Who is the Founder of ICICI Bank of India? When it was established?
By BYJU'S Exam Prep
Updated on: August 10th, 2023
Industrial Credit and Investment Corporation of India, an Indian financial conglomerate, Founded the ICICI Bank as a 100% subsidiary. ICICI Bank of India was not established by any one individual but is the result of joint work in 1994. Before adopting the abbreviation ICICI Bank, the bank was known as Industrial Credit and Investment Corporation of India Bank. Therefore, development is done through a partnership between the World Bank, the Government of India, and Indian industry associations.
Table of content
Founder of ICICI Bank of India
Through a variety of delivery channels and specialized subsidiaries in the fields of investment banking, life, non-life insurance, venture capital, and asset management, it provides a broad range of banking products and financial services for corporate and retail customers.
- The first Chairman of ICICI Ltd. was chosen to be Sir Arcot Ramasamy Mudaliar.
- ICICI was founded outside of India in 1955 at the request of the World Bank, the Indian government, and Indian business executives.
- The main goal was to establish a development financial institution to give Indian companies access to medium- and long-term project financing.
- Up until the late 1980s, ICICI concentrated a large portion of its efforts on project financing, giving long-term funding to numerous industrial projects.
- In the 1990s, India’s financial industry underwent liberalization, and ICICI changed from being a development financial institution that only provided project financing to a diversified financial services provider.
- It provided a wide range of products and services alongside its subsidiaries and other group companies.
Summary:
Who is the Founder of ICICI Bank of India? When it was established?
In 1994, an Indian financial institution known as Industrial Credit and Investment Corporation of India established ICICI Bank as a wholly-owned subsidiary. Establishing a development financial organization to provide Indian businesses with access to medium- and long-term project funding was the main objective.
Related Questions:
