Industrial Credit and Investment Corporation of India (ICICI)

The Industrial Credit and Investment Corporation of India Limited (ICICI) incorporated at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses.

ICICI emerges as the major source of foreign currency loans to Indian industry. Besides funding from the World Bank and other multi-lateral agencies, ICICI was also among the first Indian companies to raise funds from international markets.

ICICI Bank was established in 1994 by the Industrial Credit and Investment Corporation of India, an Indian financial institution, as a wholly owned subsidiary. The parent company was
formed in 1955 as a joint-venture of the World Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry. The bank was initially known as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to the abbreviated ICICI Bank. The parent company was later merged into ICICI Bank.

History of ICICI

1955:

• The Industrial Credit and Investment Corporation of India Limited (ICICI) incorporated at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses. Mr.A.Ramaswami Mudaliar elected as the first Chairman of ICICI Limited.
• ICICI emerges as the major source of foreign currency loans to Indian industry. Besides funding from the World Bank and other multi-lateral agencies, ICICI was also among the first Indian companies to raise funds from international markets.

 1967:

• ICICI made its first debenture issue for Rs.6 crore, which was oversubscribed.

1977:

• ICICI sponsored the formation of Housing Development Finance Corporation. Managed its first equity public issue

1982:

• ICICI became the first ever Indian borrower to raise European Currency Units. 
• ICICI commences leasing business.

1986:

• ICICI became the first Indian institution to receive ADB Loans.
• ICICI, along with UTI, set up Credit Rating Information Services of India Limited, India's first professional credit rating agency.
• ICICI promotes Shipping Credit and Investment Company of India Limited.

1994:

• ICICI Bank was established in 1994 by the Industrial Credit and Investment Corporation of India, an Indian financial institution, as a wholly owned subsidiary.
• ICICI Securities and Finance Company Limited in joint venture with J. P. Morgan set up.

1996:

• ICICI Asset Management Company set up.
• ICICI Bank set up.
• ICICI Ltd became the first company in the Indian financial sector to raise GDR.

1998:

• ICICI Banking Corporation Ltd, the first bank in the country to go in for Internet banking, is now all set to provide its account-holders with the facility of transferring funds across their accounts on the Net.

2000:

• ICICI Bank became the first Indian bank to list on the New York Stock Exchange with its $175-million American depository shares issue generating a demand book 13 times its size at $2.2 billion.

2001:

• The Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002.

2008:

• Following the 2008 financial crisis, customers rushed to ATM's and branches in some locations due to rumors of adverse financial position of ICICI Bank. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumors.

2010:

• ICICI Bank opens first retail branch in Singapore. 
• RBI approves the amalgamation of Bank of Rajasthan Ltd with ICICI Bank Ltd.

2012:

• ICICI Bank opens its second branch in Hong Kong.
• ICICI Bank was the first private sector bank in India to offer PPF account facility at all bank branches.