ICICI Full Form

ICICI full form is Industrial Credit and Investment Corporation of India. The establishment of ICICI in the year 1955 was a milestone in the Indian capital market segment. ICICI bank is the second largest bank in India with total assets of ?91 billion and profit after taxation stood at ?1,155 million in figures. The bank has a combined network of over 2000 branches and around 9000 ATM's scattered across the entire location of India. ICICI offers a huge exhibition of banking and non-banking financial products to its large base of customers. The institution finally diversified into the proper banking sector and established ICICI Bank in the year 1994. The services of ICICI also cater to insurance offering numerous categories of life and non-life insurance to the customers.

What is ICICI Full Form?

The full form of ICICI is Industrial Credit and Investment Corporation of India. It was started in the year 1955 as an initiative of the World Bank. Its initial purpose was to provide finances to businesses, especially the small business. ICICI was the parent company of ICICI Bank Limited, which was merged in the year 2002. The ICICI bank has more than 5,000 operating branches, 15,000+ ATMs across the country and is established in 17 countries across the world. The corporate office of the bank is established in Mumbai, Maharashtra. The current position of Managing Director and CEO of ICICI Bank is held by Sandeep Bakhshi. By the 1990’s, the institution opted out to the banking services with the help of India’s liberalization and nationalization policies. The year 1991–1994 is known as the big leap and changing dynamics for the Indian economy. Dr. Manmohan Singh, the then finance minister, liberated the economy from the tormenting license raj system and established an era of liberalization.

A Brief History of ICICI Bank

• ICICI (full form of ICICI is Industrial Credit and Investment Corporation of India) was established in the year 1955 and connected to the financial sector by establishing ICICI Bank in the year 1994.
• ICICI Bank became the first bank to provide internet banking services to the customers in the year 1998.
• ICICI Bank has established its branches in different regions of the world like Canada, the UK, Singapore, Dubai, Shanghai, Bangladesh, South Africa, Kuala Lumpur and New York.
• ICICI Bank Ltd. owns more than 5 percent of Yes Bank Ltd.’s shares as of the data released in March 2020. This was a consequence of a Rs 1,000 crore investment carried out by the bank.

Objectives of ICICI

The primary objectives of the ICICI were to meet the requirements of the industry for stable and long term funds in the private sector. Since February 1969, ICICI has started providing foreign currency loans to the small sector industries, promoting partnerships with the industries. Few of the significant objectives of ICICI are as follows:

• Assisting businesses by advancing their credit limit and promoting external and internal capital sources in those enterprises.
• Role in the expansion of the Indian capital market as a prime objective.
• Encourage private ownership of investments.
• Support the agricultural and manufacturing sectors in the economy.

ICICI Bank Functions

ICICI Bank has several functions in terms of capital acquisition, extending the credit limit, source of investment, providing loans to different sectors. Currently, the role and functions of ICICI Bank have increased in the financial markets. The ICICI bank is considered as a Unibank institution, providing a wide range of both personal and investment banking services and facilities, from short-term and long term loans to planned investment portfolios. 

The above objectives are fulfilled by ICICI through the functions mentioned below:

• Assisting and developing business in the private sector organization
• Proving long-term loans as per requirements.
• Providing equipment finance to businesses especially for start-ups.
• Sponsoring new issues of shares and securities in the financial set-up.
• Assistance in the initial formation, growth and modernization of business in the non-public sector.

Types of Services Offered by ICICI Bank

The ICICI Bank offers a wide range of services which include deposits, provision of different cards, loans, services to NRIs and online services, banking facility etc. Few of the services offered by ICICI Bank are:

1. Deposit Account – Savings account and Current account
2. Loans – Personal loans, home loans, vehicle loans, education loans, commercial vehicles loans, loans against securities, gold loans etc.
3. Fixed and Recurring deposits.
4. Debit and Credit cards.
5. Internet and Mobile banking services.
6. ATMs services.

Recruitment Process at ICICI

The ICICI Bank conducts an annual recruitment drive for Probationary Officers (PO) and Sales Officers according to the requirements. After applying, the candidates get shortlisted and clearing of online personality test is required. After the online test, an interview is scheduled. After the interview, an offer to join the job role is given. Post acceptance of which on-boarding session is conducted. 

The tabular representation of the recruitment process for probationary officers at ICICI is given below:

• For the recruitment of the post of ICICI Probationary Officer, the applicant’s qualifications must be a graduate degree in any discipline from a recognized university with a percentage of 55 or above.
• The age limit for applicants is 25 years old or less. 
• The selection procedure for the post job involves an online aptitude test, online psychometric questionnaire, a group discussion, and personal interview round. After the conduction of the mentioned tests, the final merit list is published.
• After the selection, the applicant must complete a PGDB (Post Graduate Diploma in Banking) degree from IMA, Bangalore. The exact duration of the course is 1 year. However, it is not compulsory.
• The gross salary upon the successful completion of the degree is INR 4 Lakhs per annum.