Definition
ICICI stands for Industrial Credit and Investment Corporation of India. It is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. Established in 1955, ICICI Bank has become one of the leading private sector banks in India.
Key Takeaways
- The full form of ICICI is Industrial Credit and Investment Corporation of India.
- ICICI is a multinational banking and financial services company, headquartered in Mumbai, India.
- It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries.
Importance
The full form of ICICI, which stands for Industrial Credit and Investment Corporation of India, is important in finance because it denotes one of the largest and leading private sector banks in India. It offers a wide array of financial products and banking services to corporate and retail customers through different channels.
Understanding the full form of ICICI helps to comprehend its initial function at inception. Originally established by the World Bank, ICICI aimed to provide long-term financial assistance to industrial projects in the private sector.
Now, it has diversified into a plethora of financial services, from investment banking and insurance to asset management and more. Knowing the origin and the meaning behind the name lends deeper insight into its role and purpose in India’s financial sector.
Explanation
The initialism ICICI stands for Industrial Credit and Investment Corporation of India. This financial institution was established in the year 1955 with the chief purpose of providing long-term financial aid to the industrial sector in India for growth and development. It was initiated as an initiative by the World Bank, Government of India (GOI), and representatives from Gujarat and Indian businesses.
ICICI bank, therefore, was created with an objective to promote economic growth of the country by providing financial resources to the industries. ICICI Bank provides a variety of banking products and financial services to corporate and retail clients through specialized subsidiaries and affiliates. These services include life and non-life insurance, venture capital and asset management.
Its services are spread across a wide spectrum like investment banking, wealth management, mortgage loans, private banking, retail banking, corporate banking, and credit cards. ICICI has a significant presence in both Indian and international markets, making it one of the Big Four banks of India along with State Bank of India, Bank of Baroda and Punjab National Bank.
Examples of Full Form of ICICI
ICICI stands for Industrial Credit and Investment Corporation of India. This is a multinational banking and financial service provider in India which could be considered similar to institutions like Bank of America in the United States or HSBC in the UK. Here are three real-world examples:
Personal Banking: ICICI provides personal banking services to millions of individual customers across India. This includes routine bank accounts, savings accounts, credit cards, loans, insurance etc.
Corporate Banking: Similar to institutions like Goldman Sachs or JPMorgan Chase in the US, ICICI bank also works with corporate clients to provide comprehensive banking, financing, and risk management services.
Investment Banking: ICICI bank, like many other banking and financial institutions, provides investment banking services. They assist companies in making important financial decisions, such as issuing shares, bonds, managing IPO (Initial Public Offerings), Mergers and Acquisitions, etc.
FAQs on Full Form of ICICI
What is the full form of ICICI?
ICICI stands for Industrial Credit and Investment Corporation of India.
What is ICICI known for?
In India, ICICI is a well known multinational banking and financial services company, providing a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries.
Is ICICI a government or private bank?
ICICI is a private sector bank. It started as a government-owned entity but was privatized in the 1990s with the government retaining a minority stake.
Where are ICICI bank’s headquarters?
The headquarters of ICICI Bank are located in Mumbai, Maharashtra, India.
Related Entrepreneurship Terms
- Industrial Credit and Investment Corporation of India (ICICI)
- Private Sector Banks
- Asset Management
- Retail Banking
- Investment Banking
