ICICI Bank : History, Introduction & Work in Banking Sector

 

ICICI Bank is one of the largest and most prominent private sector banks in India. The full form of ICICI is Industrial Credit and Investment Corporation of India. It was established in 1994 as a wholly-owned subsidiary of ICICI Limited, an Indian financial institution. In 2014, ICICI Bank became the first Indian bank to be listed on the New York Stock Exchange (NYSE). ICICI Bank was one of the first banks to be set up in the private sector after the government's decision to liberalize the Indian banking industry.

Since its inception, ICICI Bank has grown rapidly and expanded its services to become a major player in the Indian banking sector. It offers a wide range of banking and financial products and services to individuals, businesses, and corporate customers. Some of its primary services include retail banking, corporate banking, investment banking, insurance, wealth management, and various digital banking solutions.

ICICI Bank has a vast network of branches and ATMs across India and also has a strong international presence. It has made significant efforts to adopt technology and innovation to improve customer experiences and provide efficient banking solutions.

ICICI Bank has been at the forefront of adopting technology to enhance customer experience and operational efficiency. It offers various digital services, including internet banking, mobile banking, and electronic payment solutions.

The bank has received numerous awards and accolades for its performance and services, and it continues to be one of the leading financial institutions in India.

ICICI Bank is actively involved in various social and community development initiatives through its Corporate Social Responsibility (CSR) programs. The bank contributes to education, healthcare, skill development, and environmental sustainability.

The bank offers a wide range of financial products and services to individuals, businesses, and corporate clients.

Some of the key services provided by ICICI Bank include :-

1.    Retail Banking: ICICI Bank offers various retail banking products such as savings accounts, current accounts, fixed deposits, recurring deposits, and a variety of loan products like personal loans, home loans, car loans, and more.

2.    Digital Banking: The bank has a strong focus on digital services and provides internet banking, mobile banking, and a user-friendly mobile app for customers to perform various transactions online.

3.    Credit Cards: ICICI Bank offers a range of credit cards with different features and benefits to cater to various customer needs.

4. Investment and Wealth Management: The bank provides investment and wealth management services, including mutual funds, insurance products, and portfolio management services.

5.    NRI Banking: ICICI Bank offers special banking services for Non-Resident Indians (NRIs) to manage their finances in India.

6.    Corporate Banking: The bank caters to the needs of corporate clients and provides services such as corporate accounts, trade finance, cash management, and other corporate banking solutions.

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ICICI Bank offering so many products and services in the Banking and inance sector. So, ICICI Bank play a vital role in the banking industries.

 

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RBI Suspended License of Bank

 

The Reserve Bank of India has Suspended the license of United Co-operative Bank Ltd, West Bengal. The RBI has taken the decision after it found that the bank doesn’t have adequate capital and earning prospects, RBI said in an order dated May 10, 2021.

Depositors don’t need to worry much, as they will receive the full amount of their deposits, thanks to the Deposit Insurance and Credit Guarantee Corporation (DICGC). However, depositors are entitled to receive claim benefits of up to Rs 5 lakh.

RBI said that in the current situation, the bank would not be able to pay its depositors the full amount of their deposits. The process of liquidation will now being.

RBI said that the bank is now prohibited from conducting the business of ‘banking’ which includes acceptance of deposits and repayment of deposits. “The continuance of the bank is prejudicial to the interests of its depositors,” .

The Registrar of Cooperative Societies, West  Bengal has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank,” RBI said in its official statement published on May 13, 2021.