BANK PRODUCT’S

ICICI Bank

Introduction

ICICI Bank Limited (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) is an Indian
diversified financial services company headquartered in Mumbai, Maharashtra. It is
the second largest bank in India by assets and third largest by market capitalization. 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 specialized
subsidiaries in the areas of investment banking, life and non-life insurance, venture
capital and asset management. The Bank has a network of 2,883 branches and 10021
ATM's in India, and has a presence in 19 countries, including India.

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.

ICICI Bank is one of the Big Four banks of India, along with State Bank of India,
Punjab National Bank and Canara Bank.

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 Features of banking

The essentials features are given below:

a. Dealing in money: The banks deals in money. They accept deposits from the
public. There are different types of deposits such as savings, current, fixed, recurring,
etc. Banks advance loans to the needy person. There are again different types of
advances such as cash credit, term loan, bill discounting overdrafts, etc. Thus, the
banks are basically dealer in money.
b. Agency: Banks acts as an agent of the customer. They provide variety of agency
services, besides the basic function of accepting deposits and lending money.
c. Credit creation: The banks can create credit. It is an additional function of bank.
Creating credit is a unique feature of banking. Every deposit can create credit.
Additional money can be created for the purpose of lending.
d. Commercial nature: All the banking function are carried out with the aim of
making profit. Therefore, the nature of business of banks is commercial. They pay
interest on deposit and these deposits are advances to the needy persons at a higher
rate of interest. Therefore, there is fixed and minimum margin of profit in banking
operation.
e. Withdrawal deposits: The deposits made by the customer can be withdrawn by the
cheques, drafts or otherwise. The banks issue cheques books to their customer. The
customers have an option to withdrawn money either by cheque or withdrawal slips.
The deposits are also withdrawn on demand. However, fixed deposits can be
withdrawn at maturity and these deposits cannot be withdrawn by cheques by the
customers. There are certain restrictions on the number of withdrawals in case of
saving deposits.

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 Need for banking

We need our banks in our day to day life. Banks carter to the needs of farmers,
businessmen, traders, industrialist and common people in the society. Common
people save money, which they put into the bank for safety, security and getting some
return out of it. Businessmen, traders and industrialists open their account in the bank
and carry out their transactions for receipts of payment of money through cash or
cheques. They can also get loans from the bank for financing their business activities.
Farmers can borrow money from the banks for seeds, irrigation, fertilizers etc. They
can also save and invest their surplus money in the banks.
Banks are indispensible par in a modern developing society. They act as an agent of
their customer in performing the functions such as collection of dividend, pensions,
purchase and sale of securities and payment of salary and other expenses. We cannot
carry out all cash transaction in these days, because it is risky and time consuming.
We cannot also keep large amount of cash in hand. In this respect, banks help the
businessmen and all other people by accepting their deposits and allowing
withdrawals by cheques and transfer of money.

Modern banks touch almost every sphere of economic activity. They have far
reaching consequences on economic development of country. They collect savings
and other funds from the people and re-channelize these funds to borrowers for
financial investment. Thus, banks, by collecting savings, lending money and by
generating money, play an important role in the economic development of country.

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 Corporate history

ICICI Bank - Leeds Branch

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.[5][6] 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.

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.

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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 Ahmadabad in March 2002, and by the High
Court of Judicature at Mumbai and the Reserve Bank of India in April 2002.

In 2008, following the 2008 financial crisis, customers rushed to ATM's and branches
in some locations due to rumours 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 rumours.

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 Structure of Indian banking sector

The Indian banking can be broadly categorised into nationalised, private banks, co-
operative banks and specialised banking institution.

A .Scheduled Banks and Non Scheduled Banks: The second schedule of the reserve
banks of India act contains a list of banks which are described as ‘Schedule Banks’. A
bank in order to be designed as a schedule bank should have a paid up capital and
reserve as prescribed by the Act.

The schedule bank enjoys several privileges as compared to non schedule banks. They
also get currency chest facilities. In case of emergencies, they can obtain finance from
the reserve bank, to help them in tiding over temporarily financial duties. Nationalised
banks are also included in the category of scheduled banks. After nationalization these
banks started rendering various types of services by assuming social responsibilities.

B. Commercial Banks: Commercial banks are the oldest and fastest growing banks
in India. They are also most important depositories of public savings and the most
important lenders. Commercial banking in India is a unique system in the world. The
commercial banking in India has social control and public ownership. The operations
of banks have been determined by Lead Bank Scheme, Differential Rate of Interest
Scheme, Credit Authorization Scheme, inventory norms and lending systems
prescribed by the authorities.

Commercial banks are simple business organisations which provide various types of
financial services to customer return for payments in one form or another, such as
interest, discount, commission, fees, etc. Their objective is to make profits.
Commercial banks include schedule, non-scheduled, Indian, foreign, public sector,
private sector and regional rural banks. Profitability, Liquidity, safety and social
welfare are the major principles which commercial banks strive to incorporate in their
working. The Indian banking system is of branch banking type and it is characterised
by excessive concentration of business in a small number of big public sector banks.
There has been a tremendous growth of commercial banks during the past 40 years.

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C .Public sector banks: Commercial banks were operating like any other business
and they were mainly concerned with the maximisation of their private gains. They
were lacking in social purpose. The freedom to commercial banks was not in harmony
with the concept of the socialistic pattern of society. The Hazari Committee Report an
‘Industrial Planning and Licensing Policy’ submitted to the Planning commission on
September 14th, 1967, clearly underlined the point and stated, “It would be difficult to
undertake credit planning unless the linked control of industry and banks in the same
hands is snapped by nationalisation of banks”.

D. Co-operative Bank: Co-operative bank were an integral part of the institution

framework of community development and extension services in the national
economic planning of our country. The co-operative banking started in India in 1904,
when official efforts were initiated to create new type of institution based on the
principles of co-operation. Today co-operative banks form a set of development. They
also work on ‘no profits no loss’ basis and they perform all the main banking
function. The co-operative banking system comprises State co-operative Banks,
Central Co-operative Banks, Urban Co0operatives Banks, etc. They have federal
structure of three-tier linkages and vertical integration. To become a schedule bank,
they have to collect deposits if rs.100crores or more. All co-operative banks are
subject to monetary policy control. Their interest rates are also regulated by the RBI.

E. Private sector Bank: The new private sector banks emerged on the Indian
Financial Topography in 1994. Narasimhan Committee envisaged a large role for the
private sector banks in 1991. The RBI agreed to make the banking sector more
efficient and competitive. Therefore, it issued, in January 1993, the guidelines
governing the entry of new private banks with a minimum paid up capital of
rs100crores. The RBI issued the fresh banking licences to the private sector banks.
The new private sector banks have grown through the mergers and acquisition. The
HDFC bank acquired the Times Banks in all stock deal valued at Rs.200crores in
November 1999. The ICICI Bank, another private sector bank has become the largest
among the new private sector banks. The private sector banks have grown steadily
and they account for 6 per cent of the total assets and 10 per cent of the total profits of
the banking sector in 2000-2001.

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F. Foreign Banks: Foreign banks in India have bought an explanation about the
prompt service to customer. Banking sector in India has become competitive and
accurative after the set up of foreign banks. Now foreign banks are permitted to set up
local subsidiaries. The policy conveys that foreign banks in India may not be required
to acquire Indian banks and their Indian subsidiaries will not be able to open branches
freely.

G. Regional Rural Banks: Regional Rural banks were set up under Act of Parliament
in 1976, with the objective of developing rural economy through promotion of
agriculture, trade, commerce, industry and extending credit, particularly to the small
and marginal farmers, agricultural labourers, artisans and small entrepreneurs. These
banks are small banks. Their authorised capital shall not exceed Rs.5crores. Of the
issued capital of each Regional Rural bank, Central Government has to invest
minimum of Rs.25 lakhs and maximum of Rs. One crore. Each Regional Rural Banks
is sponsored by a commercial bank who shall hold 35% of the issued capital, the
concerned State Government and Central Government subscribing to 15% and 85%
respecvtively. Additional capital if approved by the concerned State Government and
the sponsored bank shall also be subscribed in the same proportion.

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 Sources of Funds for a Bank

A. Accepting deposits: Tapping the savings of the public by means of different kinds
of deposits is one of the major functions of a bank. When a bank accepts deposits, it is
said to borrow money. As a borrower, the bank has to safeguard its position.
Therefore, before opening an account in a bank, it has to observe certain general
precautions. Every deposit is the property of the bank. The bank is responsible for the
safety of the deposit. A bank may use its discretion in allowing or not allowing a
person to deposit and it cannot be questioned.

A bank normally accepts the following types of deposits:

Current deposits: A current account is normally opened by businessman for their

convenience. Money can be deposited or withdrawn at any number of times.
Withdrawals are made by the cheques only. Usually, a bank does not allow any
interest on this account. The current account is opened because of two privileges (1)
overdraft facilities and (2) other facilities like collection of cheques, transfer of money
and other facilities services. The current account holders have to keep certain
minimum balance as per rules of the bank. They are provided a statement of account
instead of a Pass Book. A current account is a running and active account that may be
operated any number of times during a working day. The banker is under an
obligation to repay this deposit on demand. They are called demand deposits of bank.

Fixed Deposits: A fixed deposit is one, which is repayable after the expiry of a certain
period determined by the depositor. The period may be 30days to 5years or more. The
rate of interest depends upon the maturity period. Normally the deposit is not
refunded before the expiry of the maturity. It is also known as Time Deposit. An
application form is filledup by the depositor for opening an account stating the name,
Address, Amount of Deposit, Period of Deposit, Name of Nominee and his/her
Signature. Interest is paid as per the terms and conditions. Income tax should be
deducted from the interest paid if it is above the limit prescribed in the Act. A fixed
deposit account can be opened in the names of two or more individuals, which is
called Joint account.

(a) Savings Deposits: The main object of this deposit is to promote savings of the
people. It is intended primarily for small savers. There is a restriction on

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 withdrawals from this deposit. Minimum Rs.100 can be deposited to open this
account. A cheque book facility is available only with higher minimum balance. It
carries low rate of interest i.e. 3.5% to 4% depending on the type of bank.
Overdraft facility is not available in this account. Savings deposits are meant for
the households of lower and middle income classes who want to save a part of
their current income to meet their future and earn an income from their savings.
The need of keeping cash reserves against such deposits is comparatively larger
than fixed deposits because of the restrictions on the number of withdrawals.
There has been tremendous growth of savings deposits of all scheduled
commercial banks during the last few decades due to the growth of banking habits
and facilities.

(b) Recurring Deposits: It is one form of saving deposits. Depositor has to open an
account with a fixed amount with a fixed maturity period and then deposit the
same amount every month with the bank. It will enable the depositor to meet his
target of expenses. The amount gets accumulated together with interest. Normally
higher rate of interest is paid depending upon the maturity period. Pre-maturity
withdrawals are not allowed. But the depositor can get a loan on the security of
the deposit to the extent of 75 % of the deposit amount and the interest of extent
of 2% over the recurring deposit rate is charged by the bank on this loan.

B. Non-fund based activities and services of the banks: The banks carry out
important functions of providing non-fund based services to the customer. These
services are performed by the banks as an agent.

(a) Collection of Cheques, Bills and Promissory Notes: The customers deposit
cheques, bills of exchange and promissory noted into their accounts with the banks.
These instruments are collected by the bank on behalf of their customers and credited
to their account.These services are provided by the bank to their customers free of
charge.

(b) Collection of dividend and interest: The customers can instruct the issuing
companies to pay the interest or dividend which is declared or payable from time to
time to their own bank. The bank also collects such dividend or interest on behalf of
their customers and credit to their respective accounts.

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(c) Safe deposit vault: A bank undertakes the safe custody of the customer’s valuables
and documents by providing a safe deposit vault. These are kept in specially
constructed strong rooms. There are lockers available to the customer on nominal
charge. There are two keys of each locker, one is given to the customer and the other
remains with bank manager.

(d) Automated teller machine (ATM): ATM is a channel of banking service to its
customer. Its traditional and primary use is to dispense cash upon insertion of a plastic
card and its unique PIN i.e. Personal Identification Number. The banks issue ATM
cards to their customer having current or saving account holding a certain minimum
in their accounts. ATM card is a plastic with a magnetic strip with the account
numbers of individuals.

(e) Tele banking: Tele banking is a service offered by banks to enables customers to
access their accounts for information or transaction. The customer can call the
exclusive tele-banking numbers and provide the details to identify himself to the
automated voice. A telephone PIN (T-PIN) is provided to each account holder which
is similar to ATM-PIN.

(f) Internet banking: Internet is a channel of service to banking customer. The access
to account information as well as transaction is offered through the World Wide Web
network of computers on the internet. A higher level of security may be reached by an
electronic fingerprint.

(g) Credit cards: A credit is an instrument of payment. It is a source of revolving

service. The cards are plastics cards issued by the banks to their customers. The name
of the customer, card number and expiry date are printed on the plastic cards. Some
banks also use photographs of the customer on the credit cards. The card holder can
buy goods or services from various merchant establishments where such arrangements
exist.

(h) Merchant banking: Banks are also providing various services relating to capital
market and finance to companies which are known as Merchant Banking Services. It
also includes arranging funds from outside the country. Merchant bankers are the
bankers who are engaged in the business of issue management, consulting and
rendering corporate advisory services in relation to such issue.

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 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.

Objective

ICICI Bank’s Green initiative is to make healthy environment in the organisation i.e.;
to create intrapersonal skills among the customer and understanding between
employees of the organisation.

Broad objectives of the ICICI are:

(a)To assist in the creation, expansion and modernisation of private concerns;

(b)To encourage the participation of internal and external capital in the private
concerns;

(c) To encourage private ownership of industrial investment.

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.

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.

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Carbon Footprint Calculator

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.

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 Mobile Banking

Discover the quick, simple and convenient way to take command of your Bank
Account, from your mobile phone.

With ICICI Bank Mobile Banking, you can check your account balance, transfer
funds 24 x 7, pay your bills, book bus and flight tickets, recharge your prepaid mobile
or DTH connection and do a lot more effortlessly and securely. Our Mobile Banking
services work with almost all types of handsets and help you access your ICICI Bank
account easily and securely.

Choose the Mobile Banking option which suits your banking needs based on your
handset, GPRS connection and service operator:
iMobile
Requires compatible handset with GPRS connection. Check Compatability

 Bank Account
 Credit Card
 1Demat Account
 Loan
 Other Services
 mShop

Funds Transfer
Insta Fund Transfer (IMPS)
Bill Payment
Balance Enquiry

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Cheque Book Request
Last 5 Transactions
Stop Cheque Request
Cheque Status Enquiry
Open a Fixed Deposit
Open Recurring Deposit

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 Internet Banking

Explore the world of convenience banking that lets you take control of your time. With ICICI Bank's
Internet Banking you can conveniently and securely manage your finances from your home or office.
Now transfer funds,
pay bills, shop, book tickets and a lot more in just a few clicks.

Forgot User ID?

You can get your User ID in the following ways:
Call our 24 hour Customer Care and authenticate yourself on IVR by entering 16 digit card
number and
4 digits ATM PIN to get your User ID instantly over the call.
It is essential that your latest contact details are updated with ICICI Bank to carry out your day-
to-day
banking.
The One Time Password (OTP) and all your transaction alerts are sent on your registered
Mobile number. Your cheque book, password etc. are sent to your communication address
updated in our records.

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 What is electronic clearing service?

ECS is an electronic mode of funds transfer from one bank account to another.

It can be used by institutions for making payments such as distribution of dividend

interest, salary, and pension, among others.

It can also be used to pay bills and other charges such as telephone, electricity, water
or for making equated monthly instalments payments on loans as well as SIP
investments. ECS can be used for both credit and debit purposes.

How do you avail of an ECS scheme?

You need to inform your bank and provide a mandate that authorises the institution,
which can then debit or credit the payments through the bank.

The mandate contains details of your bank branch and account particulars.

It is the responsibility of the institution to communicate the details of the amount

being credited or debited to their account, indicating the date of credit and other
relative particulars of the payment.

You will know the money has been debited from your account through mobile alerts
or messages from the bank.

The ECS user can set the maximum amount one can debit from the account, specify
the purpose of debit, as well as set a validity period for every mandate given.

What are the processing or service charges levied on the customer?

The Reserve Bank of India has deregulated the charges to be levied by sponsor banks
from institutions.

Destination bank branches have been directed to afford ECS credit free of charge to

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the beneficiary account holders.

So, it costs you nothing.

How do you discontinue an ECS scheme?

There are two steps you have to follow to ensure appropriate closure.

First, the service provider, which is the beneficiary of the payment, will have to be
given a written communication in the way stipulated by them, in order to discontinue
the services.

And next, the bank, which is the channel of payment, will also have to be given a
written application stating you would like to discontinue.

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 Centralised Funds Management System (CFMS)

Operating Guidelines

The Centralised Funds Management System (CFMS), is a system set up, operated and
maintained by The Reserve Bank of India (hereinafter referred to as the ‘Bank’) to
enable operations on current accounts maintained at various offices of the Bank,
through standard message formats in a secure manner.

2. The CFMS comprises two components – the Centralised Funds Enquiry System
(CFES) and Centralised Funds Transfer System (CFTS). These have been made
available through the following subsystems:
-The Apex Level Server (ALS),
-The Local Funds Management System (LFMS),
- The Bank Level Funds Management System (BLFMS), and,
- The Local Banks Funds Management System (LBFMS).

3. The ALS is the software component which resides in the mainframe computer
systems currently housed in at Mumbai, while the LFMS is the software component
which would be functioning from the Server systems at the Regional Offices of the
Bank where the Deposit Accounts Department (DAD) is existent. The BLFMS is the
software component provided by the Bank to the members of the CFMS and would be
used by the Treasury Department / Central Accounts Department, while the LBFMS
is the Software component which would be given by the Bank to the CFMS members
for accessing the facilities at each local DAD.

4. Time stamps, affixed by the ALS on the transactions and events, will be deemed to
be the applicable Time stamp in all cases and in all matters.

5. Each entity, which maintains a current account with the Bank and is a member of
INFINET, will be eligible for membership to the CFMS.

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6. Admission to the CFMS may be granted, suspended or revoked by the Bank at its
sole discretion. All Applications for the CFMS membership shall be addressed to the
Regional Director, Reserve Bank of India, Deposit Accounts Department, where the
Current Account of the Institution is maintained with. The Respective DAD shall duly
process the application and grant access subject to:

a. Declaration on site readiness by an officer not below the rank of a General Manager
b. Certificate of INFINET Membership
c. Maintains a current account with DAD

Transaction Types

The following types of facilities shall be available through CFMS:

a) Enquiries relating to the operation of its current account/s maintained with any of
the DADs
b) Funds Transfers between accounts of the same account holder at different DADs.

CFMS Operation Sessions

1. The CFMS will normally be operational on all days on which at least two Deposit
Accounts Departments of Reserve Bank of India are working.

2. The Bank may, at its discretion, change the operating calendar. Any changes to
the operating Calendar or any declaration of unscheduled holidays will be
communicated by the RBI to the members by means of a broadcast message or
otherwise.

3. The Bank, May at its discretion, and in the interest of the system as well as its
members, effect changes in the hours of operation of the CFMS for a particular period
which may be for a part of a day or be across days or for any period as may be
decided by the Bank. Such changes will be notified by the Bank to the members
through a broadcast message or otherwise.

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System Administration

1. Each member shall at its own cost install and maintain in good order such
computer/s, servers, Telecommunication equipment and other electronic
equipment as required / prescribed for the purpose.

2. The Bank may require the members to upgrade / modify / replace such
computer / telecommunication servers and other associated components in this
regard from time to time. The servers shall be located securely within each
member’s premises in such a manner that access is restricted to the authorised
Personnel. A member shall notify the address of the location of each of its
nodes being part of the CFMS and the list of such authorised personnel
whenever required to be submitted by the Bank.

3. All telecommunication and maintenance and other charges including the

replacement charges in respect of the members' computer systems and other
associated products, used for the purpose, and shall be borne by the respective
members only.

4. Each member must maintain Backup BLFMS / LBFMS facilities. The Backup
BLFMS / LBFMS must be able to emulate fully the primary BLMS / LBFMS
with respect to the functions and capacity and must afford the same level of
message authentication security as the primary BLFMS / LBFMS.

5. Installation and Configuration of any new versions/patches distributed by

Bank shall be completed by the member on or before the date and / or time as
may be indicated by the Bank. The enhancement on the system shall not be
used till the specified date and / or time as indicated by the Bank in order to
ensure uniformity.

6. The Bank shall not be liable for any losses incurred by a user institution which
may have resulted from delays caused by system failures, change in
operational parameters etc.

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7. Each member shall ensure compliance with the procedures laid down by the
Certifying Authority (i.e.IDRBT CA) in regard to the generation and use of
the digital signatures and or encryption/decryption Methodologies and shall
abide by the Certificate Practice Statement.

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 Real-time gross settlement

Real time gross settlement systems (RTGS) are funds transfer systems where
transfer of money or securities takes place from one bank to another on a "real time"
and on "gross" basis. Settlement in "real time" means payment transaction is not
subjected to any waiting period. The transactions are settled as soon as they are
processed. "Gross settlement" means the transaction is settled on one to one basis
without bunching or netting with any other transaction. Once processed, payments are
final and irrevocable.

Real Time Gross Settlement System (RTGS)

RTGS is a large value funds transfer system whereby financial intermediaries

can settle interbank transfers for their own account as well as for their
customers. The system effects final settlement of interbank funds transfers on a
continuous, transaction- by-transaction basis throughout the processing day.
The system went ‘live’ on March 26, 2004.

The acronym “RTGS” stands for Real Time Gross Settlement RTGS system is
a funds transfer mechanism where transfer of money takes place from one bank
to another on a “real time” and on “gross” basis. This is the fastest possible
money transfer system through the banking channel. Settlement in “real time”
meanspayment transaction is not subjected to any waiting period. The
transactions aresettled as soon as they are processed. “Gross settlement” means
the transaction issettled on one to one basis without bunching with any other
transaction. Considering that money transfer takes place in the books of the
Reserve Bank of India, the payment is taken as final and irrevocable.

The RTGS system is primarily for large value transactions. The minimum
amount to be remitted through RTGS is Rs.1 lakh. There is no upper ceiling for
RTGS transactions. RTGS will eliminate settlement risk in the case of
interbank and high value transactions.

Banks could use balances maintained under the cash reserve ratio (CRR)

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instead of the intra-day liquidity (IDL) to be supplied by the central bank for
meeting any eventuality arising out of the real time gross settlement (RTGS).
The RBI has fixed the IDL limit for banks to three times their net owned fund
(NOF).

The IDL will be charged at Rs 25 per transaction entered into by the bank on
the RTGS platform. The marketable securities and treasury bills will have to be
placed as collateral with a margin of five per cent. However, the apex bank will
also impose severe penalties if the IDL is not paid back at the end of the day.

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 Magnetic ink character recognition

Magnetic ink character recognition, or MICR, is a character recognition

technology used primarily by the banking industry to facilitate the processing and
clearance of cheques and other document. The MICR encoding, called the MICR line,
is located at the bottom of a cheque or other voucher and typically includes the
document type indicator, bank code, bank account number, cheque number and the
amount, plus some control indicator. The technology allows MICR readers to scan
and read the information directly into a data collection device. Unlike barcodes or
similar technologies, MICR characters can be easily read by humans. The MICR E-
13B font has been adopted as the international standard in ISO 1004:1995, but the
CMC-7 font is widely used in Europe.

MICR characters are printed on a document in either of the MICR fonts. The ink used
in the printing is a magnetic ink or toner, usually containing iron oxide. The MICR
text is passed before a MICR reader. The ink in the plane of the paper is first
magnetized. Then the characters are passed over a MICR read head, a device similar
to the playback head of a tape recorder. As each character passes over the head it
produces a unique waveform that can be easily identified by the system.

The use of MICR allows the characters to be read reliably even if they have been
overprinted or obscured by other marks, such as cancellation stamps and signature.
The error rate for the magnetic scanning of a typical cheque is smaller than with
optical character recognition systems. For well printed MICR documents, the "can't
read" rate is usually less than 1% while the substitution rate (misread rate) is in the
order of 1 per 100,000 characters.

25
 Mobile ATMs:Bank on Wheels

If your financial institution builds its brand around themes like “community” or
“convenience,” you should definitely consider deploying a mobile ATM. You can use
them to expose your brand to attendees at community events, fairs and festivals,
concerts and sporting events. Not only do benefit from the name awareness afforded
by such high-visibility venues, you have opportunities to initiate new relationships.

Mobile ATMs can also be used to relieve branch traffic at high-volume locations. Or
if you’re opening a new branch, you can get a jumpstart by deploying your mobile
ATM in anticipation of the grand opening. And if there’s ever a disaster in your area,
victims will appreciate access to much-needed cash.

Vehicle Selection

When it comes to the style of your mobile ATM, there are a lot of options. There are
vans, trucks, buses, converted RVs and tow-behind units. Perhaps the most creative
(and pricey) option is to customize an armored car — that long-venerated symbol of
cash-on-wheels.

There may be only one ATM or as many as 3-4, with ATMs accessible from the side,
the back or even inside the mobile unit. Some mobile ATMs even have a service
window for more complex transactions.

VANS — A modest, compact mobile ATM van from Visa (left), and a slightly larger
one from Aman Bank with a rear-facing unit and optional service window. Note the

26
absence of way-finding “ATM” signage on both vehicles. How would new users be
able to recognize these are mobile ATMs from afar?

ATM Receipts = Marketing Opportunity

A high volume of people using your mobile ATM aren’t going to be your customers.
It’s a bit awkward shoving a checking brochure in someone’s face when all they want
is $20 from the ATM. But they are going to take their receipt. Turn the back of the
receipt into a marketing opportunity, and customers will be walking away with one of
your mini-brochures in their wallet.

If you aren’t using the backs of your ATM receipts for marketing yet, you should be.

Security

What is it that drives some people to steal ATMs? Who knows? But the temptation is
only sure to increase when an ATM is conveniently placed on four wheels. Chevy
Chase bank hired security guards to keep an eye on their mobile ATMs. Citi has a
more practical solution: slap some parking boots on the tires (although one tire would
probably be sufficient). Also consider installing a security camera or two to monitor
the surrounding area.

27
28
 Tele Banking

Telephone banking is a service provided by a financial institution, that enables customers of

the financial institution to perform financial transactions over the telephone, without the need
to visit a bank branch or automated teller machine. Telephone banking times can be longer
than branch opening times, and some financial institutions offer the service on a 24 hour
basis. From the bank's point of view, telephone banking reduces the cost of handling
transactions by reducing the need for customers to visit a bank branch for non-cash
withdrawal and deposit transactions.

To use a financial institution's telephone banking facility, a customer must first register with
the institution for the service, and set up some password (under various names) for customer
verification. The password for telephone banking is normally not the same as for online
banking. Financial institutions now routinely allocate customer numbers (also under various
names), whether or not customers intend to access their telephone or online banking facility.
Customer numbers are normally not the same as account numbers, because a number of
accounts can be linked to the one customer number. The customer will link to the customer
number any of those accounts which the customer controls, which may be cheque, savings,
loan, credit card and other accounts. Some financial institutions have restrictions on which
accounts may be access via telephone banking.

To access telephone banking, the customer would call the special phone number set up by the
financial institution, and enter on the keypad the customer number and password. Some
financial institutions have set up additional security steps for access, but there is no
consistency to the approach adopted. Most telephone banking services use an automated
phone answering system with phone keypad response or voice recognition capability. To
ensure security, the customer must first authenticate through a numeric or verbal password or
through security questions asked by a live representative.

The types of financial transactions which a customer may transact through telephone banking
include obtaining account balances and list of latest transactions, electronic bill payments, and
funds transfers between a customer's or another's accounts. Cash withdrawals and deposits
requires the customer to visit an automated teller machine or bank branch.

29
 NEFT is National Electronic Fund Transfer

What is it? It is a method of transferring money online from one bank to another. Money can be
transferred from one account to another in a safe and effective way in this manner. It is paperless
and hence involves less paperwork and cheap transaction. Reserve Bank of India has issued
guidelines to banks to not charge anything from customers for NEFT and hence most banks offer
this service free of charge. Both the banks engaging in this sort of transaction must have this code
for their designated branches.

What is IFSC code? IFSC stands for Indian Financial System Code.
What are the benefits? The main benefit is less paperwork. There is no paperwork involved and
hence the customers don't have to visit their bank branches.

No lower limit: Any amount can be transferred in this facility. It doesn't make any difference even
if the amount is as low as one rupee.

How much time is taken? It takes place at 6 times a day and 3 times on Saturdays. Usually it
happens on the same day or sometimes it may take even 3 days depending on server.
What are needed? The bank account number, branch code, name of the branch and IFSC code are
all that are needed to transfer funds through this mode. One must also need to maintain enough
funds in the account before making the transfer.
What are the necessary safety precautions? As it is an online process, the customer has to take care
of his online banking passwords to prevent any case of fraud.
Thus in total it is a fast, cheap and very efficient mode of transferring money and hence is making
financial transactions easy day by day.

Meaning of National Electronic Funds Transfer (NEFT) System and How does the NEFT
system operate

NEFT System?

National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to
facilitate transfer of funds from any bank branch to any other bank branch.

30
 bank branches in the system part of the funds transfer network

No. As on January 31, 2007, 18500 branches of 53 banks are participating. Steps are being taken
to widen the coverage both in terms of banks and branches.

NEFT system operates

Step-1: The remitter fills in the NEFT Application form giving the particulars of the beneficiary
(bank-branch, beneficiary’s name, account type and account number) and authorises the branch to
remit the specified amount to the beneficiary by raising a debit to the remitter’s account. (This can
also be done by using net banking services offered by some of the banks.)

Step-2: The remitting branch prepares a Structured Financial Messaging Solution (SFMS)
message and sends it to its Service Centre for NEFT.

Step-3: The Service Centre forwards the same to the local RBI (National Clearing Cell, Mumbai)
to be included for the next available settlement. Presently, NEFT is settled in six batches at 0930,
1030, 1200, 1300, 1500 and 1600 hours on weekdays and 0930, 1030 and 1200 hours on
Saturdays

Step-4: The RBI at the clearing centre sorts the transactions bank-wise and prepares accounting
entries of net debit or credit for passing on to the banks participating in the system. Thereafter,
bank-wise remittance messages are transmitted to banks.

Step-6: The receiving banks process the remittance messages received from RBI and effect the
credit to the beneficiaries’ accounts.

The RBI-EFT system is confined to the 15 centres where RBI is providing the facility, where as
there is no such restriction in NEFT as it is based on the centralised concept. The detailed list of
branches of various banks participating in NEFT system is available on our website. The system
also uses the state-of-the-art technology for the communication, security etc.

ICICI bank's electronic branches encourage customers to take the self service route

31
MUMBAI: On a day when two thirds of banking in India had ground to a halt, ICICI Bank sought
to demonstrate its branch of the future a fully electronic branch which has a 100% self-service
approach. With over one third of its customer transactions taking place online, the bank expects
this new initiative to migrate more branch customers online through round-the-clock electronic
branches.

The bank is also arming field officers with electronic tablets, which will besides taking the front
office to the doorstep will also be used for 'scanning' account opening documents. Doorstep
banking will also be facilitated by mobile point of sales terminals. ""The electronic branches are
not glorified ATMs, they have a wide range of features and customer experience which is not
there in an ATM centre"" said Chanda Kochhar, MD & CEO ICICI Bank. For instance depositors
can generate print out of their bank statements in A4 sheets. They can deposit uptoRs 1 lakh in
200 currency notes at a time and get instant credit for it. Accountholders can also speak to a
customer service executive albeit through video chat.

Incidentally, finance minister P Chidambaram after meeting bank chairmen last week had directed
them to deploy cash deposit machines and increase doorstep banking in order to reduce cash in the
system and grow bank deposits. According to Ms Kochhar the pace of acceptance of online
banking has taken even believers by surprise. But even as it is looking at migrating customers to
online through 'electronic banking' the bank is spreading its bets by launching with tab banking.
"There is a clear shift in the way people access the internet from the desktop to handheld devices.
The rate of growth of mobile internet is 100%" she said.

All leading banks have applications that bring features of desktop based internet banking to smart
phones. ICICI Bank, however, would be using handhelds to speed up savings deposit acquisition.
For instance sales staff will photograph the depositor, his address and identity proof, a signature
sample and upload them to the bank's server. This will greatly speed up account opening, officials
said. ICICI Bank is not the first to have a cash deposit machine and neither this is the first time
that a bank is using mobile POS terminals. However, this is the first effort to have a 24X7
electronic branch aimed at migrating branch customers to self service platforms.

ICICI Bank & Vodafone EssarIn Mobile Banking Partnership; Future ATM’s –

All Banks, All Telcos

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The telecom operator – banks partnerships are quickly being closed: Vodafone Essar has inked a
partnership with ICICI Bank, India’s largest private sector bank, to offer financial services through
the mobile phone. This isn’t a joint venture, like the one State Bank of India and BhartiAirtel
formed yesterday. Like in case of the Idea Cellular and Axis bank partnership announced last
month, Vodafone Essar will become a banking correspondent for ICICI Bank.

One phrase that caught our attention in the release: the companies will offer “a bouquet of
financial products such as savings accounts, pre-paid instruments and credit products through a
mobile phone based platform.” By “pre-paid instruments”, Vodafone is referring to the impending
launch of M-Pesa in India. Earlier reports had suggested that Vodafone was bringing M-Pesa to
India with HDFC Bank. M-Pesa will have to be bank agnostic, of course.

ICICI Bank will get access to Vodafone Essar’s retail outreach of 1.5 million retail points for
acquiring customers. As per the release, both parties will work out the specific arrangements in the
coming few weeks and chart out a go-to-market plan.”

Future ATM’s In The Making: All Banks With All Telcos

Remains to be seen who other two telcos with a large customer base – Reliance Communications
and Tata Teleservices tie up with. HDFC Bank would be an obvious candidate, given that it is
among India’s largest private sector banks. So far, the partnerships inked include:

Idea Cellular – Axis Bank

BhartiAirtel – State Bank of India
Vodafone Essar – ICICI Bank

While arrangements might be exclusive to begin with, we expect this to eventually (within a few
years) move in an all-banks-all-Telco’s direction, perhaps with a nudge from the Reserve Bank of

33
India.

That’s when Telecom Operators will become like ATM’s, and you’ll be able to withdraw money
from any bank account from any retail outlet.

34
 SWOT ANALYSIS

Strengths of ICICI Bank

 ICICI is the second largest bank in terms of total assets and market share
 Total assets of ICICI is Rs. 4062.34 Billion and recorded a maximum profit after tax of Rs.
51.51 billion and located in 19 countries
 One of the major strength of ICICI bank according to financial analysts is its strong and
transparent balance sheet
 ICICI bank has first mover advantage in many of the banking and financial services. ICICI
bank is the first bank in India to introduce complete mobile banking solutions and jewelry
card
 The bank has PAN India presence of around 2,567 branches and 8003 ATM’s
 ICICI bank is the first bank in India to attach life style benefits to banking services for
exclusive purchases and tie-ups with best brands in the industry such as Nakshatra, Asmi,
D’damas etc
 ICICI bank has the longest working hours and additional services offering at ATM’s which
attracts customers
 Marketing and advertising strategies of ICICI have good reach compared to other banks in
India

Weaknesses of ICICI Bank

 Customer support of ICICI section is not performing well in terms of resolving complaints
 There are lot of consumer complaints filed against ICICI
 The ICICI bank has the most stringent policies in terms of recovering the debts and loans,
and credit payments. They employ third party agency to handle recovery management
 There are also complaints of customer assault and abuse while recovering and the credit
payment reminders are sent even before the deadlines which annoys the customers
 The bank service charges are comparatively higher
 The employees of ICICI are bank in maximum stress because of the aggressive policies of the
management to win ahead in the race. This may result in less productivity in future years

35
 Opportunities of ICICI Bank

 Banking sector is expected to grow at a rate of 17% in the next three years
 The concept of saving in banks and investing in financial products is increasing in rural areas
as more than 62% percentage of India’s population is still in rural areas.
 As per 2010 data in TOI, the total number b-schools in India are more than 1500. This can
ensure regular supply of trained human power in financial products and banking services
 Within next four years ICICI bank is planning to open 1500 new branches
 Small and non performing banks can be acquired by ICICI because of its financial strength
 ICICI bank is expected to have 20% credit growth in the coming years.
 ICICI bank has the minimum amount of non performing assets

Threats of ICICI Bank

 RBI allowed foreign banks to invest up to 74% in Indian banking

 Government sector banks are in urge of modernizing the capacities to ensure the customers
switching to new age banks are minimized
 HDFC is the major competitor for ICICI, and other upcoming banks like AXIS, HSBC impose
a major threat
 In rural areas the micro financing groups hold a major share
 Though customer acquisition is high on one side, the unsatisfied customers are increasing and
make them to switch to other banks.

36
 Comparative Analysis ICICI Bank and HDFC Bank:

Banking sector is going to be the most watched sector in the coming quarters. There are reasons
for this. RBI has hinted that it will reduce the CRR rate and repo rates. Kingfisher airline has
impacted few banks and it will play its own part. NPAs of banks have gone up recently. The
debt/GDP ratio of the Government is scary at 80% essentially meaning that the Government
cannot borrow much without jeopardizing stability of banking sector.

In this backdrop, we studies 10 banks on various parameters which are important for banks to
track. These parameters impact the outlook of banks.

Capital adequacy ratio (CAR) is fine with all the banks. All of them are adequately occured on this
front.

SBI is the one of PSU bank with high CASA ratio giving it the advantage to collect low cost
deposit from people. This essentially reduces the cost of money for SBI which it can lend at higher
rate to borrowers thus pocketing the difference as their profit. HDFC is equally strong when it
comes to CASA ratio. This is surprising though. ICICI and Axis banks have done very well on this
front too. IDBI has shown good improvement in last few quarters. The management of IDBI
started focusing on retail investors recently and it will take some time before they catch up with
big banks.

NIM (net interest margin) the most important number for banks is best for SBI. This conforms to
the observation that SBI has highest CASA ratio. A high CASA ratio gives SBI enormous
flexibility. This, in turn, results into higher NIM. HDFC is once again is equally good on NIM.
IDBI, Bank of India, Canara Bank, and ICICI bank need to work on this front. IDBI’s aggressive
foray into retail banking is costing it in terms of NIM.

Gross NPA, even though net NPA is not scary, should be a cause of concern for SBI, IDBI, and
BOI. Banks typically turn very liberal when it comes to calculating net NPA. Hence people should
look at gross NPA first and then the net NPA. If there is huge difference (such as net NPA is 50%
of gross NPA), it is time to see how the banks have defined NPA.

Net NPA, ratio which scares banks, is highest for SBI. This could be the result of teaser loans

37
offered by it and also economic slowdown which has hit the industry hard. Since SBI has
significant exposure to companies, its net NPA is showing high number.

ICICI Bank is India's second -largest bank with total assets of about Rs. 1trillion and
a network of about 540 branches and offices and over 1,000 A T M s . I C I C I B a n k
o f f e r s a w i d e r a n g e o f b a n k i n g p r o d u c t s a n d f i n a n c i a l services to corporate
and retail customers through a variety of delivery channels and through its specialized
subsidiaries and affiliates in the areas o f i n v e s t m e n t b a n k i n g , l i f e a n d n o n -
B a n k i n g , v e n t u r e c a p i t a l , a s s e t management and information technology.
ICICI Bank's equity shares are listed in India on stock exchanges at Chennai, Muzaffarnagar,
Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock Exchange
of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock
Exchange (NYSE).I C I C I B a n k w a s o r i g i n a l l y p r o m o t e d i n 1 9 9 4 b y I C I C I
Limited, an Indian f i n a n c i a l i n s t i t u t i o n , a n d w a s i t s w h o l l y
o w n e d s u b s i d i a r y . I C I C I ' s shareholding in ICICI Bank was reduced to 46%
through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs
listed o n t h e N Y S E i n f i s c a l 2 0 0 0 , I C I C I B a n k ' s a c q u i s i t i o n o f B a n k o f
M a d u r a Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by
ICICI to institutional investors in fiscal 2001 and fiscal 2002.

Private sector blooms: Corporate governance and self-regulation are the ground rules
for the private sector. Government interference is not preferred. While some private
banks such as ICICI Bank, UTI Bank and IDBI Bank have financial institutions
backing them, others are opting for foreign partnerships for technology and monetary
resources. P r i v a t e b a n k s h a v e e m e r g e d r e l a t i v e l y s t r o n g , w i t h a b o u t
6 0 % growth reported in net profits in the year ended March 2000. With a net p r o f i t
o f R s . 1 2 0 c r o r e s ( + 4 6 % ) , H D F C w a s t h e c l e a r l e a d e r . I D B I B a n k , however
took the cake by doubling its net profit, which reached Rs.60.99 crores in March
2000.The jump in profits can mainly be attributed to non-traditional sectors such as
commission, exchange, brokerage, and profit on sale of investments.

Portfolio Investments Schemes (PINS): Portfolio Investment Scheme (PINS) is a scheme

of the Reserve Bank of India (RBI) under which the 'Non Resident Indians (NRIs)'
and 'Person of I n d i a n O r i g i n ( P I O s ) c a n p u r c h a s e a n d s e l l s h a r e s a n d
c o n v e r t i b l e debentures of Indian Companies on a recognized stock exchange in

38
India by routing all such purchase/sale transactions throu gh their account held with a
Designated Bank Branch. The Designated Bank maintains a record of all investments done under
PINS (PINS portfolio).

39
 DATA COLLECTION

The study was conducted by the means of personal interview

w i t h respondents and the information given by them were directly recorded on questionnaire.

For the purpose of analyzing the data it is necessary to collect the vital information.
There are two types of data, this are-
Primary Data
Secondary data

PRIMARY DATA:-
Primary data can be collected through questionnaire. The questionnaire can be classified
into four main types.
Structured non disguised questionnaire
Structured disguised questionnaire.
Non structured non disguised questionnaire
Non –structured disguised questionnaire. F o r my market study, I have
sleeted structured no-disguise questionnaire because my
q u e s t i o n n a i r e i s w e l l s t r u c t u r e d , l i s t i n g o f questions are in a prearranged order
and where the object of enquiry is revealed to the respondents. To making a well-structured
questionnaire, we have adopted three type of questions-

Open ended question

Dichotomous questions
Multiple choice questions.
These types of questions are easy to understand and easy to give required answers.

SECONDARY DATA:-
Secondary data means data that are already available i.e. they refer the data which
have already been collected and analyzed by someone else. W h e n t h e r e s e a r c h e r
utilizes secondary data, than he has to look into v a r i o u s s o u r c e s f r o m
w h e r e h e c a n o b t a i n t h e m , i n t h i s c a s e h e i s certainly not

40
confronted with the problems that are usually associated w i t h t h e
collection of original data. Secondary data may either
b e published data or unpublished data. Usually published data are available in:
Various publications of the central, state and local government;
Various publications of foreign government or of international bodies and their subsidiary
organizational;
Technical and trade journals;
Books, magazines and newspapers;

R e p o r t s a n d p u b l i c a t i o n s o f v a r i o u s a s s o c i a t i o n s c o n n e c t e d w i t h business san
industry, stock exchanges etc.;
Reports prepared by research scholars, universities, economists etc;
Public records and statistics, historical document and other source of published information. The
source of unpublished data are many; they may be found in diaries, l e t t e r s ,
unpublished biographies and autobiographies and also may be available
w i t h s c h o l a r s a n d r e s e a r c h w o r k e r s , t r a d e a s s o c i a t i o n s , l a b o r because and other
public private individuals and organization.

41
 QUESTIONNAIRES

1. WHICH OF THE FOLLOWING ATTRIBUTES COMPELLED YOU MOST TO

OPENBANK?

(a) ATM cum DEBIT Cards

(b) Cheque Book
(c) Internet Banking/ Phone Banking
(D) Working Hours
(e) Value Added Services

2:-WHICH TYPE OF SERVICE PREFERS THE MOST BY YOU?

(a) Atm service
(b) Internet banking
(c) Mobile banking
(d) Core banking
(e) Retail banking

3:-WHICH OF FOLLOWING BANKS DO YOU HAVE ACCOUNT?

(a) ICICI Bank

(b) SBI Bank
(c) HDFC BANK
(D) Axis Bank
(e) Other Pls specify __________________

4;-HOW MANY SERVICES OFFERED BY YOUR BANKS?

(a) D-Mat A/C

(b) Mutual Funds
(c) e-Instructions
(d) LI & GI

42
(e) Digitally Signed Statement

6:-HOW WOULD YOU KNOW ABOUT THESE SERVICES?

(a) Advertisements
(b) Friends and Relatives
(c) Direct Selling Agents
(d) Others Pls specify ____________

7;-WHAT THE PEOPLE THINK ABOUT THE BANKS?

(a) Necessity for protection security

(b) Imposition of a burden of expenses
(c) A compulsory tool for SAVING
(d) Others Pls specify ________________

8;-WHAT A RESPONDENT SEE IN PURCHASE OF NEW PLAN FROM BANKS?

(a) Standing and goodwill of the company

(b) Product range of the company
(c) Advertisement being released by the company
(d) Services being given by the company

9:-IS ICICI BANK PROVIDE BETTER FACILITIES THAN SBI & HDFC BANK?

(a) Yes

43
(b) No
(c)Can`t Say

10:-DO YOU KNOW WHAT TYPE OF VALUE ADDED SERVICES PROVIDE BY ICICI BANKS?

(a)-Young star
(b)-Senior citizen
(c)-Pre paid card
(d)-Recurring deposits
(e)-other

44
 Conclusion
Thus ICICI bank has been able to provide value added service to its customers
during last few years .For ICICI,technology is an integral part of business.
However,their overall progress could have been smoother but for certain
internal and extraneous factors and also a pressure on spreads due to a
competitive market (Annual report, 2000 –01). E-bankinghas become a
necessary survival weapon and is fundamentally changing the banking
industryworldwide. Today, the click of the mouse offers customers
banking services at a much
lower c o s t a n d a l s o e m p o w e r s t h e m w i t h u n p r e c e d e n t e d f r e e d o m
i n c h o o s i n g v e n d o r s f o r t h e i r financial service needs. No country today
has a choice- whether to implement E-banking or notgiven the global and
competitive nature of the economy. ICICI have toupgrade and constantly
think of new innovative customized packages and services to remain competitive.
The invasiono f b a n k i n g b y t e c h n o l o g y h a s c r e a t e d a n i n f o r m a t i o n
a g e a n d c o m m o d i t i z a t i o n o f b a n k i n g services.

45
 Bibilography
1..www.google.com
2..www.scribd.com
3..www.icicibank,com

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