Private Banks in India have been on the rise in the recent past and there seems no end in site yet.
The long road to finding financial freedom in India has necessitated the emergency of stiff competition among market players hence the stability of these banks.
The ICICI bank is now placed second in asset ownership and service provision after its long road to success since promotion to full bank in 1994 by ICICI limited.
Following this promotion, shares of ICICI holdings were sold to the public in 1998 by 46% as a way to offload the NYSE pressure in 2000 fiscal year.
It was established in 1955 following the node by the World Bank aimed at reducing financial difficulties facing the Indian population at the time through offering long term and short time financial projects to businessmen.
The bank currently has evolved into force as India’s second best bank with total assets well over Rs 3,744.10 billion (approximately US$ 77 billion) on the final year ending December 31st , 2008. It also posted a profit of Rs 30.14 as an after tax in only nine months that ended in the month of December 2008.
With over 4, 644 ATMs situated across India and a bout 1, 438 branches, ICICI bank has had it all in the short life. It has so many subsidiaries in such countries as Russia, Hong Kong, United Kingdom and Canada making it a world class financial institution.
The bank’s equity shares are placed on both Bombay stock exchange and the prestigious National Stock Exchange of India and most interesting is its American depository receipts on New York stock exchange. The ICICI bank provides many services to its customers including;
- Deposits: a number of deposits are provided by online and offline professionals with mobile banking leading the pack. Savings accounts are there for everyone at affordable rates making it possible to make your banking convenient. The fixed deposits are unbeatable from the bank and recurring deposits are available no exception.
- Loans: many loan products are provided by the bank. The home loans are provided with lots of benefits like doorstep service and easy documentations; these are real easy services people never resist to go for.
- Investment management: the bank provides necessary information and assistance in managing finances for its customers by providing options like ways of approaching tax bonds and how to save on the same.
The ICICI Bank is not limited in other services, it provides Demat, cards and NRI services for its good customers.