The Full Form of ‘ICICI’ in Banking is ‘Industrial Credit and Investment Corporation of India’.
Full Form of ICICI
The full form of ICICI in banking is “Industrial Credit and Investment Corporation of India”. ICICI Bank is a leading private sector bank in India, providing a wide range of financial products and services to retail and corporate customers. It was established in 1994 as the first private sector bank in India.
Headquartered in Mumbai, ICICI Bank has more than 5,000 branches across the country and two international offices – one in London and another one at Dubai International Financial Centre (DIFC). It also has presence in 19 countries, including the United States, Canada, Singapore, Hong Kong, Bahrain, Sri Lanka and South Africa.
As of September 2019, ICICI Bank had assets worth Rs 12.9 trillion (US$ 180 billion) with total deposits of over Rs 11 trillion (US$ 156 billion). It currently serves about 52 million customers through its network of internet banking and mobile banking platforms.
The bank offers a comprehensive range of financial services including savings accounts, current accounts, term deposits, home loans, personal loans, education loans and credit cards. ICICI Bank also provides business banking solutions such as corporate finance solutions like project finance and working capital financing solutions; treasury & investment management solutions; trade services; cash management services; e-commerce solutions; digital payment solutions like UPI payments; wealth management solutions; insurance services; NRI services; stock broking services among others.
In terms of technology initiatives undertaken by the bank, it was among the first banks to launch its mobile app with an integrated wallet facility called Pocket Banking App which allows customers to access their accounts anytime from anywhere via their mobile phones or tablets. The app also allows customers to make payments directly from their account without having to visit a branch or use plastic money. In addition to this app-based service platform launched by ICICI Bank for its customers’ convenience there are other advanced features offered by the bank such as IRCTC ticket concierge service for railway tickets booking via mobile phone or tablet device along with many other innovative features that make banking easier for its customers.
Apart from these initiatives taken by the bank for customer convenience it is also known for its leadership role in promoting financial inclusion through various measures such as launching no-frills saving accounts called ‘Jan Dhan Yojana’ which helps low income households gain access to basic banking facilities even if they do not have any sort of collateral or assurance against loan repayment because these accounts can be opened easily with minimum documentation requirements; setting up self help groups for women entrepreneurs so that they can avail easy credit through small business loans provided by the bank etcetera this is how ICICI Bank has become one of the most trusted banks in India offering a wide variety of products and services tailored according meet customer needs.
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