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5 Interesting Facts about ICICI Bank

A prominent private sector bank in India is ICICI Bank. It used to be an abbreviation for Industrial Credit and Investment Corporation of India. The combined total assets of the Bank were Rs. 14.76 trillion at September 30, 2021. 

ICICI Bank now has a network of 13,379 ATMs and 5,418 branches throughout India. The only bank to operate on the guiding principle “customer service is first.”

ICICI Bank’s current MD and CEO is Sandeep Bakhshi. He replaced Chanda Kochhar in the year 2018 and previously he was ICICI bank’s COO. He has spent more than 30 years working for the greater ICICI company.

Is ICICI Bank an Private Bank?

Yes, ICICI Bank is a private Bank. A bank becomes a Public Sector Unit or Private on the basis of how much share is held by the Government in that company. IF Government holds majority of share, it becomes Public Sector Unit. If not it becomes a Private bank.

The only criterion for classifying banks is this one. Say for an example – IN SBI Government holds 58.86% share and the rest is with public, Mutual fund companies, Insurance Companies etc..

But in case of ICICI Bank;

  • Foreign Institution – 35.91%
  • GDR – 24.13%
  • Mutual Fund Companies –17.21%
  • Financial Institutions -14.55%
  • General Public – 5.39%
  • Others- 2.65%
  • Govt – 0.16%

So, As the government holdings are almost zero or less than others, it’s called a private bank.

Basically – If Government holds a majority of share than others in the Company, then it’s a PSU (Public Sector unit) if Government shareholdings are lesser than others, It’s a Private unit.

Safe For Buying ICICI Shares For Long Term Investment

ICICI bank is one of the most reputed Private banks in India. With one of the most diversified businesses in India and amazing loan growth ICICI bank is one of the strongest stocks from the banking sector.

The stock is fundamentally very strong and currently trading at levels of 360 almost 200 points down from its lifetime high! The stock has a lot of potential to give Multi bagger returns in Future.

As it does not see any promoters conflicts, Better business and perfect management.

As we might not receive these pricing in the future, now is the ideal moment to accumulate ICICI bank stocks.

Unique Flexible Recurring Deposit

  • In the Flexi Deposit programme, Iwish is noteworthy.
  • ICICI FD invest is a good product. It is a good concept. FD protects capital, interest in MF enhances value.
  • ICICI FD Extra is a good scheme. You save on the rule of FD, and the Bank pays you in terms Annuity scheme.
  • In ICICI RD MIS, you save money in RD terms. You are compensated under annuity terms.

Even if you are not investing in these products,you must be thankful for the knowledge you catch,out of their concept.

Mother Of All Banks In India

ICICI Bank is without doubt the mother of all banks in India. When all the banks were toiling with their manual work, this bank changed the entire scenario.In the morning alone, one may see hundreds of motorcycles at any of their branches’ entrances. They initiated the momentum and all other banks entered the technology arena. 

They completely shut down the banking system as a result of their appalling customer service. The ICICI bank is solely responsible for the expansion of the two-wheeler business in modern times. They revolutionized the two wheeler sales when all other banks were averse to lending for two wheeler purchase.

ICICI Stack 

In the wake of the coronavirus outbreak, ICICI Bank today announced the launch of “ICICIStack,” a collection of the nation’s most comprehensive digital banking services and APIs (Application Program Interface) to ensure an uninterrupted banking experience for customers in retail and business, including retailers, merchants, fintechs, large e-commerce firms, and corporates. 

Most of the offerings are firsts for the sector and are instantly accessible through the Bank’s online or mobile banking with the help of IFSC Codes of various ICICI branches are used in Digital platforms.

The following are some of the well-known services offered by “ICICIStack”:

  • Accounts Stack
  • Payments Stack
  • Loans Stack
  • Investment Stack

The Successful Journey 

  • ICICI Limited, an Indian financial institution, promoted ICICI Bank in 1994.
  • In 1999, ICICI became the first bank or financial institution from Asia that was not a Japanese corporation to be listed on the NYSE.
  • Institutional investors were notified of ICICI’s secondary market sales in 2001 and 2002.
  • The amalgamation was accepted in 2002 by the shareholders, the Gujarat High Court, the High Court of Judicature, the Reserve Bank of India.
  • An all-stock merger of Sangli Bank with ICICI Bank was authorized by the boards of ICICI Bank and The Sangli Bank Limited in December 1996 at their regular meetings.
  • The merger plan was given RBI approval in April 1997.