COMPARATIVE ANALYSIS OF COMMERCIAL BANK

( ICICI AND IDBI BANK)

1. INTRODUCTION

WHAT IS BANK?
The word bank comes from an Italian word banco, meaning a bench, since Italian merchants in
the Renaissance made deals to borrow and lend money beside a bench. They placed the money on that
bench.

A bank is a financial institution where customers can save or borrow money. Banks also invest money to

build up their reserve of money. What they do is regulated by laws. Those laws differ in different countries.
The people who work at a bank are called bank employees. Certain banks deal directly with the public and
they are the only ones which an ordinary person will deal with. Other banks deal with investments and
international currency trading.

Customer's money may be placed in the bank for safe keeping. Banks may give loans to customers under an
agreement to pay the money back to the bank at a later time, with interest. An example is getting
a mortgage to buy a house or apartment. Banks also can use the money they have from deposit
accounts to invest in businesses in order to make more money.

In most countries the rules for banks are made by the government acting through laws. A central bank (such
as the Bank of England) adjusts how much money is issued at a particular time. This is a factor in
the economy of a country, and the government takes the big decisions. These "banks of issue" take in, and
issue out, coins and banknotes.
Banks are divided into several sorts. The following are the different types of banks in India:

 Central Bank

 Cooperative Banks

 Commercial Banks

 Regional Rural Banks (RRB)

 Local Area Banks (LAB)

 Specialized Banks

 Small Finance Banks

 Payments Banks

The several types of banks in India, their functions, and a list of banks under each sector are all part of the
banking awareness syllabus that is covered in most government exams.
A. Central Bank
Our country's central bank is the Reserve Bank of India. Each country has a central bank that oversees all of
the country's other financial institutions.
The central bank's principal role is to serve as the government's bank and to oversee and regulate the
country's other banking institutions. The functions of a country's central bank are listed below:

 assisting other financial institutions

 Issuing money and enforcing monetary policies

 The financial system's supervisor

In other words, the country's central bank is also known as the banker's bank because it assists other banks in
the country and runs the country's financial system under the supervision of the Government.
B. Cooperative Banks

People who come together to jointly serve their common interest often form a co-operative society under the
Cooperative Societies Act. When a co-operative society engages itself in banking business it is called a Co-
operative Bank. The society has to obtain a licence from the Reserve Bank of India before starting banking
business. Any cooperative bank as a society is to function under the overall supervision of the Registrar, Co-
operative Societies of the State. As regards banking business, the society must follow the guidelines set and
issued by the Reserve
Bank of India.

Types of Co-operative Banks

Here are three types of co-operative banks operating in our country. They are primary credit societies, central
cooperative banks and state co-operative banks. These banks are organized at three levels, village or town level,
district level and state level.
Primary Credit Societies:

These are formed at the village or town level with the borrower and non-borrower members residing in one
locality. The operations of each society are restricted to a small area so that the members know each other and
are able to watch over the activities of all members to prevent frauds.

Central Cooperative Banks:

These banks operate at the district level having some of the primary credit societies belonging to the same
district as their members. These banks provide loans to their members (i.e., primary credit societies) and
function as a link between the primary credit societies and state co-operative banks.

State Co-operative Banks:

These are the apex (highest level) co-operative banks in all the states of the country. They mobilise funds and
help in its proper channelization among various sectors. The money reaches the individual borrowers from the
state cooperative banks through the central co-operative banks and the primary credit societies.

C. Commercial Bank
The term commercial bank refers to a financial institution that accepts deposits, offers checking
account services, makes various loans, and offers basic financial products like certificates of deposit (CDs)
and savings accounts to individuals and small businesses. A commercial bank is where most people do their
banking.

Commercial banks make money by providing and earning interest from loans such as mortgages, auto
loans, business loans, and personal loans. Customer deposits provide banks with the capital to make these
loans.

Different Types of Commercial Banks in India

Commercial Banks in India can be classified into three different categories:

A. Scheduled bank
 The banks in the Indian banking system are sub categorized as Scheduled Banks, Non-Schedule
Banks, Private Banks and Public Banks. Scheduled banks are those banks that are listed under
Schedule II of the Reserve Bank of India Act, 1934.

 The bank's paid-up capital and raised funds must be at least Rs. 5 lakh to qualify as a scheduled bank.
These banks are liable for low interest loans from the RBI.

 They also have membership in clearing houses.

 They also have numerous obligations to fulfil such as maintaining an average daily Cash Reserve
Ratio with the central bank.

1. Public Sector Banks:

These banks are those financial institutions that have at least 51% of their ownership being held by the
central government. The management control is also in the hands of the union government. State Bank
of India, PNB, Bank of India are some of the leading public sector banks in the country.

2. Private Sector Banks:

These banks are the financial institutions whose majority shareholding is with corporations and
individuals. In 1993, RBI allowed the formation of new private sector banks in India, and this led to the
rapid expansion of the banking network in the country. HDFC Bank, ICICI Bank, Kotak Mahindra Bank
are some of the leading private sector banks in India.

3. Foreign Banks:

These banks have their headquarters located outside India. They perform their banking functions
through their wholly controlled subsidiaries. Barclays Bank, Deutsche Bank, HSBC Bank are some of
the leading foreign banks in India.

B. Non-Scheduled Bank:
Non-Schedule banks are those Banks whose names do appear in the list of scheduled Banks maintained by
the Reserve Bank.
However, Non-schedule bank come within the sweep of the banking regulation act, 1949 and are therefore
obliged to follow the Reserve Bank’s guidelines and provisions of the act.

For instance, Non-schedule banks are required to have a minimum capital of Rs 5 lakhs, these banks have to
comply with the cash reserve requirements condition of the Reserve Bank etc. Non schedule Banks are not
eligible for having financial assistance from Reserve Bank except under emergency situations. Non-schedule
banks are also deprived of privileges available to scheduled Banks.

Differences between a Scheduled Bank and Non-Scheduled Bank

A. Scheduled Bank

 They are listed in the second schedule of the RBI Act.

 These have a paid up capital of Rs. 5 lakhs or more and comply with all the requirements of the RBI.

 They maintain a cash reserve ratio with RBI.

 They are authorized to borrow funds from the Reserve Bank of India.

 They are comparatively more financially stable.

B. Non-Scheduled Bank

 They are not listed in the second schedule of the RBI Act.

 There is no such condition that needs to be fulfilled for it to be considered a non-scheduled bank.

 They maintain the CRR amount with themselves.

 They are not allowed to.

 These banks are riskier.

D. Regional Rural Banks (RRB)

 These are unique types of commercial banks that lend to agriculture and the rural economy at a
reduced rate.

 RRBs were founded in 1975 and are governed by the 1976 Regional Rural Bank Act.

 RRBs are 50/50 joint ventures between the federal government and state governments (15%), as well
as a commercial bank (35 percent).

 Between 1987 and 2005, 196 RRBs were established.

 From 2005 forward, the government began merging RRBs, bringing the total number of RRBs to 82.

 A single RRB cannot open branches in more than three districts that are geographically connected.

E. Local Area Banks (LAB)

 In India, it was first introduced in 1996.
 The private sector organizes these.
 Local Area Banks' primary goal is to make a profit.
  Local Area Banks are governed by the 1956 Companies Act.
 There are now just four Local Area Banks in existence, all of which are located in South India.
F. Specialized Banks

There are some banks, which cater to the requirements and provide overall support for setting up business in
specific areas of activity. EXIM Bank, SIDBI and NABARD are examples of such banks. They engage
themselves in some specific area or activity and thus, are called specialised banks. Let us know about them.

Export-Import Bank of India (EXIM Bank):

If you want to set up a business for exporting products abroad or importing products from foreign countries for
sale in our country, EXIM bank can provide you with the required support and assistance. The bank grants loans
to exporters and importers and also provides information about the international market. It gives guidance about
the opportunities for export or import, the risks involved in it and the competition to be faced, etc.

Small Industries Development Bank of India (SIDBI):

If you want to establish a small-scale business unit or industry, loan on easy terms can be available through
SIDBI. It also finances the modernization of small-scale industrial units, use of new technology and market
activities. The aim and focus of SIDBI are to promote, finance and develop small-scale industries.

National Bank for Agricultural and Rural Development (NABARD):

It is a central or apex institution for financing agricultural and rural sectors. If a person is engaged
in agriculture or other activities like handloom weaving, fishing, etc. NABARD can provide credit, both short-
term and long-term, through regional rural banks. It provides financial assistance, especially, to co-operative
credit, in the field of agriculture, small-scale industries, cottage and village industries handicrafts and allied
economic activities in rural areas.

G. Small Finance Banks

This sort of bank, as the name implies, provides loans and financial help to micro industries, small farmers,
and the unorganized sector of society. The country's central bank oversees these institutions.

H. Payments Banks
The Reserve Bank of India conceptualized the payments bank, a newly developed form of banking. People
who have a payment bank account can only deposit up to Rs.1, 00,000/- and cannot apply for loans or credit
cards through this account.
Payment banks provide services such as internet banking, mobile banking, ATM card issuance, and debit
card issuance. The following is a list of our country's few payment banks:
  Airtel Payments Bank

 India Post Payments Bank

 Fino Payments Bank

 Jio Payments Bank

 Paytm Payments Bank

 NSDL Payments Bank

A. ICICI BANK

ICICI Bank was originally promoted in 1994 by ICICI 1994 - The Bank was incorporated on 5th January at
Baroda. ICICI Bank was promoted by ICICI and erstwhile SCICI Ltd. and received the Certificate for
Commencement of Business on 24th February. It does banking business of all kinds. It was founded as an
institution to provide quality banking services using state-of-the-art technology. - The Bank has established a
well diversified branch network with 24 branches in 15 centers covering 12 states. The bank set up a fully
computerized environment with the State-of-the-art technology at all offices continuously upgrading its
strong systems and procedures with special emphasis on risk management. 1996 - The deposit products and
other services of the bank were branded with names such as `Maxicash' for services accounts, `Money Plus'
for Current Account, `Quantum' for fixed deposit account, `Power Pay' for payroll accounts treasure chest
for locker facilities and `Trice' for automated teller machine facility. - The Bank had, in compliance with a
directive issued by RBI, deposited in aggregate Rs 88.16 crores with small Industrial Development Bank of
India and National Bank for Agricultural & Rural Development. - The `B' category branches were
authorized to handle full range of foreign exchange transaction of customers and five other branches were
placed in `C' category to handle limited foreign exchange transactions. - Seven branches of the bank with
substantial foreign exchange business were linked to the society for worldwide Interbank
Telecommunication (SWIFT) network which enables them to transmit Letter of Credit and fund transfer
messages promptly worldwide. - 700 No. of equity shares subscribed for by signatories to the Memorandum
of Association. 1500, 00,000 No. of equity shares allotted to ICICI Ltd. 1997 - The bank introduced
electronic funds transfer facility. The bank has fully fledged vigilance and inspection department. - The bank
opened 11 branches and 2 extension counters thereby increasing the total network of branches to 33 and
extension counters to 4. - The Bank offered 150, 00,000 No. of equity shares of Rs 10 each at a prem., of Rs
25 per share to ICICI. - The Bank offered for sale 412, 50,200 No. of equity shares of Rs 10 each at a price
of Rs 35 per share. - Sicom Ltd. has entered into an agreement with ICICI Bank and Dresdner Bank for
providing a counter guarantee against letters of credits (LCs) opened by its clients. - The merger of SCICI
with ICICI effective from April 1, the bank has become a wholly-owned subsidiary of ICICI. - ICICI
Banking Corporation, a fully-owned subsidiary of Industrial Credit & Investment Corp of India Ltd, has
finalised an offer for sale of 4 crore equity shares of Rs.10 each at a premium of Rs.30 per share, according
to merchant banking sources. 1998 - ICICI Bank, which introduced Internet banking in India, is set to launch
various technology-based new services in the near future. Some of the new services include setting up of call
centres and the introduction of fund transfers between own accounts in its branches. - ICICI Banking
Corporation Ltd, the first bank in the country to go in for Internet banking, is now all set to provide its
account-holders with the facility of transferring funds across their accounts on the Net. 1999 - ICICI Bank
has signed an agreement to use the NCR switch mark technology for online-networking all its ATMs, the
officials said they network would come into place in September. - ICICI Bank recently restructured its
organizational structure by setting up strategic business units for retail banking, corporate banking and forex
and treasury operations, as independent profit centres. - ICICI is all set to launch a 60-second television
commercial on August 15, 1999. 2000 - ICICI Bank became the first Indian bank to list on the New York
Stock Exchange with its $175-million American depository shares issue generating a demand book 13 times
its size at $2.2 billion. - The Bank proposes to bring credit cards to the "large, underserved population" in
rural and semi-urban areas. - Sky Cell Communications Ltd, one of the two cellular service providers in
Chennai, has launched `Sky Banking', for which the company has tied up with ICICI Bank and HDFC Bank.
- The ICICI has announced the launch of mobile banking services for its customers, using the wireless
application protocol (WAP) technology. - Ford India has tied up with ICICI Bank to introduce a scheme,
enabling non-resident Indians (NRIs) to purchase a Ford Ikon car for their friends and relatives in India. -
ICICI Bank has set up a ATM facility at a Indian Oil Corporation petro diesel outlet at Chennai. - ICICI
Bank has tied up with Chennai Telephones to provide Internet bill payment facility to its customers. - ICICI
Bank has tied up with the Siddhivinayak temple trust to enable the bank's infinity (Internet banking)
customers to order and pay for a pooja online, on the occasion of "Aangaraki Chaturthi". - The Bank
proposes to extend its area of operation by opening about 35 to 40 offices and extension counters during the
current fiscal subject to the Reserve Bank of India's approval. - ICICI Bank will launch a slew of new
schemes in the personal segment ranging from launch of co-branded credit cards to providing loans against
share within the next three months. - The Company has offered higher rates of interest on its regular income
bonds and multiplier bonds while pruning it on tax saving bonds. - The Finance portal India Infoline has tied
up with ICICI Bank and HDFC Bank for banking back-ends. - Tata Teleservices Ltd. has tied up with ICICI
Bank and Global Trust Bank to enable its customers to use Internet banking facilities for the payment of
telephone bills. - ICICI Bank will provide credit for online transactions over chem-B.com, the online trading
site for chemicals and chemical products, launched by Chembazaar Online Pvt. Ltd. - ICICI became the first
financial institution to go for placement of dematerialised debt securities. - Mumbai-based ICICI Bank
launched its Kid-e-bank facility in Bangalore. - ELECTRICMELA.com, the B2B portal for the electrical
industry is entering into an alliance with ICICI Bank for payment gateways. - Spice Cell has tied up with
Citibank N A, HDFC Bank and ICICI Bank for mobile bill settlements - ICICI Bank and UAE Exchange
Centre have entered into a wire transfer arrangement, for electronic and telex transfer of funds. - The Bank
has tied up with MunshiKaka.com to provide value added services to its customers. - ICICI has signed a
tripartite agreement with Amitabh Bachchan Corporation Ltd. and Mr. Amitabh Bachchan, appointing him
as its brand ambassador. - The new generation ICICI Bank has extended its business multiplier scheme to
current account holders in Coimbatore. - ICICI Bank has launched the Business Multiplier Account in
Kerala. - The swap ratio for the merger of Bank of Madura (BoM) with ICICI Bank has been pegged at 1:2
i.e., two shares of ICICI Bank for every one share of BoM. - The Kerala Government has joined hands with
ICICI Bank to introduce Internet banking facility in the State's public sector undertakings. - ICICI Bank
launched its debit card under the brand name "ICICIN-cash." 2001 - ICICI Is all set to become the first
domestic financial institution to get a financial strength rating by the Moody's Interbank Credit Services, the
bank credit rating arm of the international credit rating agency Moody's Investors Services. - The Bank of
Madura (BOM) got merged with ICICIBK. The share exchange ratio was fixed at two shares of ICICIBK for
one share of BOM. With this merger ICICIBK has become one of the largest private sector banks in India.
Commenting on the merger Shri H N Sinor, Managing Director and CEO ICICIBK said that "This merger
would lead to considerable synergies in the operations of the merged entity and would benefit the customers
and other stakeholders. - ICICI Bank and Deutsche Bank have entered into a long-term rupee interest rate
swap benchmarked to Government bond yields. - ICICI Bank has tied up with Advantage E- Accounting to
offer an on-line taxation and personal finance services along with off-line services like filing. - The Bank has
entered into a wire-transfer arrangement called `Money2India' with the United Arab Emirates largest foreign
exchange house for transfer of funds to India. - ICICI emerged as the largest fund mobiliser during 2000-01
by privately placing debts with more than one year tenure for Rs 6,413 crore, even as public sector State
Bank of India placed the single largest placement of the year for Rs 2,500 crore, according to Prime
Database - ICICI Bank and BPL Mobile have tied-up to launch a co-branded credit card. To be named ICICI
bank-BPL Mobile Credit Card, the card will be operational by the end of August this year. -ICICI Bank has
launched its interactive touch screen kiosk 'Sparsh' at its automated teller machine (ATM) centres and
branches allowing free access to its online services. - ICICI Bank has introduced a Web-based product that
facilitates on-line conclusion of forex deals in the city. - ICICI Bank has launched its hundredth ATM in
Mumbai. With this, the bank will have a network of 574 ATMs spread across 54 cities. According to a press
release, ICICI Bank continues to focus attention on newer functions that will enable the ATM network to be
a key tool of its customer acquisition and retention strategy. - ICICI Bank launched its 100th ATM in
Mumbai at the bank's branch in Nariman Point. The bank now has a network of 574 ATMs spread over 54
cities in India. - Visa international and ICICI bank on September 10 announced a pilot programme for
facilitating e-commerce in the country. - As part of its drive to introduce alternate delivery channels, ICICI
Bank has launched mobile banking facilities in conjunction with Spice Communications. - ICICI Bank has
aligned the compensation structure of officers of Bank of Madura and made it performance-linked in line
with ICICI Bank - The ICICI Bank, Teynampet, Chennai, has been directed by the District Consumer
Disputes Redressal Forum, Chennai (South) to pay a compensation of Rs 50,000 to a credit-card holder of
the bank for `deficiency in service'. - In the run-up to the reverse merger with ICICI Bank, ICICI has slashed
its management grades to have an identical administrative structure like that of the banking subsidiary. ICICI
had changed its management structure by combining two levels and cutting down the management structure
to eight levels. - ICICI Bank plans to tap the debt market to raise Rs 350 crore for meeting Tier-II capital
requirements. - ICICI Bank and BPL Mobile have tied-up to launch a co-branded credit card. To be named
ICICI Bank-BPL Mobile Credit Card. - The bank has developed multiple access channels comprising lean
brick and mortar branches, ATMs, call centers and Internet banking. As on June 2001, the bank had a
network of 357 branches and 37 extension counters. Its network of 546 ATMs is the largest in the country
accounting for nearly 18% of all ATMs in the country. Customers in 37 cities can now access account
information over the telephone. These investments in channel infrastructure have enabled the bank to
achieve rapid growth in its retail business. 2002 - CICI Bank Ltd has informed that the Board of Directors
inducted Shri N Vaghul, as an Additional Director on the Board of the Bank. Non-executive whole-time
director and also the non-executive Chairman of ICICI Ltd. - The board of directors of ICICI Bank and
ICICI in separate meeting at Mumbai, approved the merger of ICICI with ICICI Bank. The merger of two
wholly-owned subsidiaries of ICICI, ICICI Personal Financial Services and ICICI Capital Services, with
ICICI Bank was also approved by the respective Boards.The high courts of Mumbai and Gujarat, and the
Government of India (GOI) as may be required. Consequently, the appointed date of merger is proposed to
be March 31, 2002, or the date from which RBI's approval becomes effective, whichever is later. - The
scheme of amalgamation envisages a share exchange ratio of one domestic equity share of ICICI Bank for
two domestic equity shares of ICICI. As each American Depositary Share (ADS) of ICICI represents five
domestic equity shares while each ADS of ICICI Bank represents two domestic equity shares, the ADS
holders of ICICI would be issued five ADS of ICICI Bank in exchange for four ADS of ICICI. -ICICI Bank
Ltd has informed BSE that Reserve Bank of India on April 26, 2002 approved the merger of ICICI Ltd and
two of its wholly owned subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd
with ICICI Bank Ltd. -ICICI Bank acquires Shimla and Darjeeling Branches from Standard Chartered
Grindlays Bank. 2002-ICICI Bank sells 3 million equity shares of Bhushan Steel. -ICICI Bank Ltd has sold
2,75,000 equity shares of Bhushan Steel & Strips Ltd on August 07, 2002 at Rs 35 per share on spot delivery
basis. -S&S Power Switchgear Ltd has informed BSE that ICICI bank has appointed Mr S C Bhatia as
Nominee director on Board of the Company with effect October 24, 2002.Further the Board has accepted the
resignation of Mr A R Santhanakrishna as director with effect from August 18, 2002. -BPL Ltd has informed
BSE that ICICI Bank Ltd has nominated Mr V A Raghu as their nominee on the Board of the Company with
effect from September 30, 2002. -ICICI Bank Ltd has informed that the Government of India has nominated
Ms Vinita Rai, Secretary (Banking & Insurance) as the Government Nominee on the Board of the Bank in
place of Mr D C Gupta with effect from October 31, 2002. -Launches eCheques facility for its internet
banking -Moody's upgrades ICICI's Rating above India's Rating -Enters into agreement with Bharti Cellular
paving consumers to recharge the Bharti's pre-paid cash cards (Magic) at ICICI ATM machines -Launches a
scheme called `Mutual Fund Sweep Account' which enables its customers to invest surplus funds in their
current accounts in high-liquidity mutual funds through an automatic sweep facility -Clinches a deal with the
govt. of Karnataka for partial payment of services -High Court approves ICICI, ICICI Bank merger -RBI
approves ICICI Bank--ICICI merger -Deposits Rs 3,000 cr with RBI to meet Cash Reserve Ratio (CRR)
requirements -Placed itself as a one-stop financial solutions supplier with a branch out and de-risked
business model. ICICI Bank - with ICICI, ICICI Personal Finance Services and ICICI Capital merged with
itself - is the biggest private sector bank in the nation with a balance sheet size of Rs 1,04,000 crore, capital
adequacy of 11.44 per cent, 500 outlets and 1,005 ATMs -Ties up with Bharti for pre-paid mobile cards via
ATMs -BPL Mobile and ICICI Bank tie up to enable to recharge BPL's prepaid cellular service ability
(branded `mots') at any of the bank's 1000 plus ATMs across the nation -K V Kamat appointed MD and
CEO, Lalita D.Gupte Joint MD -Ties up with NCR Corporation, ATM manufacturer -Merged ICICI Bank
makes debut on BSE and NSE -Rallis terminates contract farming agreement with ICICI Bank -Allots equity
shares to erstwhile equity shareholders of ICICI -ICICIdirect.com, the brokerage arm, launches online
trading in derivatives -Put on sale the land held by Pal Peugeot - the defunct joint venture between Premier
Automobiles and Peugeot -Introduces first home loan securitization scheme of Rs 58 crore -Buys 190
Ajmera reisdential flats for Rs 37 cr -Sanctions debt restructuring package to Alufluoride Ltd. -Takes over
Shimla and Drajeeling branches of Standard Chartered Bank -Bank of India (BoI) ties up with ICICI Bank to
utilize former's wide branch network covering 1,000 branches for the latter's cash management services -
ICICIdirect.com unveils Direct Alerts -AirTel, in tie-up with the ICICI Bank, declares the launch of re-
charge facility for the AirTel Magic pre-paid cards on ICICI Bank's ATM network in the twin cities of
Hyderabad & Secunderbad in Andhra Pradesh -Replaces Rs 7000 cr high cost borrowings of ICICI -Sets up
Private Banking Division to target high net worth individuals -Bags Best Internet Bank award by Global
Finance, organiser of the World's Best Internet Bank Awards 2002 -Ties up with IL&FS Mutual Fund to
offer to mutual fund products online -Gets Debt Recovery Appellate Tribunal (DRAT) approval to divest
Daewoo's Surajpur assets -Figures among the Top 1000 world banks -Soma Textile Board allots Optionally
Fully Convertible Debentures (OFCD) to ICICI Bank aggregating Rs 3.22 cr. - Classifies loans to Dabhol
Power Company as NPAs -Unveils mobile banking alerts -Srei International Finance Ltd (Srei) forays into
debt securitisation alliance with ICICI Bank -ICICI Bank bags UK Banker Magazine award -Introduces
Roaming Current Account, a new current account product -Launches call centre in Hyderabad -Hamblin
Watsa Investment Council acquires 42.31 million equity shares of ICICI Bank -101.4 million shares of
ICICI Bank held by ICICI Ltd. transferred to the ICICI Bank Shares Trust -ICICI Bank divests 16.5% stake
for Rs 1,320 crore -Foreign holding in ICICI Bank reaches 62% -Lalbhais acquire ICICI's 10% stake in
Amtrex Hitachi -Orcasia acquires 42.31 million equity shares of ICICI Bank -SBI, ICICI Bank feature
among top 100 banks in Asia -ICICI Knowledge Park, Apollo Hospitals ink MoU -Launches chip-based
credit card for transporters -ICICI Bank launches `Drivesmart' credit card for transporters -Buys 'Sobha
Pearl' property in Bangalore owned by Sobha Developers for Rs 20 crore -Launches new initiative called
'180 degree feedback' -Unveils 'eTransfer' for NRI's -ICICI Knowledge Park ties up with Apollo Hospitals -
HDFC MF ties up with ICICI Bank for Any Time Mutual Fund (ATMF) service -Signs MoU with Food
Ministry for optimal utilization of Plan funds and to bring in professional appraisal in project financing -SBI
divests 10 lakh shares of ICICI Bank -ICICI Bank, RPG Cellular Services Ltd. in alliance for recharge
facility at ATMs -Takes posession of Mardia Chemicals Unit under NPA Act -Ties up with co-operative
banks for free-float funds -Introduces ATM in Bengali language -Takes over Patheja group assets under
securitisation law -ICICI Bank Home Shoppe starts operations in Pune -Launches 'ATM on Wheels' in
Mumbai -Euromoney Asia poll reports ICICI Bank as the best managed bank in Asia in the category of
banking and finance -Skoda Auto ties up with ICICI Bank to offer Skoda Monthly Instalment (SMI), rather
than an equated monthly instalment, for its cars -Secures special one-time approval from RBI for issuing tax-
free bonds worth Rs 2500 crore -Becomes the first Indian bank to launch a Resident Foreign Currency
(RFC) account -ICICI Bank chairman Mr. N Vaghul heads Asset Reconstruction Company (ARC) -ICICI
Bank, HPCL launch co-branded Visa Electron Debit Card -Launches `Welcome Kit' which will help the
person, who opens an account with ICICI Bank to operate his account immediately 2003 -Launches micro-
finance programmes -ICICI OneSource deploys new recruitment system -Sets up NRI advisory service -
Singapore govt offloads 2-cr shares of ICICI Bank -Bank chief K V Kamath appointed head of finance panel
for river linking project -Launches 'Give2India' to facilitate donations by NRIs -Comes out with a bond issue
of Rs 400 crore -Installs Telugu language ATMs in Hyderabad -Launches 'ICICI Bank Pure Gold'-certified
and tamper proof 24-carat pure gold coins in Chennai -Collects over Rs 1,200-cr via first bond issue -
Obtains 'excellence in retail banking' award instituted by the Singapore-based Asian Bankers Journal -ICICI
Bank-led combine gets approval for Nationwide Multi Commodity Exchange (NMCE) set up -BioServe
takes up about 3,000 sq.ft space at the ICICI Knowledge Park to set up a contract research lab -Sets up
integrated currency management center in Pune -Rama Newsprint & Papers Ltd allots 5632129 no. of Equity
shares to ICICI Bank Ltd on conversion right exercised by them -HDFC, ICICI buy 33-pc stake in
Hindustan Coca-Cola Beverages, the Indian bottling subsidiary of the Atlanta-based carbonated soft drinks
giant Coca-Cola -Reliance Info forges alliance with ICICI for bill receivables -Ties up with Employees
Provident Fund Organization to distribute pension across the country -Ties up with TeNet for micro-banking
-Starts 12-hours banking services -ICICI Bank restructures organizational structure -Acquires the Credit
Card Division of Tata Finance -Air India ropes in ICICI Bank as authorized dealers for hedging -ICICI Bank
along with others set up Rs 800-cr "India Advantage Fund" -Records Rs 8000-cr securitisation during '02-03
-Enters deal with Pramati Technologies to deploy Pramati Server Software -Tops NPA recovery list among
domestic lenders -Unveils Pure Gold coins in Karnataka -Decides to scrap '97 series deep discount bonds -
Obtains approval to set up Overseas Banking Units (OBU) -Communication ministry engages ICICI Bank,
IIT to study viability of telecom firms -Unveils NRI remittance product in Canada -ICICI Bank, Amway
launch co-branded international credit card -Picks up 25% shares in NCDEX (National Commodities &
Derivatives Exchange) -ICICIdirect introduces tax-free Savings Bond '03 online -Videsh Sanchar Nigam
Limited (VSNL) and ICICI Bank have announced a tie-up for the distribution of Tata Indicom`s dial-up
Internet services -ICICI Bank offers rail ticket booking facility to its customers -Buys Apple Credit's 30-pc
stake in Transamerica Apple Distribution Finance Ltd. (TADFL) -Takes over 100-pc of TADFL -Outgoing
ICICI Bank Joint Managing Director Mr. H N Sinor becomes new chief executive and secretary of Indian
Banks Association (IBA) -ICICI Bank, HDFC Bank tie up with Indian Railway Catering and Tourism
Corporation (IRCTC) for online rail bookings -ICICI Bank, DaimlerChrysler team up for new finance
scheme -Gets Insurance Regulatory Development Authority (IRDA) nod for India Advantage Fund -
Announces VRS, the first for the new generation private sector banks -Bags DM Review World Class
Solution Award 2003 -Enters into an institutional agreement with Dubai Bank wherein ICICI Bank would be
the principal correspondent bank of Dubai Bank in India -Discontinues the contract with Bollywood
Superstar Amitabh Bachchan since it finds him too expensive -Embarks on market making securitised
instruments -Global Finance Magazine awards ICICI Bank as the "Best consumer internet Bank in India" -
ICICI Bank empanelled for JNPT's Electronic Data Interchange (EDI) project -Signs option contract with
BHEL -ICICI Bank's 1350 employees opt for VRS -Textile sector leads ICICI Bank's NPA -Approves 7.3
million options to its employees -Birla Tyres ties up with ICICI bank to offer Rs 2 lakh life insurance benefit
to the truck drivers on the purchase of every pair of tyres -Inaugurates its first Offshore Banking Unit (OBU)
at SEEPZ Special Economic Zone, Mumbai -ICICI implements NCR solution (Cheque Mark PDC Module)
for post dated cheques -ICICI Bank picks up Times of money.com's e-filing service -ICICI Bank acquires
17.75% stake in NDTV -Launches 'Instra Transfer', an NRI remittance product, which will enable NRIs in
the Gulf to transfer funds to India within two hours -Acquires 36,000,000 shares amounting to 12.65% of
Himachal Futuristic Communications Ltd (HFCL) -Divests 0.31% shares in Federal Bank -Converts part of
HFCL loan into equity shares giving 12.65% stake in the company -Inaugurates Singapore branch -Decides
to take the service of Bollywood Superstar Amitabh Bachchan (Big B) on purely case-to-case basis -ICICI
Bank in alliance with Federation of Automobile Dealers Association (FADA) unveils credit card for vendors
to dealers and opens a business-to-business (B2B) section in FADA's Web site -West Coast signs agreement
to acquire ICICI's 34 percent stake in Rama Newsprint & Papers Ltd. (RNPL) -Investmentz.com forges
alliance with ICICI Bank for offering payment gateway to its customers for real-time transfer of funds -
Banker Magazine of UK confers its 'Best Multi-Channel Strategy 2003' and Bank of the Year 2003' awards
to ICICI Bank -Instanex Skindia depository receipts index increases the index percentage of market
capitalization used for ICICI Bank to 95 per cent from 75 per cent -ICICI Bank in association with the
Federation of Automobile Dealers Association (FADA) unveils a credit card for vendors to dealers and
opens a business-to-business (B2B) section in FADA's Web site -Issues notice to Ponni Sugars (Orissa) Ltd.
to take possession of the Balangir Sugar Mill - Allottment 287774 equity shares of face value of Rs.10/- each
on October 13, 2003 under the Employee Stock Option Scheme. -ICICI bank gets Banker magazine awards
for the year -Crisil assings highest ratings to instruments issued under ICICI Bank's securitisation
programme -ICICI bank gets 'Best emerging market Bank ' award from the Global Finance Magazine -Mr. R
Seshasayee who was appointed as Director on the Bank on May 03, 2002 has tendered his resignation as a
Director of the Bank. -Action Aid has signed up with ICICI to launch the Karm Mitra credit card -The
trading of icici issued bond October 2000- Tax Saving Bond - Option I ICICI1100 N1 (benefit u/s 88) was
suspended -ICICI Bank introduced foreign currency term deposit scheme for non-residents including NRI's
at its offshore banking unit (OBU) in mumbai -ICICI tie up with Big Bazaar to introduce Co-branded Card
specifically for Big Bazaar customers. -The company's asset-backed securities (ABS) worth Rs 835 crore on
October 09 obtained highest safety ratings from Icra. -The company unveiled its global deposits scheme for
individuals from its Singapore branch. -Tied up with SBI and HDFC to share ATM networks - Has set up
representative office in Dubai -Allotted 166857 equity shares of face value of Rs.10/- each on October 20,
2003 under the Employee Stock Option Scheme. -ICICI Bank unveils global deposits -Five persons have
been arrested on the charge of duping ICICI Bank of Rs 1.34 crore by encashing a cheque purported to have
been issued by Fortis Banque of France.. 2004 -ICICI bank credit cards cross two million mark - ICICI
Banks 300 million dollar Eurobond has been awarded for being the best bond issue of India and emerging
Asian market during 2003, by two foreign magazines. -ICICI ePayments Ltd. has informed that they have
acquired 8008357 shares amounting to 69.99% of the total paid up capital of Tata Infomedia Limited -ICICI
Bank Ltd has informed that the Bank has allotted 1,25,444 equity shares of the face value of Rs 10/- each on
December 22, 2003 under the Employees Stock Option Scheme, 2000 (ESOS). -The government has
allowed ICICI Bank to keep the Rs 350 crore 20-year preference shares (subscribed to by ITC) in its books
for five years. -ICICI Bank Ltd has informed that the Bank has allotted 73,980 equity shares of the face
value of Rs 10/- each on December 29, 2003 under the Employees Stock Option Scheme, 2000 (ESOS). -
Bahrain Monetary Agency issues licence to ICICI Bank's overseas unit. It also extended a special concession
for offering NRI banking services in the island nation as well as in the international markets 2004 -ICICI
Bank inks pact with Mohan Bagan to unveil co-branded credit card -ICICI-Overdrive awards for Honda
City, Bajaj Pulsar -ICICI Bank ties up with Air Deccan -ICICI Bank opens new premises in Mangalore -
ICICI Bank unveils mobile ATM in Kerala -ICICI Bank unveils International fixed deposit scheme at
Singapore branch -ICICI Bank acquires numerous Uno position in new remittance scheme -ICICI Bank sets
up ATM in Thiruvananthapuram -ICICI Bank launches its new home Loan Scheme With Variable EMI -
ICICI Bank Ltd has informed that the shares of the Bank are delisted from The Delhi Stock Exchange
Association Limited with effect from February 11, 2004. -ICICI Bank, Mohun Bagan launch co-branded
credit card -The world's largest micro-finance securitisation deal of $4.3mn completed between ICICI Bank
and Share Micro fin Ltd., a Hyderabad based micro financing organization -ICICI Bank signs a
memorandum of understanding with Jammu and Kashmir Bank to share the ATM network. -ICICI Bank and
Andhra Bank have announced a tie-up that enables sharing of their ATM networks. -Global Finance
magazine has named ICICI Bank as one of the "Best Emerging Market Banks Asia" in an exclusive survey
to be published in the May 2004 issue. -Comes out with a public offering of equity shares at a price of Rs
280 to raise Rs 3500 crore with a green shoe option of Rs 450 crore -ICICI Emerging Sector, the private
equity arm of ICICI Bank, has acquired a 54 per cent stake in the Bangalore-based Arvind Brands, the
apparel arm of the Sanjay Lalbhai-promoted Arvin Mills, -ICICI Bank unveils Car Overdraft facility -ICICI
Bank, SBI, LIC in pact for Rs 20,000-cr projects -ICICI Bank and Punjab National Bank have signed a
memorandum of understanding (MoU) for ATM network sharing, giving customers an access to over 2,200
ATMs in India. - ICICI Bank unveils co-branded credit card ICICI Bank Ebony -ICICI Bank has won the
best bank award instituted by Asia money in the category of best domestic commercial bank in India -ICICI
Bank has bagged the prestigious award of 'Best Retail Bank in India' in the category 'The Asian Banker
Excellence in Retail Financial Services Program 2003' -ICICI Bank-Aircel jointly unveil new co-branded
credit card -Life Insurance Corporation acquires 16,370,009 shares constituting 2.23% of voting rights in the
company, increases its stake to 73,382,324 shares constituting 10.09% of voting rights -Punjab and Sind
Bank (PSB) and ICICI Bank on July 02 announced the launch of co-branded credit card that will be
available in three variants - Gold, Silver and Blue credit card -ICICI Bank in association with Reliance
Infocomm has launched an interactive mobile banking service in India -ICICI Bank unveils multi-branded
card -ICICI Bank has introduced a pre-approved personal loan product for Global Trust Bank (GTB)
customers -ICICI Bank bags Internet awards from Global Finance magazine -ICICI Bank Home Loans and
ICICI Bank Home Search have launched `Home Utsav', a property exhibition at the Institute of Engineers -
ICICI Bank Ltd on August 9, 2004, opened its representative office in Dhaka further increasing its
international presence. In light of the significant bilateral trade links between the two countries, the bank
greatly values the need to have an on-the-ground presence -ICICI Bank offers new service to Canada
emigrants - Launches 'Hello Canada Newcomers Account' designed to provide instant access to banking
services in Canada for Indians migrants on August 23 - ICICI Bank introduces an easy deposit card at an
interest rate of 0.99 per cent -ICICI Bank rolls out kisan credit card in AP - Launches `Easy Deposit Card',
which charges an interest of 0.99 per cent per month -ICICI Bank launches new mobile phone banking
service -Sets up offshore banking unit (OBU) in Bahrain -Launches a new service for pre-paid subscribers of
Airtel, Hutch, Orange and IDEA in association with Euronet to recharge cards through bank's ATMs or by
sending SMS. -ICICI Bank has signed a deal with Sun Tec Business Solutions Private Ltd -ICICI Bank
unveils Visa Card in UK -ICICI Bank in ally with CESC launches new co-branded credit card -Godrej Sara
Lee ties up with ICICI Bank to finance distributors across the country through the channel financing model -
Hindustan Petroleum Corporation Ltd (HPCL), ICICI Bank on December 23rd launches Drivesmart 2005 -
ICICI Bank overtakes Citibank in credit cards with 3 mn credit cards while Citibank says it has 2.5 mn cards
-ICICI inks pact with Godrej Sara Lee for channel financing -Mercy joins hands with ICICI Bank to offer
loans -ICICI Bank unveils office in Johannesburg - Britain's Lloyds TSB, in association with ICICI Bank, on
April 18, 2005, launches new services offering free money transfers between India and the UK, as well as
access to rupee mortgage for Indian property purchases. -ICICI Bank-Air Deccan credit card unveiled -ICICI
Bank acquires bank in Russia -ICICI Bank, HLN jointly launch co-branded credit card -ICICI Bank
launches online Public Provident Fund (PPF) scheme on July 01, 2005 -ICICI Bank forges alliance with
Fortis to serve NRIs on July 22, 2005 -ICICI Bank buys Apnaloan -ICICI Bank Home Loans launched a
`Home Utsav' property exhibition on August 18th -Bharti Tele-Ventures on September 19 announced a tie-
up with ICICI Bank and Visa to launch credit card on the mobile phone --ICICI Bank rolls out travel smart
mastercard --ICICI wins Microsoft Corporate Challenge -ICICI Bank teams up with Hong Kong's Bank of
East Asia to offer services to its clients with operations in greater China. -ICICI Bank inaugurates 1st branch
in Hong Kong -ICICI bank ties up with Grameen Foundation USA to set up Grameen Capital India. -ICICI
Bank's $500 million American depository shares (ADS) issue has been subscribed six times the issue size.
The issue closes tomorrow concurrently with the Rs 5,750 crore public issues of equity shares in the
domestic market. The domestic issue has received subscriptions for 1.86 times the 9.90 crore shares on offer.
-ICICI Bank sets up pilot project in Guntur dist -ICICI Bank as outperformer: CLSA report 2006 -ICICI
Bank sets up Russian subsidiary -ICICI Bank sets up new branch at Banjara Hills -ICICI bank teams up with
Spanish MNC. -ICICI Bank sets up branch in Belgium -JBIC inks agreement with ICICI Bank -Indian inks
deal with ICICI Bank -Dishman inks $60mn deal with ICICI Bank -ICICI Bank inks MoU with Mitsubishi
UFJ Securities -NIIT partners with ICICI Bank on 26, September, 2006 to enter Financial Services Training.
- ICICI Bank has rolled out a new product `NRI SmartSave Deposits', a fixed deposit scheme for non-
resident Indians -ICICI Bank has inked a memorandum of understanding with Export Development Canada
(EDC), a Canadian export credit agency, for financing support to Indian purchasers of capital goods and
professional services from Canada. -ICICI Bank opens 3 representatives’ offices abroad. 2007 -ICICI Bank
has come out with loan-on-the-spot (LOTS) product for car loans. -ICICI Bank launches card-based
remittance product in Kerala -ICICI Bank is looking at increasing its share of the growing Indian remittance
market. ICICI Bank on February 8 rolled out a rupee-denominated remittance card that is primarily targeted
at beneficiaries of non-resident Indians (NRIs). -Mumbai: ICICI Bank has inked a co-operation pact with
Austria-based Raiffeisenlandesbank Opera sterreich (RLB) for covering several business areas and
increasing co-operation in funding commercial and syndicated credit business, and cash management
services. -ICICI bank sets up first branch in Madikeri. -Indian Railways and ICICI Bank inked a
memorandum of understanding for extending the sale of e-tickets via merchant establishments located in 125
cities across the country. -ICICI bank mops up $500mn through five-year bond. -BMW India and ICICI
Bank on February 23 signed an agreement for offering financing solutions that will benefit the prospective
buyers. -Thomas Cook (I) Ltd (TCIL) has joined hands with ICICI Bank to introduce a first of its kind
premium card named Thomas Cook Titanium Mastercard. - ICICI Bank, India's second largest Bank, and
Export Development Canada (EDC), Canada's Export Credit Agency, on March 13, signed a USD 50
million Line of Credit (Loc) agreement. -ICICI Bank inks agreement with Emirates Bank. -CRISIL assigns
highest ratings to ICICI Bank's loan receivables securitisation programme. - ICICI Bank and apparel
discount chain Megamart April 10, joined hands to unveil a co-branded credit card. -ICICI Bank Ltd has
informed that Reserve Bank of India has approved the Scheme of Amalgamation of The Sangli Bank Ltd
with the Bank. The Scheme of Amalgamation shall come into effect from April 19, 2007. - ICICI Bank on
declared a Rs 100-crore fund to support innovation and development of green businesses in India. -SOTC
has joined hands with ICICI bank to offer-holiday now pay later (HNPL) facility to travelers. - ICICI Bank
offers cheaper loans for cutting down CFC. -ICICI sets up branch in Birmingham. History and Major Events
We were incorporated in 1994 as a part of the ICICI group. Our initial equity capital was contributed 75.0%
by ICICI and 25.0% by SCICI Limited, a diversified finance and shipping finance lender of which ICICI
owned 19.9% at December 1996. Pursuant to the merger of SCICI into ICICI, we became a wholly owned
subsidiary of ICICI. The chronology of events since we were incorporated in 1994 is as follows: Change of
name Our name was changed from ICICI Banking Corporation Limited to ICICI Bank Limited on
September 10, 1999. The change of name was effected on account of our being widely known by the name
"ICICI Bank". Merger of Bank of Madura Bank of Madura was merged with us effective March 10, 2001.
The share exchange ratio fixed for the transaction was two of our equity shares of Rs. 10 each for every
equity share of Bank of Madura of Rs. 10 each. Amalgamation of ICICI, ICICI Capital Services and ICICI
Personal Financial Services amalgamated with us with effect from May 3, 2002. The Appointed Date for the
merger specified in the Scheme of Amalgamation, which was the date of the amalgamation for accounting
purposes under Indian GAAP, was March 30, 2002. The amalgamation was approved by the High Court of
Judicature at Bombay vide its order dated April 11, 2002 and by the High Court of Gujarat at Ahmedabad
vide its order dated March 7, 2002. The share exchange ratio was one of our equity shares of Rs. 10 each for
every two equity shares of ICICI of Rs. 10 each. Amalgamation of The Sangli Bank Limited The Board of
Directors of ICICI Bank Limited and the Board of Directors of The Sangli Bank Limited (Sangli Bank) at
their respective Meetings held on December 9, 2006, approved an all stock amalgamation of Sangli Bank
with ICICI Bank. The amalgamation was subsequently approved by the Members of both banks. RBI (RBI)
approved the scheme of amalgamation effective April 19, 2007. Source date - Prospects - 19/06/2007 -
ICICI Bank mops up $4.9bn in via share sale in India. - ICICI mops up Rs 1,294cr through green-shoe
option. - ICICI Bank signs pact with Korea Exim Bank. - ICICI Bank has slashed the rates on special deposit
schemes by 50 basis points from 9.5 per cent to 9 per cent. - ICICI Bank awarded as the Outstanding
Regional Private Bank. -The Department of Commerce, PSG College of Arts and Science, Coimbatore, is all
set to conduct a training programme for students in association with the ICICI Bank. - ICICI Bank, under its-
Industry-Academia Partnership- programme, is in talks with three leading universities of the West Bengal to
launch banking and insurance courses. 2008 - ICICI Bank Ltd has informed that the Government of India
has nominated Shri. Arun Ramanathan, on the Board of the Bank effective January 18, 2008 in place of Shri.
Vinod Rai who has resigned effective January 06, 2008. - ICICI Bank Ltd has informed that the Government
of India has nominated Shri. Arun Ramanathan, on the Board of the Bank effective January 18, 2008 in
place of Shri. Vinod Rai who has resigned effective January 06, 2008. - ICICI Bank has forayed into Rs
1,150-crore equity-cum-debt deal with Jaypee Infratech, which is to build and operate the 165-km six lanes
Taj Expressway linking Noida with Agra. -Standard & Poor's Ratings Services lowered ICICI Bank Ltd.'s
$300 million U.S. commercial paper program's short-term issue credit rating to 'A-1' from 'A-1+', following
the agency's downgrade of Fortis Bank SA/NV. 2009 - ICICI Bank appointed N S Kannan as the Executive
Director and Chief Financial Officer on the board with effect from May 1 following the vacancy caused by
the elevation of Chanda Kochhar as Managing Director and CEO of the bank, with effect from May 1. -
ICICI Bank has announced the cut in the interest rates on floating home loans for new borrowers by 25-50
basis points, with immediate effect. The interest rates on existing home loans would reduce only if the
floating reference rate is cut. - ICICI Bank with Singapore Airlines launched “ICICI Bank Singapore
Airlines Visa Platinum Credit Card”, the Card has exclusive privileges especially designed for the members.
- ICICI Bank Limited acting through its Hong Kong Branch (ICICI Bank) signed a loan agreement with the
Export-Import Bank of China (China Exim) for USD 98 million under the Two- step Buyer Credit (Export
Credit) arrangement. ICICI Bank is the first Indian Bank to have entered into this arrangement with China
Exim. 2010 - ICICI Bank has increased deposit rates on select maturities. The bank has raised the interest
rate on deposits maturing in 270 days to less than one year by 25 basis points to 5.75 per cent for deposits of
Rs 15 lakh to Rs 1 crore. - ICICI Bank increased its deposit rates in select tenures by up to 0.50% with
instant effect, signaling hardening of interest rates in the industry. - ICICI Bank has announced the
appointment of Mr Rajiv Sabharwal as a whole-time director of the bank. The bank said Mr Sabharwal is
designated as an Executive Director effective June 24. Mr Sabharwal was heading the bank's retail banking
operations. - ICICI Bank announced the appointment of Mr Rajiv Sabharwal as a whole-time director of the
bank. - ICICI Bank has received the World Finance Awards 2010 in three categories. The three categories
are Excellence in NRI services- Worldwide, Excellence in Remittance Business-Worldwide and Excellence
in Private Banking Business-Asia-Pacific Region awards at the prestigious World Finance Awards, UK,
2010. - ICICI Bank launches website in Hindi. - ICICI Bank opens first retail branch in Singapore. - RBI
approves the amalgamation of Bank of Rajasthan Ltd with ICICI Bank Ltd. - First private sector Bank to
inaugurate its 2000 Branch. - ICICI Bank gets Qualified Full Banking privileges in Singapore. 2011 - ICICI
Bank offers cash withdrawal at POS terminals - ICICI Bank & Vodafone Essar ink pact for financial
inclusion - ICICI Bank & Aircel sign MoU for financial inclusion - ICICI Bank & Indian Army sign MoU
for banking services - ICICI Bank and Intuit launch "Money Manager" - ICICI Bank launches EMV
Standard Cards - ICICI Bank Limited Opens Second Retail Branch in Singapore - ICICI Bank launches the
first dual Platinum Credit Card - ICICI Bank closes the first rupee Credit Default Swap transaction 2012 -
ICICI Bank opens its second branch in Hong Kong - ICICI Bank rolls out 25 electronic branches and
launches many next generation banking solutions - ICICI Bank was the first private sector bank in India to
offer PPF account facility at all bank branches. - Among the first banks to introduce account portability and
also the only bank to offer portability on two additional channels - Internet banking and Phone Banking. -
ICICI Bank launches first Electronic Toll Collection project on NH-1. A first of its kind project initiated by
the Ministry of Road, Transport & Highways, National Highway Authority of India (NHAI) and - ICICI
Bank. - ICICI Bank receives approval from RBI to set up an Infrastructure Debt Fund. It is the first debt
fund to get government's go ahead. - ICICI Bank launches its official Facebook Page. First bank in India to
offer one-of-its kind "Your Bank Account" Applications, which allows access to bank account information
on Facebook. 2013 -ICICI Bank and Aircel launch 'Mobile Money' -ICICI BANK AND VODAFONE
INDIA LAUNCH 'M-Pesa' -ICICI Bank Board approves merger of Bank of Rajasthan -ICICI Bank
organizes 'Kisan Sampark Programme' in Punjab & Haryana -ICICI Bank UK launches online HiSAVE
Remittance Account -ICICI Bank launches 20 Gramin branches across Rajasthan -ICICI Bank introduces
SMS-based rail ticket booking for customers -ICICI Bank launches 18 Gramin branches in Andhra Pradesh -
ICICI Bank launches 42 Gramin branches in Tamilnadu -ICICI Bank launches 23 Gramin branches in
Maharashtra -ICICI Bank launches 23 Gramin branches across Gujarat -ICICI Bank launches 15 Gramin
branches across Madhya Pradesh -ICICI Bank launches 18 Gramin branches across Punjab & Haryana -
ICICI Bank launches Branch on Wheels in Maharashtra -ICICI Bank launches ICICI Bank Carbon in
partnership with Visa -ICICI Bank inaugurates 12 new branches in Jammu & Kashmir -ICICI Bank
inaugurates three new branches at Imphal -ICICI Bank inaugurates a new branch in Ashok Rajpath, Patna
2014 -ICICI Bank inaugurates new branch at Havalga -ICICI Bank launches tax collection service in Odisha
-ICICI Bank launches tax collection service in West Bengal -ICICI Bank launches Branch on Wheels in
Chhattisgarh -ICICI Bank launches Pro & Premia Savings Accounts for NRIs -ICICI Bank and Vodafone
M-Pesa launches mobile based subsidy payment for Janani Suraksha Yojna in Ranchi -ICICI Bank launches
redesigned website to enhance customer experience -ICICI Bank launches iMobile application for Windows
-ICICI Bank launches ‘ICICI Bank Unifare Card’ in partnership with DMRC -ICICI Bank launches
'ICICI Bank Global Banking-Hello Canada' -ICICI Bank launches 'ProCircle' on Money2India platform -
ICICI Bank launches Student Travel Card -ICICI Bank launches EMI on debit cards -ICICI Bank launches
two apps to enhance customer service -ICICI Bank launches 'NRI Advantage' -ICICI Bank launches
‘Smart Star’ account, a minor operated savings account -ICICI Bank launches 'Easy NRI Account' -
ICICI Bank India launches 'Pockets by ICICI Bank' for Non Resident Indian (NRI) customers -ICICI Bank
has splits its face value from Rs 10/- to 2/- 2015 -ICICI Bank launched a mobile phone-based product that
offers a slew of new-age services -ICICI ties up with Emirates NBD for instant money transfers -ICICI Bank
launched fully automated digital locker facility -ICICI Bank launches online rail ticket booking on its
website -ICICI Bank Canada launches Student GIC Program -ICICI Bank launches ‘Money2World’,
IndiaÂ’s first fully online service for outward remittances -ICICI Bank launches in-store mobile-based
payments with ‘mVisa’ -ICICI Bank launches contactless credit and debit cards -ICICI Bank launches
'Pockets', India's first digital bank on a mobile phone -ICICI Bank inaugurates its 4000th bank branch 2016 -
ICICI Bank crosses Rs 1 lakh-cr mortgage lending milestone -ICICI Bank enters South Africa, opens branch
in Johannesburg -ICICI Bank launches iWork@home for women employees -ICICI Bank launches
contactless mobile pay solution -ICICI Bank Ltd has informed that registered office of ICICI Bank Limited
is changed effective October 01, 2016. Old Address: - Landmark, Race Course Circle, Vadodara 390 007.
New Address: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, 390 007. -ICICI Bank
launches Eazypay mobile app for merchants 2017 - ICICI Bank recognized as the ‘Best Foreign Exchange
Provider in India’, by Global Finance magazine as part of their list of ‘The WorldÂ’s Best Foreign
Exchange Providers 2017Â’ -ICICI Bank was declared winner in three categories at the BFSI Digital
Innovation Awards 2017 organised by the Indian Express Group, on October 7, 2017. The Bank has won
these awards in 'Data CentersÂ’, 'Internet of Things (IoT)' and 'Storage' categories - ICICI Bank won an
award in the ‘Mobile Advertising Excellence in Use of Video’ in the Silver category at the MOBEXX
Awards 2017 for its Advantage Woman Savings Account #FundYourOwnWorth video campaign. -ICICI
Bank won four awards across multiple categories among ‘Large Banks’ at the Infosys Finacle Client
Innovation Awards 2017 for its 10 projects. The Bank was declared winner in the categories of -
‘Emerging technologies led innovation’, ‘API based innovation’ and ‘Channels innovationÂ’. The
Bank was also highly commended in the category of ‘Product Innovational’ for three of its projects - ICICI
Bank received the award in the ‘Best POP-All Citizen Subscriber Registration’ category during the
conference on National Pension System organised by Pension Fund Regulatory and Development Authority
(PFRDA). - ICICI Bank won the award in the ‘Analytics & Big Data’ category at the IDRBT Banking
Technology Excellence Award for 2016 - 2017. The awards are organised by the Institute for Development
& Research in Banking Technology (IDRBT), an institute established by the Reserve Bank of India (RBI). -
ICICI Bank won the award in the ‘Best Private Sector Bank - Rural Reach’ category at the ‘Dun &
Bradstreet Banking Awards 2017. - ICICI Bank was recognized by the Ministry of Rural Development,
Government of India, for the funding provided to Self Help Groups across rural India. This funding
supported the growth of the National Rural Livelihood Mission programme initiated by the Government. -
ICICI Bank won the award in the End Users of ITÂ’ category for Chabot on iMobile and Software Robotics
at the IMC Digital Technology Awards 2016 - ICICI Bank won the Gold Award in the ‘Banks and Credit
Cards’ category, as per the Readers Digest Trusted Brand Survey 2017. - ICICI Bank won the ‘Best
Retail Bank in India’ award for the fourth consecutive year at the Asian Banker Excellence in Retail
Financial Services International Awards 2017. - ICICI Bank was awarded the ‘Gold category’ recognition
at the Energy and Environment Foundation Global Safety Award 2017. This is the highest award received by
a bank in the Financial Sector – Banking/Non-Banking Finance Companies, for its constant effort towards
encouraging safe work practices across operations. -ICICI Foundation won the 'Best CSR & Sustainability
Practices Award for 2016' at the 4th Asia Business Responsibility Summit. -ICICI Bank won two awards at
the Asset Triple A Country Awards 2016. The Bank won the Best Bond House-Domestic Award in the 'Best
House' category and the Best Syndicated Loan Award in the 'Best Deal' category respectively.

B. IDBI bank

Overview of development banking in India

Development Banking emerged after the Second World War and the Great Depression in the 1930s. The
demand for reconstruction funds for the affected nations compelled in setting up of national institutions for
reconstruction. At the time of Independence in 1947, India had a fairly developed banking system. The
adoption of bank dominated financial development strategy was aimed at meeting the sectoral credit needs,
particularly of agriculture and industry. Towards this end, the Reserve Bank concentrated on regulating and
developing mechanisms for institution building. The commercial banking network was expanded to cater to
the requirements of general banking and for meeting the short-term working capital requirements of industry
and agriculture. Specialized Development Financial Institutions (DFIs) such as the
IDBI, NABARD, NHB and SIDBI were set up to meet the long-term financing requirements of industry and
agriculture.

IDBI Bank Ltd is one of India's largest commercial Banks. The Bank is a Universal Bank with their
operations driven by a cutting edge core Banking IT platform. They offer personalized banking and financial
solutions to their clients in the retail and corporate banking arena through their large network of Branches
and ATMs spread across length and breadth of India. IDBI Bank had a network of 2095 branches and 3394
ATMs & CRMs as on 31 December 2020. The bank also set up an overseas branch at Dubai. The Bank
operates in four segments namely Wholesale Banking Retail Banking Treasury Services and Other Banking
Operations. They have six wholly-owned subsidiaries namely IDBI Homefinance Ltd IDBI Gilts Ltd IDBI
Intech Ltd IDBI Capital Market Services Ltd IDBI Asset Management Ltd and IDBI MF Trustee Company
Ltd. IDBI Bank Ltd was incorporated in the year 1964 as a wholly owned subsidiary of Reserve Bank of
India with the name Industrial Development Bank of India. The company was regarded as a Public Financial
Institution and continued to serve as a DFI for 40 years. In February 16 1976 the ownership of the company
was transferred to the Government of India by RBI and the company was made the principal financial
institution for coordinating the activities of institutions engaged in financing promoting and developing
industry in the country. In the year 1982 the company transferred their International Finance Division to
Export-Import Bank of India. In the year 1993 they formed one wholly owned subsidiary company namely
IDBI Capital Market Services Ltd for providing broad range of financial products and services. In June 7
1995 the company made their Initial Public Offer (IPO) which brought down GOI holding to below 100%.
In March 2000 the company set up one wholly owned subsidiary company namely IDBI Intech Ltd for
providing Information Technology (IT) related activities of the organization. They established a public
limited company in the home loan segment namely 'IDBI Homefinance Ltd'. Also they entered into a
financial and technical collaboration agreement with Nepal Development Bank (NDB). In March 2001 they
incorporated IDBI Trusteeship Services Ltd to take over the entire debenture business and assist to the
subscribers and issuers of debentures by the way of up-to-date information and efficient professional
services. In March 2003 the Bank made an exit from their asset management activity by divesting their
entire shareholding in IDBI Principal Asset Management company Ltd IDBI Principal Trustee Company Ltd
and all Trust Corpus rights of IDBI Mutual Fund in favour of their joint venture partner Principal Financial
Services Inc USA with a view to concentrate on their core business activities. They also divested their entire
stake in Discount & Finance House of India Ltd (DFHI) in favour of SBI. In September 2003 the company
diversified their business domain further by acquiring the entire shareholding of Tata Finance Ltd in Tata
Home finance Ltd. The fully-owned housing finance subsidiary was renamed 'IDBI Homefinance Ltd. In
October 2004 the company was transformed into a banking company to undertake all kind of banking
activities while continuing to play their secular Development Financial Institution role. Also they changed
their name to Industrial Development Bank of India Ltd. In 2005 Industrial Development Bank of India Ltd
merged their banking subsidiary IDBI Bank with themselves. In October 2006 United Western Bank Ltd
was amalgamated with the Bank as a part of the inorganic growth strategy. In December 2006 the company
incorporated a wholly owned subsidiary in the name of IDBI Gilts Ltd. for carrying on primary dealership
business. Also they signed an Mou with Life Insurance Corporation of India Ltd (LIC) in Mumbai for
undertaking joint and take-out financing of long-gestation projects including infrastructure projects. In July
2007 the Bank entered into fourth tie-up for trading in carbon credits with Sumitomo of Japan. During the
year 2007-08 the Bank came up with two innovative products Wealthsurance and Homesurance. They
introduced 3-in-1 saving-cum-demat accounts with trading facility. Also they increased their bouquet of
retail products by launching Loan against Rent Receivables Loan against Commercial Property Reverse
Mortgage Loan Holiday Travel Loan and Loan to the staff of IDBI-Assisted units. During the year the Bank
launched the MasterCard Debit Card re-launched the cash card product and upgraded their Net Banking
architecture thereby enhancing customer experience. They formalized tie-ups with IDBI Capital Market
Services Ltd a 100% subsidiary of the Bank with Motilal Oswal Securities Ltd to offer state-of-the-art
internet-based trading facility in Equities Futures and Options markets. During the year the new state-of-the-
art Treasury at the Bank's Head Office became operational. In March 2008 IDBI Bank entered into a joint
venture with Federal Bank and Fortis Insurance International to form IDBI Fortis Life Insurance of which
IDBI Bank owns 48%. Also the name of the bank was changed to IDBI Bank Ltd with effect from May 07
2008.During the financial year 2008-09 the Bank increased their branch network to 509 comprising 179
metropolitan branches 175 urban branches 100 semi urban branches and 55 rural branches. They
implemented next generation cash management system called i-cash web a web-based CMS solution. Also
they opened a Currency Chest at Chennai taking the total number to four. They got approval to collect sales
tax in Maharashtra. During the year the Bank launched their Mobile Payment service enabling their
customers to make payments for their purchases through mobile phones. They launched the multi currency
acquiring facility in the merchant acquisition business. Also they implemented a new Fund Transfer Pricing
(FTP) based on the market linked bid and offer rates. The Bank made a tie-up with IDBI Fortis Life
Insurance Company Ltd for distribution of varied life insurance products like wealthsurance bondsurance
homesurance etc. Also they had an arrangement with Bajaz Allianz for selling general insurance products.
They also distributed Co-branded products like Familycare Homecare and Businesscare which cover all the
categories such as asset insurance corporate insurance personal accident insurance and health insurance.
During the year 2009-10 the Bank opened 199 new branches including Specialized Corporate Branches.
They opened a currency chest at Panchkula taking the total number of currency chest to five. Also they
opened their first Cash Processing Centre (CPC) at Mulund Mumbai. They won 'Special Jury Award' for
their technological initiatives at the IBA Banking Technology Award 2009.During the year the Bank
launched was new variants of the debit card i.e. Kids Card and Platinum Card aimed at specific customer
segments comprising kids and high networth individuals. They developed several new products with added
features namely Salary Account with Overdraft Facility and Scheme for providing Subordinated Debt. In
July 2009 the Bank's Centralized Operations received the coveted ISO 9001:2008 certificate of registration.
In January 2010 the Bank floated a wholly owned company namely IDBI Asset Management Company
(AMC) to undertake Mutual Fund (MF) business which launched their first product 'IDBI Nifty Index Fund'
during May 2010. Also they incorporated IDBI MF Trustee Company Ltd with paid up capital of Rs.20 lakh.
As on March 31 2010 the Bank had a network of 720 Branches and 1210 ATMs. In June 2010 the Bank
opened their first overseas branch at the Dubai International Finance Centre for providing corporate banking
services including financial advisory and syndication of credit. During the year 2010-11 the Bank provided
facility of making on-line payments for e-commerce transactions though their debit card. A new variant
debit card was launched exclusively for women customers. In order to encourage customers with regard to
usage of debit card a cash back scheme for debit card usage was also offered. Within the regulatory
framework cash withdrawal was allowed on debit card at various merchant establishments. The Bank is
increasingly committed to support government initiatives offering financial services to Economically
Weaker Sections (EWSs) and Lower Income Groups (LIG) of society and accordingly offered along with
others Interest Subsidy Scheme for Housing the Urban Poor (ISHUP). In their efforts to ensure improved
financial inclusion the Bank signed MOU with Tribal Development Department Government of Gujarat and
is exploring similar partnership with other State Governments. The Bank also signed MOU with Unique
Identification Authority of India (UIDAI) for acting as a registrar. During the year the Bank launched 'Loan
Against Property' for the MSMEs to unlock value of their assets/properties. 'SME Smart Line of Credit' was
also introduced so that MSMEs could take advantage of emerging business opportunities. In addition the
Bank implemented the 'Artisan Credit Card' scheme of Indian Banks' Association (IBA) to take care of the
credit needs of the artisan community of the nation. To further enrich the MSME loan basket the Bank made
a tie-up with SIDBI in an exclusive arrangement to jointly finance MSME units initially in 10 centres viz.
Ahmedabad Bangalore Chennai Coimbatore Delhi Indore Jaipur Lucknow Ludhiana and Rajkot
subsequently to be rolled out across the country. They also launched software for Complaint Resolution
Management (CRM) at branches. The bank received ISO 9001:2008 certification for all their Currency
Chests. They opened a new Currency Chest at Kochi taking the number of Currency Chests of your Bank to
six. They also received ISO 9001:2008 certification for all their Centralised Clearing Units (CCUs).In April
2011 two wholly-owned subsidiaries viz. IDBI Home Finance Ltd and IDBI Gilts Ltd were amalgamated
with the Bank with effect from January 01 2011.IDBI Bank launched a USD 500 million 5.5 year Reg S
Bond issue on 17 September 2012. The transaction received an overwhelming response and the issue was
oversubscribed by 9 times. The issue was made under the USD 1.5 billion MTN Programme listed on the
Singapore Stock Exchange. On 18 November 2012 IDBI Bank inaugurated the 1000th branch in
Kannangudi Tamil Nadu. On 21 February 2013 IDBI Bank announced that has entered into a Memorandum
of Cooperation (MOC) with EXIM Bank wherein IDBI Bank and EXIM Bank would inter alia co-finance
co-arrange syndicate rupee and foreign currency loans jointly finance export-oriented projects in India
provide/avail refinance facility in Indian Rupees and/or Foreign Currency for extending short term export
credit and long term capex loans to eligible export-oriented companies particularly in the SME sector. IDBI
Bank and EXIM Bank would also co-operate in promotional activities provide advisory services to assist
each other's clients and co-operate in training of each others' staff members. On 15 March 2013 IDBI Bank
announced that it has partnered with e-Mudhra Consumer Services Ltd. (e-Mudhra) a licensed Certifying
Authority (CA) to implement Digital Signature based authentication solution to strengthen and further secure
its Corporate Inet Banking channel. The solution builds trust and enhances security in the electronic banking
system thereby enhancing comfort and confidence of both the customer and the bank while undertaking
Third Party Fund Transfers and Bulk Transaction uploads. The 40th Trade Finance (TF) Centre of IDBI
Bank was inaugurated on 28 March 2013 at the IDBI Bank Building BKC Mumbai. IDBI Bank's TF Centre
in BKC is an Authorized Dealer (AD) in foreign exchange and would cater to the Trade Finance and Forex
needs of Exporters Importers and Retail customers. IDBI Bank and Passenger Car Business Unit of
International Cars & Motors Limited (ICML) entered into a Memorandum of Understanding (MoU) on 17
May 2013 for providing auto finance to prospective customers of ICML. As per the scheme modalities
ICML and its dealer network will collaborate with IDBI Bank for the purpose of 'Retail Activation' in order
to facilitate vehicle financing business. On 22 May 2013 IDBI Bank inaugurated 29 branches taking its total
branch network to 1111.On 17 June 2013 IDBI Bank entered into a tie up arrangement with Jain Irrigation
Systems Limited (JISL) for financing Minor Irrigation Systems to individual farmers. The tie-up provides
assistance to farmers across all the branches of the bank wherever JISL has a dealer network. The tie-up will
help farmers increase their acreage under irrigation by minimal use of available water resource. On 26 July
2013 Government of Maharashtra launched the e-SBTR Project for online payment of Stamp Duties &
Registration fees in partnership with IDBI Bank. On 11 November 2013 IDBI Bank Ltd through its DIFC
Branch in Dubai signed a loan agreement for USD 340 million with KfW Germany. The loan would be
availed by IDBI Bank for funding loans to the micro small and medium-sized enterprises (MSME) directly
or indirectly through Microfinance Institutions (MFIs) and Non Banking Finance Companies (NBFCs). Part
of the loan is dedicated for selected infrastructure projects to support municipalities and communities to
improve health and living conditions. On 28 May 2014 FICCI-CMSME an affiliated body under the
umbrella of the Federation of Indian Chambers of Commerce and Industry (FICCI) an apex Chamber of
Commerce & Industry of India and IDBI Bank announced a partnership through an MoU to make organized
finance facility available for Micro Small and Medium Enterprises (MSME) across the country at
competitive interest rates. On the occasion of the completion of 50 years of operations IDBI Bank on 1 July
2014 launched mobile banking service for its customers. On 28 August 2014 IDBI Bank announced that it
has opened more than 3.62 lakh basic savings accounts under the `Pradhan Mantri Jan Dhan Yojana' to
mobilize Basic Savings Bank Deposit Accounts (BSBDAs) promote financial literacy and meeting
comprehensively the objective of financial inclusion. On 4 September 2014 IDBI Bank launched its first `e-
lounge' at its Mahim branch in Mumbai. At IDBI Bank's e-lounge customers can on a self service basis
enjoy facilities such as ATM Automated Cash Deposit (with a receipt and instant credit of the amount)
Automated Cheque Deposit (with an acknowledgment receipt) Automated Pass Book Printing e-Transact
terminal for various Card and Net Banking holders to view balance make a funds transfer pay bills recharge
etc. On 17 October 2014 IDBI Bank announced that its first Basel III compliant Additional Tier - I (AT- I)
bonds amounting to Rs 2500 crore (Rs 1500 crore with an option to retain over-subscription upto Rs 1000
crore) received an overwhelming response and was fully subscribed prior to the closure date. The issue
opened on 29 September 2014. The issue was competitively priced at a coupon of 10.75% p.a. payable
annually. On 28 November 2014 IDBI Bank inaugurated its zonal office at Chandigarh. The zonal office
will play a vital role in helping the bank achieve its goal of expanding its retail loan and MSME loan
portfolio. On 14 December 2014 IDBI Bank in association with NSDL Database Management Limited
(NDML) launched the `Electronic-Insurance Account (e-IA)'. E-IA is the portfolio of insurance policies of a
policy holder held in electronic form with an insurance repository. On 25 February 2015 IDBI Bank
launched its Mobile Banking Application (App) with the branding 'IDBI Bank Go Mobile'. On 6 April 2015
IDBI Bank inaugurated its 3000th ATM at Punjabi Bagh New Delhi. On 10 April 2015 IDBI Bank Ltd and
Life Insurance Corporation of India (LIC) entered into a Memorandum of Understanding (MoU) to
implement the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) for savings bank account holders of the
bank. PMJBY is a life insurance scheme announced in the Union Budget for the year 2015-16. The scheme
offers life insurance cover of Rs 2 lakh to the bank account holders in the age group of 18-50 years at an
annual premium of Rs 330 plus service tax. The insurance cover will be available up to 55 years. On 20
April 2015 IDBI Bank in association with National Payments Corporation of India (NPCI) launched the
`Rupay Platinum Debit card'. The Rupay Platinum Debit card' enables cost-effective fast and secure access
to large number of ATMs POS terminals e-commerce websites and participating merchant establishments
across the country. On 22 April 2015 IDBI Bank and Bajaj Allianz General Insurance Company Ltd
(BAGIC) entered into a Memorandum of Understanding (MoU) to implement the Pradhan Mantri Suraksha
Bima Yojana (PMSBY) for savings bank account holders of the bank. PMSBY is an accident insurance
scheme announced in the Union Budget for the year 2015-16. The scheme offers accident insurance cover of
Rs 2 lakh to the bank account holders in the age group of 18-70 years at an annual premium of Rs 12 plus
service tax. The General Refinance Agreement (GRA) between IDBI Bank and Micro Units Development
and Refinance Agency (MUDRA) Ltd. was signed on 1 July 2015. IDBI Bank is one of the leading banks
identified by MUDRA eligible for the refinance scheme. As per the agreement the bank will offer credit
facilities up to Rs 10 lakh to Micro Enterprises at a competitive interest rate under Pradhan Mantri Mudra
Yojana (PMMY) and MUDRA will be providing refinance assistance to IDBI Bank for eligible sanctioned
loan cases. The arrangement will be implemented through the branches of IDBI Bank on pan India basis. On
30 July 2015 IDBI Bank launched its first self service Mini Branch Kiosk at its Cuffe Parade Mumbai
Branch which will address the customer's request of personalized cheque leaves dispensation and issue of
Demand Draft & Pay Order on 24X7 bases. IDBI Bank would be the first bank in the country to make
available these services on 24X7 bases. IDBI Bank launched its first e-lounge at its Nager Bazar branch in
Kolkata on 22 August 2015. The new section-in-branch is a step towards expanding the bank's presence in
the digital world. The e-Lounge consists of 24x7 Kiosk based solutions designed to deliver a wide range of
banking services round the clock including deposit of bulk cash beyond regular banking hours. On 30
November 2015 IDBI Bank inaugurated its state-of-the-art Security Operations Centre (SOC) at its Data
Centre Belapur Navi Mumbai. Through the SOC the bank will centrally monitor security devices like
Firewalls Routers IDS/IPS PIM DLP Antivirus Phishing/Malware attempts and take corrective actions in
shortest span of time. The SOC will be a Command Centre for countering cyber threats and ensure
compliance with the bank's Information Security Policy besides fulfilling the bank's objective of providing
safe and secure banking to customers. IDBI Bank inaugurated its Treasury Business Continuity Centre
(BCP) on 28 August 2015 at its Bandra Kurla Complex Mumbai office. The BCP site will serve as a near-
site alternative to the bank's main Treasury Dealing centre in the event of any business disruption/disaster.
The centre is fully equipped with state of the art technology and connectivity with integrated operations
covering various market segments and can handle the front office back office and mid-office functions of
Treasury. IDBI Bank launched a USD 350 million 5 year Reg S Green Bond issue on 23 November 2015.
The transaction received an overwhelming response and the issue was oversubscribed by 3 times. The issue
was made under the USD 5 billion MTN Programme listed on the Singapore Stock Exchange. On 29
December 2015 IDBI Bank announced that it has received Rs 2229 crore from the Government of India
(GoI) towards preferential allotment of equity shares of Rs 10 each to GoI at a price of Rs 75.28 per share in
terms of the approval accorded by the Shareholders at the EGM of the bank held on 4 November 2015.On 2
January 2016 IDBI Bank announced that it has mobilised Rs1900 crore through Basel III compliant Tier 2
bonds through two separate issues on private placement basis to strengthen its capital adequacy. The first
issue of Rs1000 crore concluded on 31 December 2015 was for a tenor of 15 years with call option at the
end of 10 years while the second issue of Rs 900 crore was concluded on 2 January 2016 with a tenor of 10
years. Both the issues carry a coupon of 8.62% p.a. payable annually. These issuances aggregating Rs1900
crore would augment capital adequacy ratio of the bank by about 55 basis points. On 15 March 2016 IDBI
Bank launched the nation's first of its kind 'G-Sec Investment Facility through ATM for Retail Investors' at
the IDBI Bank's ATM at Corporate Centre Mumbai. This facility is unique and first of its kind initiative of
the bank to provide easy access to retail investors to invest in Government Securities. The facility of
investing in G-Sec through ATM is an extension of IDBI Bank's Samriddhi G-Sec Portal to enable retail
investors to transact in Government Securities IDBI Bank launched the 'Stand Up India' Scheme on a pan
India basis on the occasion of the 125th birth anniversary of Dr. Babasaheb Ambedkar on 14 April 2016.
The objective of the scheme is to promote entrepreneurship amongst the scheduled caste/scheduled tribe and
women and aid in their social upliftment. The proposed scheme shall facilitate eligible borrowers to avail
loans between Rs 10 lakhs upto Rs 100 lakhs to promote productive and economic activity. On 6 May 2016
IDBI Bank announced the opening of its IFSC Banking Unit (IBU) at India's first and only International
Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT). IDBI became the first
public sector bank to open its IFSC Banking Unit (IBU) at GIFT. IDBI Bank's GIFT branch will provide full
range of corporate banking services and will meet foreign currency funding needs of its vast Indian clientele.
Through its GIFT branch IDBI Bank aims to foster greater trade and cross border transactions between India
and rest of the world. On 9 May 2017 IDBI Bank announced that the Reserve Bank of India (RBI) vide letter
dated 5 May 2017 has initiated Prompt Corrective Action for IDBI Bank in view of the high net NPA and
negative Roa. This action will not have any material impact on the performance of the bank and will
contribute to improving the internal controls of the bank and improvement in its activities. On 13 June 2016
IDBI Bank announced the launch of `IDBI Express' an unique banking solution enabling customers to bank
at their chosen time and place beyond banking hours without having to visit the bank branch. On 30 August
2016 IDBI Bank announced that it has raised Rs 1500 crore from its second tranche of Basel III compliant
Additional Tier 1 (AT1) bonds. The issue opened and closed on 30 August 2016. The issue was
competitively priced at a coupon of 11.09% p.a. payable annually. During the quarter ended 30 June 2017
Life Insurance Corporation of India (LIC) infused Rs 394 crore in IDBI Bank by way of preferential
allotment of equity shares. On 9 August 2017 IDBI Bank received further capital infusion of Rs 1861 crore
from Government of India. On 26 September 2017 IDBI Bank announced the launch of `Project Nishchay' in
partnership with The Boston Consulting Group (BCG) to accelerate its turnaround programme and improve
financial performance. The project will be led by senior management at IDBI Bank along with BCG.
Coordinating across multitude of initiatives the bank will focus on four key areas - revenue enhancement
cost control & reduction asset productivity and overall program management in consultation with BCG. On
29 March 2018 IDBI Bank clarified that all the Pisciculture loans identified as fraudulent have been fully
provided for and there will be no further impact on the profitability/balance sheet of the bank. The bank
continues to pursue all legal actions to recover dues from the borrowers and has taken action against the
erring officers. The Board of Directors of IDBI Bank at its meeting held on 25 May 2018 approved in-
principle the proposal to initiate divestment of partial stake in IDBI Asset Management Limited to a strategic
investor subject to compliance with all applicable laws and regulations and subject to final approval to be
obtained for each transaction by Delegated Authority. On 8 August 2018 IDBI Bank informed the stock
exchanges that Government of India (GoI) has conveyed no objection to reduction in GoI's shareholding in
IDBI Bank below 50% relinquishment of management control by GoI in IDBI Bank and acquisition of
controlling stake in IDBI Bank by Life Insurance Corporation of India (LIC) as Promoter through
Preferential Issue/open offer of equity subject to requisite Regulatory approval and compliance with Laws.
Earlier on 16 July 2018 IDBI Bank received a letter from Life Insurance Corporation of India (LIC)
expressing its interest in acquiring 51% controlling stake in IDBI Bank as a promoter through preferential
allotment of shares/open offer. IDBI Bank's Board of Directors at its meeting held on 17 July 2018
considered LIC's proposal and decided to seek Government of India's decision in is regard. During the
FY2019 the Bank's aggregate deposits and advances touched Rs 227372 crore and Rs 146790 crore
respectively. As on 31 March 2019 the Bank had five subsidiaries viz. IDBI Intech Ltd. IDBI Capital
Markets & Securities Ltd. IDBI Asset Management Ltd. IDBI MF Trustee Company Ltd. and IDBI
Trusteeship Services Ltd. During FY 2018-19 the Bank has raised funds through Preferential allotment of
equity shares to Government of India (GoI) in May 2018 aggregating to Rs 7881 crore and to LIC in (i)
October 2018 aggregating to Rs 2098 crore (ii) December 2018 aggregating to Rs 14500 crore and (iii)
January 2019 aggregating to Rs 5025.96 crore. As on 31 March 2019 the Bank served its customers through
its network of 1892 branches 3700 ATMs and 58 e-lounges. During the year 2018-19 the Bank received
Share Application Money of Rs. 21624.15 Crore from Life Insurance Corporation of India (LIC) against
which Bank made preferential allotment of 3555105535 Equity shares to LIC. Further during the year LIC
also made an open offer to the equity shareholders of IDBI Bank through which it acquired 56682182 Equity
Shares. Consequently the shareholding of LIC rose to 51% of the total paid up share capital of the Bank. The
Bank has been categorized as a 'Private Sector Bank' for regulatory purposes by Reserve Bank of India with
effect from 21 January 2019 consequent upon Life Insurance Corporation of India acquiring 51% of the total
paid-up equity share capital of the bank. During FY2020 the Bank's aggregate deposits and advances
touched Rs 222424 crore and Rs 129842 crore respectively. During the FY 2019-20 the Bank raised funds
through preferential allotment of equity shares on 22 October 2019 aggregating to Rs 4743 crore (inclusive
of premium amount if any) to LIC (such that the shareholding of LIC post allotment aggregates upto 51% of
Bank's expanded paid-up capital) and aggregating upto Rs 4557 crore (inclusive of premium amount if any)
to Government of India. As on 31 March 2020 the Bank served its customers through its network of 1892
branches 3683 ATMs and 58 e-lounges.