to be on the list of the New York Stock Exchange. In 2002 ICICI bank was merged with the Industrial Credit and Investment Corporation of India Limited and became the first universal bank in India. With this union, the ICICI no longer remained a financial development institution. In 2004 and 2005, it opened an office in Bangladesh and set up branches in Dubai and Hong Kong, respectively. It also turned the New York branch into ICICI Bank in 2008. In 2013, it became the first private-sector branch to open a mobile branch with ATM in Maharashtra. The present Industrial Credit And Investment Corporation Of India’s Owner is Mr. Sandeep Bakshi. 

Objective of ICICI

• Encouragement and development of new industries
• Expansion and modernization of the existing industrial sector
• Assistance in technical and managerial areas to enhance production
• To provide loans for industrial projects in the private sector

Activities by ICICI 

Finance

The ICICI aims to provide financial support for establishing and expanding manufacturing units to increase the production process. The support is extended in terms of money, shares, debentures, or a guarantee of supplying the equipment. The rupee loan is used to purchase machinery, equipment, or other preliminary expenses.  

Advisory Services

Various project advisory services are extended to the government, public, and private sectors. The public sector advisories focus on reforms and analysis. At the same time, the private sector is mainly advised on the strategic management front.

Facilities to NRIs

The facilities and incentives provided by the government of India to Non-residential Indians are offered by the ICICI.

Assistance on Leasing

Leasing assistance for pollution control, modernization, and energy conservation has been available since 1983.

Foreign Currency Loans

To benefit industries with essential foreign capital goods, ICICI has foreign currency loans. 

Promotions of Other Institutions

The ICICI has promoted the Housing Development Finance Corporation HDFC to provide lower and middle-class people financial aid. The primary focus is to help construct or purchase residential houses across the country. The TDICI, which is associated with the development of technology and information, is promoted to finance the up-gradation of technology and information. Credit Rating Services of India Ltd., in association with UTI or Unit Trust of India, was promoted to support credit rating services in the corporate world. The PACT and PACER are two institutions funded by the United States Aid ( USAID ) for research and development and energy sectors. 

Services Offered by the Bank

• The facility of opening both savings and current account
• ICICI grants Personal loans, education loans, housing loans, automobile loans, two-wheeler loans
• Business banking with services like existing accounts, internet banking, and mobile banking is available
• Deposit Schemes include both fixed deposit and recurring deposit
• Debit cards, credit cards, and business cards are present for the card facility
• Mutual funds and PPF are the investment schemes available
• Health insurance and life insurance can be done along with general insurance

In addition, these banking services also extend benefits to NRIs, including NRI FDs, NRE, NRO, and FCNR accounts.

Conclusion

The ICICI provides financial assistance in various forms. Long and medium termed loans are available in both rupee and foreign currency. The suppliers guarantee the types of equipment. The ICICI group, other than specializing in retail and corporate banking, offers investment banking, wealth management, insurance, etc., to its customers. Being a private bank, ICICI has earned a lot of trust from its customers through its customer-centric ideologies.