ICICI Bank’s journey through seven decades

Bhubaneswar: As ICICI Bank enters its 70th year, the bank has come out with a video encapsulating its journey over the years in serving the nation.

The bank’s predecessor, the Industrial Credit and Investment Corporation of India (ICICI), was born on January 5, 1955 through a collaboration between the Reserve Bank of India and the World Bank, as part of the independent India’s endeavour to foster growth of indigenous industries.

Throughout the years, ICICI played a crucial role in bolstering India’s industrial sector by providing financial assistance to companies across industries, and helped setting up pioneering institutions which would eventually revolutionise various sectors of the economy. ICICI started a leading investment banking company in the early 90s. The institution also became the first Indian company and the inaugural non-Japan Asian bank or financial institution to be listed on the New York Stock Exchange (NYSE).

In the early 2000s, ICICI diversified its offerings by venturing into life and general insurance sectors, becoming a comprehensive financial services provider.

Set up on January 5, 1994, ICICI Bank has always been at the forefront of technological innovation. In 2002, the merger of ICICI Limited and ICICI Bank made the institution a universal bank offering a wide spectrum of retail and corporate financial services.

In alignment with the government’s Digital India initiative, ICICI Bank’s flagship app, iMobile Pay, offers over 400 services, catering to customers of the bank and customers of other banks. The bank revolutionised business banking by introducing InstaBIZ, an innovative business banking mobile application for all businesses.

Beyond banking, ICICI Bank aims to create an enduring impact on society and the environment. Efforts of the bank’s philanthropic arm, ICICI Foundation for Inclusive Growth, in providing affordable and accessible healthcare, creating rural livelihoods, and supporting societal development have made a difference to millions of lives.