ICICI Bank
ICICI Bank Ltd.
|
| Type |
Public |
| Traded as |
BSE: 532174
NSE: ICICIBANK
NYSE: IBN |
| Industry |
Banking, Financial services |
| Founded |
1994 |
| Headquarters |
Mumbai, Maharashtra, India |
| Area served |
Worldwide |
| Key people |
Chanda Kochhar (MD & CEO) |
| Products |
Credit cards, Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management |
| Revenue |
US$ 13.812 billion (2011)[1] |
| Profit |
US$ 1.366 billion (2011)[1] |
| Total assets |
US$ 119.692 billion (2011)[1] |
| Employees |
79,978 (2011)[1] |
| Website |
www.icicibank.com |
ICICI Bank Ltd. (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) is India's second largest financial services company headquartered in Mumbai, Maharashtra. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank has a network of 2,533 branches and 6,800 ATMs in India, and has a presence in 19 countries, including India.[2]
The bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre; and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company's UK subsidiary has established branches in Belgium and Germany.[3]
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
Corporate history
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.[4][5] 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.
ICICI Bank launched internet banking operations in 1998.[6]
ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public offering of shares in India in 1998, followed by an equity offering in the form of American Depositary Receipts on the NYSE in 2000. ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001, and sold additional stakes to institutional investors during 2001-02.
In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.[7]
In 2000, ICICI Bank became the first Indian bank to list on the New York Stock Exchange with its five million American depository shares issue generating a demand book 13 times the offer size.
In October 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.[8]
In 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.[9]
Corporate governance
Group Anti Money Laundering Policy
The ICICI Group AML Policy establishes the standards of AML compliance and is applicable to all activities.[10]
Code of Conduct
ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees.[11]
Creation of market infrastructure in India
ICICI Bank has contributed to set up different institutions which include the following:
- National Stock Exchange
The National Stock Exchange was promoted by India’s leading financial institutions (including ICICI Ltd.) in 1992 on behalf of the Government of India with the objective of establishing a nationwide trading facility for equities, debt instruments and hybrids, by ensuring equal access to investors all over the country through an appropriate communication network.[12]
- Credit Rating Information Services of India Limited
In 1987, ICICI Ltd. along with UTI set up CRISIL as India's first professional credit rating agency. CRISIL offers a comprehensive range of integrated products and service offerings which include credit ratings, capital market information, industry analysis and detailed reports.[13]
- National Commodities and Derivatives Exchange Limited
NCDEX is a professionally managed online multi-commodity exchange, set up in 2003, by ICICI Bank Ltd, LIC, NABARD, NSE, Canara Bank, CRISIL, Goldman Sachs, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Punjab National Bank.[14]
- Financial Innovation Network and Operations Pvt Ltd.
ICICI Bank has facilitated setting up of "FINO Cross Link to Case Link Study" in 2006, as a company that would provide technology solutions and services to reach the underserved and underbanked population of the country. Using cutting edge technologies like smart cards, biometrics and a basket of support services, FINO enables financial institutions to conceptualise, develop and operationalise projects to support sector initiatives in microfinance and livelihoods.[15]
- Entrepreneurship Development Institute of India
Entrepreneurship Development Institute of India (EDII), an autonomous body and not-for-profit society, was set up in 1983, by the erstwhile apex financial institutions like IDBI, ICICI, IFCI and SBI with the support of the Govt. of Gujarat as a national resource organisation committed to entrepreneurship development, education, training and research.[16]
- North Eastern Development Finance Corporation
North Eastern Development Finance Corporation (NEDFI) was promoted by national level financial institutions like ICICI Ltd in 1995 at Guwahati, Assam for the development of industries, infrastructure, animal husbandry, agri-horticulture plantation, medicinal plants, sericulture, aquaculture, poultry and dairy in the North Eastern states of India. NEDFI is the premier financial and development institution for the North East region.[17]
- Asset Reconstruction Company India Limited
Following the enactment of the Securitisation Act in 2002, ICICI Bank together with other institutions, set up Asset Reconstruction Company India Limited (ARCIL) in 2003, to create a facilitative environment for the resolution of distressed debt in India. ARCIL was established to acquire non performing assets (NPAs) from financial institutions and banks with a view to enhance the management of these assets and help in the maximisation of recovery. This would relieve institutions and banks from the burden of pursuing NPAs, and allow them to focus on core banking activities.[18][19]
- Credit Information Bureau of India Limited
ICICI Bank has also helped in setting up Credit Information Bureau of India Limited (CIBIL), India’s first national credit bureau in 2000. CIBIL provides a repository of information (which contains the credit history of commercial and consumer borrowers) to its members in the form of credit information reports. The members of CIBIL include banks, financial institutions, state financial corporations, non-banking financial companies, housing finance companies and credit card companies.[20]
Corporate Social Responsibility programmes for Elementary Education
Read to Lead Phase I
Read to Lead is an initiative of ICICI Bank to facilitate access to elementary education for underprivileged children in the age group of 3–14 years including girls and tribal children from the remote rural areas. The Read to Lead initiative supports partner NGOs to design and implement programs that mobilise parent and community involvement in education, strengthen schools and enable children to enter and complete formal elementary education. Read to Lead has reached out to 100,000 children across 14 states of Andhra Pradesh, Bihar, Delhi, Gujarat, Haryana, Jharkhand, Karnataka, Maharashtra, Orissa, Rajasthan, Tamil Nadu, Tripura, Uttar Pradesh and West Bengal.[21]
- Read to Lead Phase I is focused on
- Bridge courses to support dropout children to re-enrol in formal education
- Remedial coaching to potential dropout children to ensure their continuation in formal schooling
- Educational kits that include uniforms, books, stationery, woollen clothes etc.
- Inclusive and special education for children with special needs, such as mentally challenged and physically disabled children
- Health and nutritional support for children
- Community initiatives for sensitisation on importance of education, including parent groups, school enrolment drives, workshops and seminars, and publications
- Holistic development of children through instruction in arts and crafts, street plays, and life skills education
Read to Lead Phase II
In Phase II of the Read to Lead programme, ICICI Bank has supported the establishment of 63 libraries that will reach out to approximately 7,200 children in the rural areas of Jagdalpur block of Bastar district in Chhattisgarh. The programme includes building libraries, sourcing books and conducting various interactive activities to make the library a dynamic centre for learning.
Go Green Initiative
The Go Green Initiative is an organisation wide initiative that moves beyond moving people, processes and customers to cost effective automated channels to build awareness and consciousness of our environment,our nation and our society.[22]
Objective
ICICI Bank’s Green initiatives range from Green offerings/incentives, Green engagement to Green communication with their customers.[23]
Green products and services
- Instabanking
It is the platform that brings together all alternate channels under one umbrella and gives customers the option of banking through Internet banking, i-Mobile banking, IVR Banking. This reduces the carbon footprint of the customers by ensuring they do not have to resort to physical statements or travel to their branches.[22] But you will be charged Rs 110 if you discontinue paper statements and go to branch to get a paper statement for loan etc. http://www.icicibank.com/service-charges/common-service-charges.html
- Vehicle Finance
As an initiative towards more environment friendly way of life, Auto loans offer 50% waiver on processing fee on car models which uses alternate mode of energy. The models identified for the purpose are, Maruti's LPG version of Maruti 800, Omni and Versa, Hyundai's Santro Eco, Civic Hybrid of Honda, Reva electric cars, Tata Indica CNG and Mahindra Logan CNG versions.[22]
Inputs include region, user input of the distance traveled in a particular medium of transport daily, electricity consumed per month and LPG cylinder/piped natural gas used per month. It calculates the net carbon footprint to create awareness and sensitize people about the environment.It also shows the world's and India's average carbon footprint.[24][25]
Subsidiaries
Domestic
- ICICI Lombard
- ICICI Prudential Life Insurance Company Limited
- ICICI Securities Limited
- ICICI Prudential Asset Management Company Limited
- ICICI Venture
- ICICI Home Finance
- ICICI direct.com
- ICICI Foundation
International
- ICICI Bank UK PLC
- ICICI Bank Canada
- ICICI Bank Eurasia LLC
Acquisitions
- 2005: Investitsionno-Kreditny Bank (IKB), a Russian bank
- 2007: Sangli Bank
- 2010: Bank of Rajasthan
Awards
- 2004: Best Bank in India Award presented by Euromoney Magazine[26]
- 2007: ICICI Bank has been conferred the Euromoney Award 2007 for the Best Bank in the Asia-Pacific Region[27]
- 2007: ICICI Bank wins the Excellence in Remittance Business award by The Asian Banker[28]
- 2009: ICICI Bank bags the "Best bank in SME financing (Private Sector)" at the Dun & Bradstreet Banking awards[29]
- 2011: ICICI Bank is the only Indian brand to figure in the BrandZ Top 100 Most Valuable Global Brands Report, second year in a row[30]
- 2011: ICICI Bank ranked 5th in the list of "57 Indian Companies", and 288 th in World Rankings in Forbes Global 2000 list.[31]
- 2011: ICICI Bank has won the "Banking Technology Awards 2010" at The Indian Banks Association in the following categories[32]
- 2011: ICICI Bank was recognized for its Special Citation of the Fully Electronic Branch Service Channel, first set up at Hiranandani Estate, Thane, at the Financial Insights Innovation Awards held in conjunction with Asian Financial Services Congress[33]
- 2011: For the second year in a row, ICICI Bank was ranked 70th in the Brandirectory league tables of the worlds most valuable brands by, The BrandFinance® Banking 500[34]
- 2011: ICICI Bank was ranked 1st in the Banking and Finance category and 9th in the "2010 Best Companies To Work For" by Business Today[35]
- 2011: ICICI Bank UK, HiSAVE product range has been awarded the Consumer Moneyfacts Awards 2011 for the 'Best Online Savings Provider'[36]
- 2011: For the second consecutive year, ICICI Bank was ranked second in the "India's 50 Biggest Financial Companies" , in The BW REAL 500 by Business World[37]
- 2011: ICICI Bank was one of the winners in the Global Awards for Enterprise & IT Architecture Excellence. ICICI Bank bagged the award in the ‘Business Intelligence and Analytics' category.[38]
- 2011: The Brand Trust Report ranks ICICI among the top 4 most trusted financial institutions.[39]
Controversy over debt recovery methods
In 2010, then Finance Minister of India, Pranab Mukherjee, said that private sector lenders including ICICI Bank and HDFC Bank have reportedly violated RBI guidelines on engagement of agents to recover loans.[40] ICICI Bank has been in focus in recent years because of alleged harassment of customers by its recovery agents.
- ICICI Bank was fined Rs. 55 lakh for hiring goons (known coloquially as "goondas") to recover a loan. Recovery agents had ,allegedly, forcibly dragged out a youth (who was not even the borrower) from the car, beaten him up with iron rods and left him bleeding as they drove away with the vehicle. "We hold ICICI Bank guilty of the grossest kind of deficiency in service and unfair trade practice for breach of terms of contract of hire-purchase/loan agreement by seizing the vehicle illegally,""No civilised society governed by the rule of law can brook such kind of conduct" said Justice Kaleem, who was born in Laddhawala, Muzaffarnagar is the president of the consumer commission[41][42][43][44][45][46][47]
- Four ICICI loan employees arrested on theft charges in Punjab[48]
- ICICI Bank told to pay Rs. 1 lakh as compensation for using unlawful recovery methods.[49]
- RBI warns ICICI Bank for coercive methods to recover loans[50]
- ICICI Bank drives customer to suicide - Four men including an employee of ICICI Bank booked under sections 452, 306, 506 (II) and 34 of IPC for abetting suicide.[51] According to the suicide note they advised him, "If you cannot repay the bank loan, sell off your wife, your kids, yourself, sell everything at your home. Even then if you cannot not pay back the due amount, then it's better if you commit suicide."[52] India biggest private bank has compensated the life by money[53]
- ICICI Bank on huge car recovery scam in Goa - ICICI Bank invest in car-jackers to recover loans in Goa. A half an hour investigative report on CNN-IBN's 30 Minutes. The under cover report was executed by CNN-IBN's Special Investigations Team from Mumbai, led by Ruksh Chatterji[54]
- Family of Y. Yadaiah alleged that he was beaten to death by ICICI Bank’s recovery agents, for failing to pay the dues. Four persons were arrested in this case.[55]
- A father while talking to Times of India, alleged that "ICICI Bank recovery agents visited his house and threatened his family. And his son Nikhil consumed poison because of the tension".[56]
- Oppressed by ICICI Bank's loan recovery agents, Shakuntala Joshi (38), committed suicide by hanging. The suicide note stated that she was upset with the ill-treatment meted out by ICICI Bank's recovery agents and had thus decided to end her life.[57]
- In another case of a suicide it is alleged that ‘goondas’ sent by ICICI Bank abused Himanshu and his wife in front of the entire residential colony before taking away his vehicle. Feeling frustrated and insulted, he reportedly committed suicide.[58]
- C.L.N Murthy, a scientist with the Hyderabad-based Indian Institute of Chemical Technology, was allegedly tortured by recovery agents of ICICI Bank after he defaulted on his loan.“They humiliated me no end. They ripped my shirt, shaved my moustache, cut my hair and gave electric shocks on my chest and even spat on my face" adds Murthy.[59]
- A dozen recovery agents of ICICI Bank, riding on bikes, allegedly forced a prominent lawyer, Someshwari Prasad, to stop his car. They held Prasad at gunpoint and also slapped him to force him. A manager of the ICICI Bank branch, Rakesh Mehta, along with four other employees were arrested.[60]
- In a landmark case, Allahabad High Court had ordered registration of an FIR against ICICI Bank's branch manager, President, Chairman and Managing Director on a complaint of 75-year-old widow Prakash Kaur. She had complained that “goondas” were sent by the bank to harass her and forcibly took away her truck.[61] When the Supreme Court wanted to know about the procedure adopted by the Bank, ICICI Bank counsel said notice would be sent to a defaulter asking him either to pay the instalments or hand over the vehicle purchased on loan, failing which the agents would be asked to seize it. When the Bench pointed out that recovery or seizure could be done only legally, ICICI Bank counsel said, "If we have to go through the legal process it would be difficult to recover the instalments as there are millions of defaulters".[62]
- Taking strong exception to ICICI Bank's use of 'goondas' against a defaulter, the president of Consumer Disputes Redressal Forum said, "The fact leaves us aghast at the manner of functioning and goondaism in which the bank is involved for a petty amount of Rs 1,889... such attitude is deplorable and sends chills down the spine....The bank had the option to recover dues through legal means. They have no legal right to snatch the vehicle in such a manner which amounts to robbery,". In this case recovery agents pointed a pistol at a defaulter when he tried to resist. ICICI bank argued that they had taken peaceful possession of the vehicle "after due intimation to the complainant as he was irregular in remitting the monthly instalments". But the court found out that the records proved otherwise.[63]
- Two senior ICICI Bank officials were booked for abducting one Vikas Porwal from his house and keeping him hostage in the Bank's premises.[64]
- A Consumer Commission has asked ICICI Bank MD K V Kamath to appear before it in respect a complaint. A borrower on protesting against the forceful dispossession of his car, as seen in the post-incident photographs, was roughed up and sustained injuries.[65]
See also
References
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