What is the Full Form of ICICI | Physics Wallah

Full form of ICICI

ICICI's full form is Industrial Credit and Investment Corporation of India. ICICI is one of the important private region banks of India. As of June 30, 2019, the entire value of consolidated total assets stood at Rs. 12.5 trillion. ICICI Bank has a community of 5. 275 branches and 15,589 ATMs throughout the country.

History of ICICI

• The ICICI Bank was established and promoted by ICICI ltd in 1994. It became the wholly-owned subsidiary of ICICI Ltd.
• In 1998 ICICI decreased its shareholding to 46 %.
• ICICI Ltd was established in 1955 as a joint venture of the World Bank, the Government of India, and the consultant of Indian Industries.
• The essential focus of ICICI bank was to offer medium-term and long-term financing to Indian Business.

Organizational Structure of ICICI

In October 2018, Sandeep Bakshi replaced the CEO MD Chandra Kochhar. He was appointed as the CEO & MD of the bank for a period of 5 years.

Headquarter of ICICI

ICICI has a Registered Office in Vadodara Gujarat and a Corporate Office in Mumbai, Maharashtra.

Companies of ICICI Group

Besides ICICI Bank, the following are the companies of ICICI Group,

• ICICI Prudential Life Insurance Company
• ICICI Securities
• ICICI Lombard General Insurance Company
• ICICI Prudential AMC & Trust
• ICICI Venture
• ICICI Direct
• ICICI Foundation
• ICICI Home Finance Company Limited
• Disha Financial Counselling

Products & Functions of ICICI

ICICI provides the following banking services to its customers.

• Opening of Saving Account or Current Accounts.
• Opening of Fixed Deposits & Recurring Deposits.
• Provides the facilities such as Credit card, Debit card, Overdraft, Cheque book, Demand Draft, Mobile banking, Internet Banking, etc.
• Grants advances such as Personal loans, Home loans, Car loans, Gold loans, etc.
• Provides medium-term & long-term loans to SMEs, Business, Corporates, etc.
• iPal - It is an omnichannel voice bot that provides banking services on 'Alexa' & 'Google Home'.