Role of ICICI bank in economic development of India

Abstract

ICICI Bank is a second largest and leading bank of private sector in India. It does head India. ICICI Bank was established by the Industrial Credit and Investment Corporation of India (ICICI), AN Indian financial institution, as a wholly owned subsidiary in 1994. The present company was formed in 1955 as the joint-venture of World Bank. The bank was initially known as Industrial Credit and Investment Corporation of India before it changed its name to the abbreviated ICICI Bank. ICICI bank became the first Indian bank to list on the New York Stock Exchange and his network cover with 19 countries including India. 84096 total numbers of employees, 4,850 branches and 14,404 in ICICI Bank. Similarly, ICICI Bank started to investigate ways of reaching poorer rural clients with micro loans early in the new century. A number of factors worked together to convince ICICI Bank, India’s second largest commercial bank, to enter the microfinance market in 2002. Motivated by priority sector targets, as well as the internal drive to “be a leader in every field of banking”, and the belief that some of the new micro finance clients will eventually graduate into mainstream banking (Harper, forthcoming), ICICI Bank also purchased, in 2001, the privately owned Bank of Madura, in Southern India.