ICICI Bank

Corporate brand

An Indian multinational private-sector bank serving retail, corporate, institutional and international customers through banking and related financial-services businesses.

Last updated August 27, 2026

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Overview

ICICI Bank is an Indian multinational banking and financial-services company headquartered in Mumbai. It was established in 1994 as a wholly owned banking subsidiary of the Industrial Credit and Investment Corporation of India, or ICICI, a development-finance institution created in 1955 with support from the World Bank, Indian public-sector banks and public-sector insurance companies. The bank initially complemented ICICI's project-finance role, but the broader ICICI organization progressively shifted toward a diversified financial-services model covering banking, consumer finance, investment banking, insurance, asset management and venture capital. The decisive structural change came in the early 2000s. ICICI Bank had already developed retail-finance capabilities and introduced internet banking, while the parent company and related subsidiaries operated across complementary financial businesses. In 2001 the boards approved the combination of ICICI, ICICI Personal Financial Services and ICICI Capital Services with ICICI Bank; the reverse merger was completed in 2002. This transformed the bank into the principal operating institution of the ICICI group and brought the development-finance organization into a universal-banking structure. ICICI Bank provides deposit accounts, payments, cards, consumer and business loans, mortgages, vehicle finance, working-capital finance, trade and treasury services, wealth management, remittances and digital banking. Its broader group ecosystem also includes businesses in life insurance, general insurance, securities, investment banking, asset management and venture capital. The bank serves individuals, small and medium-sized enterprises, large companies, institutional clients, exporters, importers and Indian or foreign businesses operating across borders. The institution has expanded through a combination of organic growth, technology investment and acquisitions. Important transactions included the acquisition of ITC Classic Finance, SCICI, Anagram Finance, Bank of Madura, Sangli Bank and Bank of Rajasthan. These deals helped expand its customer base, branch footprint and presence in retail and semi-urban markets. The bank also participated in the development of Indian financial infrastructure, including institutions and platforms associated with credit ratings, securities markets and commodity exchanges. Digital distribution is central to the modern ICICI Bank brand. Its internet and mobile channels support account services, payments, cards, lending, investment products, remittances and business banking. Initiatives such as Money2World, InstaBIZ, ICICI Stack for Corporates, CorpConnect, Infinite India and UPI-linked RuPay credit cards illustrate the bank's effort to connect traditional banking with platform-based services. During the COVID-19 period, it also deployed mobile ATMs and expanded remote-service capabilities. ICICI Bank has a substantial Indian branch and ATM network and maintains an international presence through subsidiaries, branches and representative offices. The Reserve Bank of India has classified it as a domestic systemically important bank alongside State Bank of India and HDFC Bank. It is commonly described as one of India's major private-sector banks and one of the country's large banking institutions. Its current positioning combines mass-market digital banking with higher-value retail, corporate, institutional and cross-border financial services.

History

The institutional roots of ICICI Bank lie in the Industrial Credit and Investment Corporation of India, established in 1955 as a development-finance institution intended to support Indian industry. ICICI was formed with participation from the World Bank, Indian public-sector banks and public-sector insurance companies. Sir Arcot Ramasamy Mudaliar became its first chairman. Its original role was to provide long-term project finance rather than to operate as a conventional deposit-taking bank. During the 1980s and 1990s, ICICI helped build parts of India's modern financial infrastructure. Alongside the Unit Trust of India, it was involved in establishing CRISIL, an early professional credit-rating agency in the country. It also participated in the promotion of the National Stock Exchange of India and later supported the creation of the National Commodity and Derivatives Exchange with other financial institutions. These activities reflected ICICI's broader development mandate and its involvement in building market institutions. ICICI Bank was incorporated in 1994 as a wholly owned subsidiary in Vadodara. The new bank allowed the group to develop conventional commercial and retail banking capabilities while ICICI continued to evolve from project finance into a diversified financial-services organization. It expanded its product range and distribution through acquisitions and new subsidiaries. The bank introduced electronic funds transfer in 1997 and internet-banking operations in 1998. In 1999, ICICI became the first Indian company and the first bank or financial institution from outside Japan in Asia to list on the New York Stock Exchange, followed by further public and American depositary receipt offerings. The bank's expansion included the acquisition of ITC Classic Finance, SCICI and Anagram Finance in the late 1990s. Bank of Madura was acquired in 2001, adding a significant retail and branch presence. ICICI Bank also acquired selected branches of Grindlays Bank in 2002, Investitsionno-Kreditny Bank in Russia in 2005 and Sangli Bank in 2007. In 2010 it acquired Bank of Rajasthan, which was subsequently merged into ICICI Bank. These transactions helped the bank extend its geographic reach and customer relationships. The most important corporate event was the reverse merger completed in 2002. ICICI, ICICI Personal Financial Services and ICICI Capital Services were merged into ICICI Bank. The transaction consolidated the group's banking and finance activities under the bank and marked its transition into a broad universal-banking institution. The combined organization subsequently operated across retail banking, corporate banking, investment banking, insurance, asset management and related financial services. The 2008 global financial crisis produced intense public concern in India, including queues at some ICICI Bank branches and ATMs following rumours about the bank's stability. The Reserve Bank of India issued a clarification about the bank's financial strength. The episode underscored the importance of confidence and liquidity management for a large institution with international operations. In the following decade ICICI Bank expanded its overseas network and digital capabilities. It opened a retail branch in Singapore in 2010 and developed international subsidiaries, branches and representative offices serving Indian customers, multinational companies and cross-border trade. In 2015 it launched Money2World, an online outward-remittance platform available to both ICICI and non-ICICI customers. During the COVID-19 period the bank deployed mobile ATMs and broadened remote-service options. It later introduced platforms for foreign-company establishment, corporate banking, supply-chain finance, SME services and interoperable digital collections. The bank has continued to participate in India's digital-payments ecosystem through UPI, RuPay, mobile banking, FASTag and corporate APIs. It has also developed partnerships involving electric-vehicle dealer finance, European corporate banking, insurance distribution and regional public-service payments. Its current identity is that of a large, systemically important private-sector bank whose business combines deposits and lending with technology-enabled payments, corporate services, wealth management and international banking.

2023
Rupee Vostro settlement services
[1]ICICI Banken.wikipedia.org
The bank introduces services supporting international trade settlement in Indian rupees through Rupee Vostro Accounts.
2022
InstaBIZ becomes interoperable
[1]ICICI Banken.wikipedia.org
Selected InstaBIZ capabilities become available to customers of other banks.
2021
ICICI Stack for Corporates launches
[1]ICICI Banken.wikipedia.org
ICICI Bank introduces a set of digital solutions for corporations and their business ecosystems.
2020
Investment in Yes Bank
[1]ICICI Banken.wikipedia.org
ICICI Bank invests approximately ₹10 billion in Yes Bank and receives a 5% ownership interest.
2020
Infinite India launches
[1]ICICI Banken.wikipedia.org
The bank creates a digital platform combining banking and business-establishment services for foreign companies entering India.
2015
Money2World launches
[1]ICICI Banken.wikipedia.org
The bank introduces an online outward-remittance service for ICICI and non-ICICI customers.
2010
Bank of Rajasthan acquisition
[1]ICICI Banken.wikipedia.org
ICICI Bank acquires Bank of Rajasthan, which is later merged into ICICI Bank.
2007
Sangli Bank acquisition
[1]ICICI Banken.wikipedia.org
ICICI Bank acquires Sangli Bank, adding branches in Maharashtra, Karnataka and several other Indian states.
2002
Reverse merger creates the consolidated ICICI Bank
[1]ICICI Banken.wikipedia.org
ICICI and two finance subsidiaries merge into ICICI Bank, consolidating the group's banking and financial-services businesses.
2001
Bank of Madura acquisition approved
[1]ICICI Banken.wikipedia.org
ICICI Bank acquires Bank of Madura in an all-stock transaction.
1999
New York Stock Exchange listing
[1]ICICI Banken.wikipedia.org
ICICI becomes the first Indian company and first non-Japanese Asian bank or financial institution to list on the NYSE.
1998
Internet banking begins
[1]ICICI Banken.wikipedia.org
ICICI Bank launches internet-banking operations as part of its early digital expansion.
1994
ICICI Bank is incorporated
[1]ICICI Banken.wikipedia.org
ICICI establishes its wholly owned banking subsidiary, initially known as Industrial Credit and Investment Corporation of India Bank.
1992
Participation in National Stock Exchange promotion
[1]ICICI Banken.wikipedia.org
ICICI is among the financial institutions involved in promoting the National Stock Exchange of India.
1987
CRISIL is established
[1]ICICI Banken.wikipedia.org
ICICI and the Unit Trust of India help establish CRISIL as an Indian credit-rating institution.
1955
ICICI is established
[1]ICICI Banken.wikipedia.org
The Industrial Credit and Investment Corporation of India is created as a development-finance institution to support Indian industry.

Products and positioning

A large, technology-led Indian private-sector bank combining mass retail banking, affluent and wealth services, corporate and SME banking, transaction banking and international financial services.

Banking
Retail banking
ICICI Bank's retail franchise includes savings and current accounts, deposits, payments, debit cards, personal loans, home loans, vehicle finance and other consumer products. Services are distributed through branches, ATMs, internet banking and mobile applications, allowing customers to open accounts, transfer funds, pay bills, manage cards and access credit through digital channels.
Business banking
Corporate and SME banking
The bank serves small businesses, mid-sized companies, large corporations and institutional clients with working-capital facilities, term finance, trade finance, cash management, collections, payments, foreign exchange and treasury services. Digital initiatives such as ICICI Stack for Corporates and CorpConnect extend these services into supply-chain and ecosystem banking.
Digital banking
iMobile
iMobile is ICICI Bank's mobile-banking platform. It provides account access, payments, transfers, card controls, deposits, bill payment and other retail-banking functions. The platform has also been used to connect the bank's services with UPI and additional authentication and security features.
Digital business banking
InstaBIZ
InstaBIZ is a mobile and digital platform for business customers. Its capabilities include collections, UPI identifiers, QR-based payments and other business-banking functions. In 2022, selected services were made interoperable so that customers of other banks could also use parts of the platform.
Remittances · 2015
Money2World
Money2World is an online outward-remittance service designed to let customers initiate international transfers digitally. It was notable for being made available not only to ICICI Bank customers but also to customers of other banks, subject to applicable foreign-exchange and regulatory requirements.
Business services platform · 2020
Infinite India
Infinite India is an online platform for foreign companies establishing operations in India. It combines banking services with selected value-added support such as incorporation, licensing and registration, taxation and human-resources assistance, reducing the need to coordinate separately with multiple service providers.
Cards and payments
Credit cards and UPI-linked RuPay cards
ICICI Bank issues credit and debit cards for consumer spending, travel, cash access and merchant payments. Its RuPay credit-card products can be connected to UPI for eligible person-to-merchant transactions, bringing card-funded payments into India's widely used instant-payment infrastructure.
Wealth management
Wealth and investment services
The ICICI ecosystem provides wealth-management, investment-banking, securities, asset-management and insurance-related services. These offerings address affluent individuals, institutional investors and corporate clients, either through ICICI Bank or through specialist group subsidiaries and partner arrangements.

Controversies

2021
RBI fines ICICI Bank Rs 3 crore for regulatory non-compliance
The Reserve Bank of India imposed a Rs 3 crore penalty on ICICI Bank for violating directions on the classification, valuation and operation of banks’ investment portfolios. The regulator said the penalty followed deficiencies in regulatory compliance.
Source
2008
Rumours of financial weakness during the global crisis
During the 2008 financial crisis, rumours about a possible bank failure led customers in some locations to rush to ICICI Bank branches and ATMs. The Reserve Bank of India issued a clarification regarding the bank's financial strength. The cited material describes a confidence event and regulatory reassurance, not a confirmed bank failure.
Source

2021Namma Chennai Smart Card
Chennai, India
ICICI Bank partnered with the Greater Chennai Corporation and Chennai Smart City Limited on a co-branded, contactless RuPay prepaid card intended for civic payments, utility bills, taxes, retail purchases and e-commerce.
Outcome. Created a common payment instrument for selected city and commercial transactions.
Source
2020Mobile ATM initiative
India
During the COVID-19 period, ICICI Bank deployed mobile ATMs in locations including Delhi-NCR, Mumbai, Noida and Chennai. The vehicles provided cash access and selected services such as transfers, PIN changes and fixed-deposit booking while reducing the need for customers to visit branches.
Outcome. Expanded access to essential banking services during social-distancing restrictions.
Source

Brand decisions

2023
Enable rupee-denominated international trade settlementProduct launch
Background
Indian foreign-trade policy and Reserve Bank of India rules permitted qualifying export and import transactions to be invoiced and settled in Indian rupees.
Action taken
ICICI Bank introduced services using Rupee Vostro Accounts to support rupee settlement for exporters and importers.
Aftermath
The service was positioned as a way to reduce reliance on foreign-currency settlement for eligible transactions and lower associated currency exposure.
Source
2020
Invest in Yes BankM&A
Background
Yes Bank was being reconstructed under a regulatory framework after financial and governance difficulties.
Action taken
ICICI Bank invested approximately ₹10 billion and acquired a 5% interest in Yes Bank.
Aftermath
The investment made ICICI Bank one of the participating institutions supporting Yes Bank's reconstruction.
Investment amount and ownership. Approximately ₹10 billion for a 5% interest (March 2020)
Source
2010
Acquire Bank of RajasthanM&A
Background
The acquisition was intended to expand ICICI Bank's branch network and customer reach.
Action taken
ICICI Bank acquired Bank of Rajasthan for approximately ₹30 billion.
Aftermath
Bank of Rajasthan was subsequently merged into ICICI Bank.
Acquisition consideration. Approximately ₹30 billion (2010)
Source
2002
Consolidate ICICI into ICICI BankM&A
Background
ICICI had evolved from a project-finance institution into a diversified financial-services group, while ICICI Bank provided a commercial-banking platform.
Action taken
ICICI, ICICI Personal Financial Services and ICICI Capital Services were merged into ICICI Bank through a reverse merger.
Aftermath
The transaction made ICICI Bank the main universal-banking entity of the group and consolidated banking, retail finance and related activities.
Source

Recent events

2026.10.26
Reported2026.10.26
ICICI Bank announces credit-card charge and reward changes[4]ICICI银行宣布信用卡费用及奖励调整jagranjosh.com
ICICI Bank announced that finance charges would apply to extended credit and cash advances from November 15, and that monthly reward-point eligibility would be capped for certain spending categories, depending on the card variant.
2026.10.22
Reported2026.10.22
ICICI Bank announces credit card finance charges[5]ICICI Bank宣布信用卡融资费用调整jagranjosh.com
ICICI Bank announced that finance charges would apply to extended credit and cash advances from November 15; the article also reports monthly reward-point eligibility caps that vary by card variant.
2026.10.17
Reported2026.10.17
ICICI Bank reports Q2 2026 earnings[6]ICICI Bank公布2026年第二季度业绩freepressjournal.in
ICICI Bank announced consolidated net profit of ₹16,333 crore for the quarter ended September 30, 2026, up 22.25% from the corresponding quarter last year.
2026.10.14
Reported2026.10.14
NPCI BHIM Services launches Tatkal NPS on BHIM Payments App[7]NPCI旗下BHIM支付应用上线Tatkal NPS快捷养老金开户服务prokerala.com
NPCI BHIM Services Limited (NBSL), a wholly owned subsidiary of the National Payments Corporation of India, announced that Tatkal NPS, a scheme introduced by regulator PFRDA, is now available on the BHIM Payments App, enabling eligible users to open a National Pension System (NPS) account via UPI in three steps without a branch visit or fresh paperwork. The service is initially available to banking customers of State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank and Bank of Baroda, with a minimum initial contribution of Rs 250 and subsequent contributions starting from Rs 10.
Unconfirmed
Reported2026.01.03
ICICI Bank launches Capital Gains Account Scheme for parking unutilised capital gains[8]ICICI银行推出资本利得账户计划以存放未使用资本利得businesstoday.in
ICICI Bank has introduced a Capital Gains Account Scheme (CGAS) authorised by the government under the Capital Gains Account Scheme, 1988, allowing resident individuals and HUFs to park unutilised long-term capital gains and preserve tax exemption eligibility under the Income Tax Act, 1961. The scheme offers Type A savings and Type B term deposit accounts, with deposits permitted for up to three years depending on the reinvestment purpose, and plans to extend access to non-individual entities and NRIs in subsequent phases.
2026.01.01
Reported2026.01.01
ICICI Bank launches Capital Gains Account Scheme[9]ICICI银行推出资本利得账户计划thehindu.com
ICICI Bank announced the launch of the Capital Gains Account Scheme (CGAS), allowing taxpayers to deposit un-invested long-term capital gains or sale proceeds from specified capital assets to claim tax exemptions for up to three years while earning interest. The scheme is available from January 1, 2026 for resident individuals and Hindu Undivided Families, with non-individuals and NRIs to follow shortly.
2022.03.24
Reported2022.03.24
MG Motor India introduces MG ePay digital car-finance platform[10]MG Motor India推出MG ePay数字汽车金融平台economictimes.indiatimes.com
MG Motor India introduced MG ePay, an online car-finance platform offering customers financing options through a consortium of banks. The company said the facility would be available across India.
2022.03.15
Reported2022.03.15
ICICI Bank and Emirates Skywards announce co-branded credit card partnership[11]ICICI Bank与Emirates Skywards宣布联名信用卡合作thehindubusinessline.com
ICICI Bank announced a partnership with Emirates Skywards to launch a range of co-branded credit cards that let customers earn Skywards Miles on travel, lifestyle and everyday spending.
2022.02.21
Reported2022.02.22
ICICI Bank agrees to invest in Verve Financial Services[12]ICICI Bank同意投资Verve Financial Servicesbusiness-standard.com
ICICI Bank entered into an agreement for a cash investment of Rs 19.99 crore in Verve Financial Services’ equity shares. The transaction was expected to be completed by the end of March 2022; after the investment, ICICI Bank was to hold a 9.49% stake.
2021.10.21
Reported2021.10.21
ITILITE and ICICI Bank announce a business travel credit-card partnership[13]ITILITE与ICICI Bank宣布商务旅行信用卡合作freepressjournal.in
ITILITE announced an exclusive partnership with ICICI Bank to issue commercial credit cards to businesses in India. The bank will issue the cards and provide a credit period of up to 50 days, while ITILITE will provide its travel and expense management platform.

Sources94 sources

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