ICICI Bank which is otherwise called as Industrial Credit and Investment Corporation of India. It is an Indian Multination banking and financial services in India. The bank has its headquarters in Mumbai, India. Its registered office is located in Vadodara. The bank was founded in the year 1994. Mr. M.K Sharma is the Chairman of the Bank and Mrs. Chanda Kochhar is the Managing Director and CEO of the bank. The tagline of the Bank is “Hum Hai Na”. It is known to be the 2nd largest bank in India in terms of Market Capitalisation.
The bank offers a wide range of products and services to both corporate and retail services in India. The bank provides a variety of delivery channels and specialized subsidiaries in the areas of Investment Banking, venture capital, and asset management. The bank has its subsidiaries in the United Kingdom, Canada, Singapore, Bahrain, United States, Hong Kong, Sri Lanka, Qatar, South Africa and its representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia.
The ICICI Bank is the India’s largest private sector bank with a total asset of Rs 9,860.43 billion on March 31st, 2017 and profit after tax of Rs 98.01 billion for the year ended March 31st, 2017.
Role In The Indian Finance System
The Bank has introduced a various number of Indian Institutions to improve the financial infrastructure of the country over the years.
National Stock Exchange: The National Stock Exchange was promoted by the India’s Leading Financial Institutions (ICICI Pvt. Ltd) in the year 1992 on the behalf of the Government of India. The objective of this scheme is to provide a Nation Wide Trading Facility for the equities, debt instruments, and hybrids ensuring an equal access to all over the country through an appropriate communication network.
Credit Rating Information Services of India Limited (CRISIL): This is partnership service introduced by the ICICI Bank and UTI Group. This is India’s first professional credit rating agency. The service offers a comprehensive range of products and services which include credit ratings, product management, capital market information, industry analysis and the detailed reports.
North-Eastern Development Finance Corporation: This corporation was supported by ICICI Ltd in 1995 in Guwahati Assam for the development of the Industries, infrastructure, animal husbandry, medicinal plants, poultry, dairy in the North Eastern States in India. This is the premier Financial Institution for the North- East Region.
Services Provided By ICICI Bank
The Bank offers a wide variety of services. Some of them are
i-Mobile Smartkeys: This a payment service method which is introduced by the ICICI. The payment service is done using a Smartphone Keyboard called “iMobile Smartkeys”. The application provides a variety of services like quick and secure payments, chat, messenger, games, and search browser.
Money2India: It is an online money transfer tracking service that is offered to the Non-Indian Residents. This provides seamless online money transfer to 9 countries (USA, Canada, UK, Singapore, Australia, UAE, Sweden, Switzerland and Hong Kong) with round the clock customer service facility.
Saral Loans: This was launched on Aug 2015, by ICICI. It is a Rural Housing Loan Plan. The applicants from rural areas including women can apply for this scheme.
The other services are Bookchain Technology, Software Robotics, iWish- Flexible Recurring Deposit, My Savings Rewards, Contactless Credit and Debit Cards etc.
IFSC Code of ICICI Bank
The IFSC Code is an 11-digit alphanumeric code which consists of the bank name and branch code or ID. The first four characters of the code are in alphabets which represent the bank name, and the last six digits which are usually the numbers represents the name of the bank.
The IFSC Code of the Bank is ICIC0000001. Where ICIC is the IFSC Code and 000001 is the Branch Code of the Bank.
Aadhaar Seeding With ICICI Bank Account
Recently, the Government is making it compulsory to link Aadhaar with the Bank account. Therefore, the ICICI Bank is providing two modes of Aadhaar seeding with the bank account: Offline and Online Mode.
Offline Mode of Seeding Aadhaar with the ICICI Bank Account
- Firstly, make sure that you have your original and photocopy of the Aadhaar and the bank details.
- You can use the E-Aadhaar if you have. Visit the official Aadhaar website and download the form 3.
- Form 3 is a request form for linking Aadhaar with the Bank account. Fill in the form with required details and enter your 12 digits unique Aadhaar number with your Bank Account Information from your Bank Passbook.
- Once you are done with all the formalities, visit the nearest ICICI Bank Branch and submit the Form 3 along with the photocopy of your E-Aadhaar or the Aadhar card.
- The bank officials verify all the documents and form and after the cross-checking of the documents, your Aadhaar will be updated with your ICICI Bank Account.
Online Mode of Aadhaar Seeding with the ICICI Bank Account
The steps for linking Aadhaar with the Bank account is given below
- Visit the official website of ICICI Net banking.
- Enter your Username and Password.
- Now click on the Customer Service Tab.
- Then select the service request.
- Click on the Bank Account Service Request.
- Select the account details
- Click on the modification related
- Request for the “Update Aadhaar Number in Savings”
- In the last link, you have to enter the Aadhaar details and click on Submit.
After the submission of the application form, the bank officials verify the documents. If all the data and information provided by the customer is correct and matched then, a confirmation message is sent via SMS or email ID.