ICICI Bank

en.wikipedia.org /wiki/ICICI_Bank

ICICI Bank Limited

Type Private

Traded as BSE: 532174

NSE: ICICIBANK
NYSE: IBN
BSE SENSEX Constituent
CNX Nifty Constituent

Industry Banking, Financial services

Founded 1954

Headquarters Mumbai, India

Area served Worldwide

Key people K.V. Kamath (Chairman)

Ms.Chanda Kochhar (MD & CEO)

Products Credit cards, Consumer banking, corporate banking, finance and insurance, investment banking,
mortgage loans, private banking, wealth management

Revenue US$ 13.52 billion (2012) [1]

Operating US$ 2.12 billion (2012) [1]

income

Profit US$ 1.60 billion (2012) [1]

Total assets US$ 98.99 billion (2012)[1]

Total equity US$ 12.62 billion (2012)[1]

Employees 81,254 (2012) [1]

Website www.icicibank.com

ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai. It is the second
largest bank in India by assets and by market capitalzation, as of 2014. It offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery channels and through its specialized
subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The Bank
has a network of 3,539 branches and 11,162[2][3]ATMs in India, and has a presence in 19 countries. [4][5]

ICICI Bank is one of the Big Four banks of India, along with State Bank of India , Punjab National Bank and Bank of Baroda
The bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in United States, Singapore, Bahrain,
Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre; and representative offices in United Arab Emirates,
China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company's UK subsidiary has also established
branches in Belgium and Germany. [6]

In March 2013, Operation Red Spider showed high-ranking officials and some employees of ICICI Bank involved in money
laundering. After a government inquiry, ICICI Bank suspended 18 employees and faced penalties from the Reserve Bank of
India in relation to the activity. [7][8][9][10][11]

Contents
 1 Corporate history
2 Corporate governance
3 Creation of market infrastructure in India
4 Corporate Social Responsibility programmes for Elementary Education
5 Products

5.1 'Pockets by ICICI Bank'

5.2 MySavings Rewards
5.3 iWish- the flexible recurring deposit

6 Go Green Initiative

6.1 Objective
6.2 Green products and services
6.3 Carbon Footprint Calculator

7 Subsidiaries

7.1 Domestic
7.2 International

8 Acquisitions
9 Awards
10 Controversies

10.1 Inhuman debt recovery methods

10.2 Money laundering allegations

11 Credit Rating
12 See also
13 References
14 External links

Corporate history
ICICI Bank was established by the Industrial Credit and Investment Corporation of India , an Indian financial institution,
as a wholly owned subsidiary in 1955. The parent company was formed in 1955 as a joint-venture of the World Bank, India's
public-sector banks and public-sector insurance companies to provide project financing to Indian industry. [12][13] The bank
was initially known as the Industrial Credit and Investment Corporation of India Bank , before it changed its name to the
abbreviated ICICI Bank. The parent company was later merged with the bank.

ICICI Bank launched internet banking operations in 1998. [14]

ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public offering of shares in India in 1998, followed by
an equity offering in the form of American Depositary Receipts on the NYSE in 2000. ICICI Bank acquired the Bank of
Madura Limited in an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001-02.

In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a
diversified financial services group, offering a wide variety of products and services, both directly and through a number of
subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial
institution from non-Japan Asia to be listed on the NYSE.[15]

In 2000, ICICI Bank became the first Indian bank to list on the New York Stock Exchange with its five million American
depository shares issue generating a demand book 13 times the offer size.

In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly owned
retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank.
The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at
Ahmedabad in March 2002 and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002.[16]

In 2008, following the 2008 financial crisis , customers rushed to ICICI ATMs and branches in some locations due to rumours
of adverse financial position of ICICI Bank. The Reserve Bank of India issued a clarification on the financial strength of ICICI
Bank to dispel the rumours.[17]

Corporate governance
Group Anti Money Laundering Policy: The ICICI Group AML Policy establishes the standards of AML compliance
and is applicable to all activities.[18]

Code of Conduct: ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and
employees.[19]

Creation of market infrastructure in India

ICICI Bank has contributed to set up different institutions which include the following:

National Stock Exchange

The National Stock Exchange was promoted by India’s leading financial institutions (including ICICI Ltd.) in 1992 on behalf of
the Government of India with the objective of establishing a nationwide trading facility for equities, debt instruments and
hybrids, by ensuring equal access to investors all over the country through an appropriate communication network. [20]

Credit Rating Information Services of India Limited

In 1987, ICICI Ltd along with UTI set up CRISIL as India's first professional credit rating agency. CRISIL offers a
comprehensive range of integrated products and service offerings which include credit ratings, capital market information,
industry analysis and detailed reports.[21]

National Commodities and Derivatives Exchange Limited

NCDEX is a professionally managed online multi-commodity exchange, set up in 2003, by ICICI Bank Ltd, LIC, NABARD,
NSE, Canara Bank, CRISIL, Goldman Sachs, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Punjab National
Bank. [22]

Financial Innovation Network and Operations Pvt Ltd.

ICICI Bank has facilitated setting up of "FINO Cross Link to Case Link Study" in 2006, as a company that would provide
technology solutions and services to reach the underserved and underbanked population of the country. Using cutting edge
technologies like smart cards, biometrics and a basket of support services, FINO enables financial institutions to
conceptualise, develop and operationalise projects to support sector initiatives in microfinance and livelihoods. [23]

Entrepreneurship Development Institute of India

Entrepreneurship Development Institute of India (EDII), an autonomous body and not-for-profit society, was set up in 1983,
by the erstwhile apex financial institutions like IDBI, ICICI, IFCI and SBI with the support of the Government of Gujarat as a
national resource organisation committed to entrepreneurship development, education, training and research.[24]

North Eastern Development Finance Corporation

North Eastern Development Finance Corporation (NEDFI) was promoted by national level financial institutions like ICICI Ltd
in 1995 at Guwahati, Assam for the development of industries, infrastructure, animal husbandry, agri-horticulture plantation,
medicinal plants, sericulture, aquaculture, poultry and dairy in the North Eastern states of India. NEDFI is the premier
financial and development institution for the North East region.[25]

Asset Reconstruction Company India Limited

Following the enactment of the Securitisation Act in 2002, ICICI Bank together with other institutions, set up Asset
Reconstruction Company India Limited (ARCIL) in 2003, to create a facilitative environment for the resolution of distressed
debt in India. ARCIL was established to acquire non performing assets (NPAs) from financial institutions and banks with a
view to enhance the management of these assets and help in the maximisation of recovery. This would relieve institutions
and banks from the burden of pursuing NPAs, and allow them to focus on core banking activities.[26][27]
Credit Information Bureau of India Limited

ICICI Bank has also helped in setting up Credit Information Bureau of India Limited (CIBIL), India’s first national credit bureau
in 2000. CIBIL provides a repository of information (which contains the credit history of commercial and consumer borrowers)
to its members in the form of credit information reports. The members of CIBIL include banks, financial institutions, state
financial corporations, non-banking financial companies, housing finance companies and credit card companies.[28]

Institutional Investor Advisory Services India Limited (IiAS)

ICICI Bank has indirectly invested, through ICICI Prudential Life Insurance Company, in IiAS. IiAS is a voting advisory firm
aka proxy firm, dedicated to providing participants in the Indian market with data, research and commentary. It provides
recommendations on resolutions placed before shareholders of over 300 companies.

Corporate Social Responsibility programmes for Elementary Education

Read to Lead Phase I : Read to Lead is an initiative of ICICI Bank to facilitate access to elementary education for
underprivileged children in the age group of 3–14 years including girls and tribal children from the remote rural areas.
The Read to Lead initiative supports partner NGOs to design and implement programmes that mobilise parent and
community involvement in education, strengthen schools and enable children to enter and complete formal
elementary education. Read to Lead has reached out to 100,000 children across 14 states of Andhra Pradesh, Bihar,
Delhi, Gujarat, Haryana, Jharkhand, Karnataka, Maharashtra, Orissa, Rajasthan, Tamil Nadu, Tripura, Uttar Pradesh
and West Bengal.[29]

Read to Lead Phase II:

In Phase II of the Read to Lead programme, ICICI Bank has supported the establishment of 63 libraries that will reach out to
approximately 7,200 children in the rural areas of Jagdalpur block of Bastar district in Chhattisgarh. The programme includes
building libraries, sourcing books and conducting various interactive activities to make the library a dynamic centre for
learning.[citation needed]

Products

'Pockets by ICICI Bank'

In September 2013, ICICI Bank launched a first of its kind app on Facebook 'Pockets by ICICI Bank' across the globe to
enable customers to carry out a wide range of financial transactions on Facebook [30] Customers can access the ICICI Bank
app [31] by logging into their Facebook account and then going to the official ICICI Bank Facebook page, and clicking on the
tab for Pockets by ICICI Bank. The customer then registers online with their debit card number and PIN, and selecting a new
four digit PIN for subsequent logins.[32] Through the app, customers can make payments to friends, recharge prepaid mobile
and book movie tickets. One can also carry out non-financial transactions such as accessing a mini statement of their savings
bank account, getting demat holding statements, opening fixed or recurring deposit, order a cheque book, stop a cheque
payment, upgrade debit card, among others. [33]

Some of the key features of 'Pockets by ICICI Bank' are:

Split n share: It allows customers to split and track group expenses and share them with friends on Facebook. The app also
gives the customer the option of sending messages to remind friends on pending payments.

Pay a friend: It allows customers to transfer funds to their friends without knowing their bank account details like account
number, bank branch, branch IFSC code etc. Through this facility, customers can create electronic coupons that can be
redeemed by their friends on the bank website icicibank.com [34]

MySavings Rewards

ICICI Bank has rolled-out the programme ‘MySavings Rewards’ from 1 September 2012, where reward points are offered to
individual domestic customers for a variety of transactions done through the savings bank account. Reward points are offered
automatically to customers for activating Internet banking, shopping online/ paying utility bills with Internet banking and auto-
debit from savings account towards equated monthly installments for home/ auto/ personal loan/ recurring deposit.
Customers are required to maintain a monthly average balance of 15,000 or more. [35]

Customers can redeem their reward points by

 logging into his ICICI Bank internet banking account
Calling up customer care
Walking into the nearest ICICI Bank branch

iWish- the flexible recurring deposit

iWish is a flexible recurring deposit product launched by ICICI Bank for its savings account customers. iWish is a fun and
flexible way to encourage savings among youth for fulfilling aspirations. Unlike a traditional recurring deposit, iWish allows
customers to save varying amounts of money at any time of their choice. Customers can create several goals and track their
progress on an easy-to-use online interface. They can also share their wishes on Facebook and let their friends and family
be a part of their dreams by contributing to their account from any bank account. There will be no penalties if a customer
misses his monthly contribution to the recurring deposit. The minimum duration is six months and a customer can open this
account starting with 500.[36]

The key features of iWish are:

Flexibility: Flexible recurring deposit allows a customer to deposit any amount at any point of time. Customers also
have an option of depositing money by giving a standing instruction.
Better returns: Customers can earn recurring deposit interest rates on their iWish account while enjoying the
freedom of not having to deposit every month.
Sharing: Customers can choose to share their wishes on Facebook and let their friends and family be part of their
dreams.
Contributions: iWish gives an opportunity to the family and friends of a customer to contribute and help him attain his
aspirations faster. Contributions can be made from any bank account using a VISA debit card.

ICICI Bank has developed this product in collaboration with Social Money.

Go Green Initiative
The Go Green Initiative is an organisation wide initiative that moves beyond moving people, processes and customers to
cost effective automated channels to build awareness and consciousness of our environment,our nation and our society.[37]

Objective

ICICI Bank’s Green initiative is to make healthy environment in the organisation i.e.; to create intrapersonal skills amongs the
customer and understanding between employees of the organisation.

Broad objectives of the ICICI are:

(a) to assist in the creation, expansion and modernisation of private concerns;

(b) to encourage the participation of internal and external capital in the private concerns;

(c) to encourage private ownership of industrial investment.

Green products and services

Instabanking

It is the platform that brings together all alternate channels under one umbrella and gives customers the option of banking
through Internet banking, i-Mobile banking, IVR Banking. This reduces the carbon footprint of the customers by ensuring they
do not have to resort to physical statements or travel to their branches.[37]

Vehicle Finance

As an initiative towards more environment friendly way of life, Auto loans offer 50% waiver on processing fee on car models
which uses alternate mode of energy. The models identified for the purpose are, Maruti's LPG version of Maruti 800, Omni
and Versa, Hyundai's Santro Eco, Civic Hybrid of Honda, Reva electric cars, Tata Indica CNG and Mahindra Logan CNG
versions.[37]

Carbon Footprint Calculator

Inputs include region, user input of the distance traveled in a particular medium of transport daily, electricity consumed per
month and LPG cylinder/piped natural gas used per month. It calculates the net carbon footprint to create awareness and
sensitize people about the environment.It also shows the world's and India's average carbon footprint.[38][39]

Subsidiaries

Domestic

ICICI Prudential Life Insurance Company Limited

ICICI Lombard General Insurance Company Limited
ICICI Prudential Asset Management Company Limited
ICICI Prudential Trust Limited
ICICI Securities Limited
ICICI Securities Primary Dealership Limited
ICICI Venture Funds Management Company Limited
ICICI Home Finance Company Limited
ICICI Investment Management Company Limited
ICICI Trusteeship Services Limited
ICICI Prudential Pension Funds Management Company Limited [40]

International

ICICI Bank UK PLC

ICICI Bank Canada
ICICI Bank Eurasia Limited Liability Company
ICICI Securities Holdings Inc.
ICICI Securites Inc.
ICICI International LImited

Acquisitions
1996: SCICI Ltd. A diversified financial institution with headquarters in Mumbai
1997: ITC Classic Finance. Incorporated in 1986, ITC Classic was a non-bank financial firm that engaged in hire,m
purchase, and leasing operations. At the time of being acquired, ITC Classic had eight offices, 26 outlets, and 700
brokers.
1998: Anagram Finance. Anagram had built up a network of some 50 branches in Gujarat, Rajasthan, and
Maharashtra that were primarily engaged in retail financing of cars and trucks. It also had some 250,000 depositors.
2001: Bank of Madurai
2002: The Darjeeling and Shimla branches of Grindlays Bank
2005: Investitsionno-Kreditny Bank (IKB), a Russian bank
2007: Sangli Bank. Sangli Bank was a private sector unlisted bank, founded in 1916, and 30% owned by the Bahte
family. Its headquarters were in Sangli in Maharashtra, and it had 198 branches. It had 158 in Maharashtra and 31 in
Karnataka, and others in Gujarat, Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches were relatively evenly
split between metropolitan areas and rural or semi-urban areas.
2010: The Bank of Rajasthan (BOR) was acquired by the ICICI Bank in 2010 for 3,000 crores. RBI was critical of
BOR's promoters not reducing their holdings in the company. BOR has since been merged with ICICI Bank.

Awards
2004

Best Bank in India Award presented by Euromoney Magazine[41]

2007

ICICI Bank has been conferred the Euromoney Award 2007 for the Best Bank in the Asia-Pacific Region [42]
ICICI Bank wins the Excellence in Remittance Business award by The Asian Banker [43]

2009

ICICI Bank bags the "Best bank in SME financing (Private Sector)" at the Dun & Bradstreet Banking awards [44]

2011

ICICI Bank is the only Indian brand to figure in the BrandZ Top 100 Most Valuable Global Brands Report, second year
in a row[45]
ICICI Bank ranked 5th in the list of "57 Indian Companies", and 288 th in World Rankings in Forbes Global 2000
list.[46]
ICICI Bank has won the "Banking Technology Awards 2010" at The Indian Banks Association in the following
categories[47]
ICICI Bank was recognised for its Special Citation of the Fully Electronic Branch Service Channel, first set up at
Hiranandani Estate, Thane, at the Financial Insights Innovation Awards held in conjunction with Asian Financial
Services Congress[48]
For the second year in a row, ICICI Bank was ranked 70th in the Brandirectory league tables of the worlds most
valuable brands by, The BrandFinance® Banking 500[49]
ICICI Bank was ranked 1st in the Banking and Finance category and 9th in the "2010 Best Companies To Work For"
by Business Today[50]
ICICI Bank UK, HiSAVE product range has been awarded the Consumer Moneyfacts Awards 2011 for the 'Best Online
Savings Provider' [51]
For the second consecutive year, ICICI Bank was ranked second in the "India's 50 Biggest Financial Companies", in
The BW REAL 500 by Business World[52]
ICICI Bank was one of the winners in the Global Awards for Enterprise & IT Architecture Excellence. ICICI Bank
bagged the award in the ‘Business Intelligence and Analytics' category.[53]
The Brand Trust Report ranks ICICI among the top 4 most trusted financial institutions. [54]
ICICI Bank awarded "House Of The Year (India)", by Asia Risk magazine, for eighth time in a row since 2004 [55]
ICICI Bank awarded the most Tech-friendly Bank award by Business World [56]
ICICI Bank received the Best Trade Finance Bank in India by The Asset Triple A Award, Hong Kong [57]
ICICI Bank is the first and the only Indian brand to be ranked as the 45th most valuable global brand by BrandZ Top
100 Global Brands Report[58]

2012

Airtel, ICICI among 'top 100 global brands' [59]

ICICI Bank won the "Best Bond House (India) 2011", by IFR Asia [60]
ICICI Bank awarded the Best Bank (India) by Global Finance [61]
ICICI Bank won the "Century International Quality Era Award" at Geneva [62]
ICICI Bank was awarded the "Best Foreign Exchange Bank (India)" by Finance Asia Country Awards. [63]
ICICI Bank received the "Dataquest Technology Innovation Awards 2012" for Data centre migration by Dataquest.
ICICI Bank was conferred the Best Performance Award for Self Help Group (SHG) Bank Linkage Programme in
NABARD's State Level Awards announced by their Maharashtra Regional Office. The Bank received the first prize for
the year 2010-11 in the Private Sector Bank category and 2nd runner up for the year 2011-12 in the Commercial Bank
category.
For the second consecutive year, ICICI Bank won the NPCI's NFS Operational Excellence Awards in the MNC and
Private Sector Banks Category for its ATM network.
Mr.K.V.Kamath was awarded the "Hall Of Fame" by Outlook Money for his long standing contribution in the financial
 services sector.[64]
ICICI Bank won the Best Bank - India Award by The Banker. [65]
Ms. Chanda Kochhar ranked 18th in the Fortune's list of '2012 Businesspersons of the Year'. The 50 global leaders is
Fortune's annual ranking of leaders who are "the best in business".[66]
Ms. Chanda Kochhar tops the list of "50 Most Powerful Women in Business" by Fortune India.
ICICI Bank tops the list of "Private sector and Foreign Banks" by Brand Equity, Most Trusted Brands 2012. It ranks
15th in the "Top Service 50 Brands".[67]
For the third consecutive year, ICICI Bank ranked second in "India's 50 Biggest Financial Companies" in The BW Real
500 by Businessworld.[68]
For the second year in a row, Ms. Chanda Kochhar, Managing Director & CEO was ranked 5th in the International list
of 50 Most Powerful Women In Business by Fortune.
ICICI Bank tops the list of most fans in India and globally ranks fifth amongst financial institutions on Facebook in the
social media engagement study conducted by Ketchum Sampark. [69]
ICICI Bank in the Private Sector Bank category won the Best Technology Bank Of The Year, Best Financial Inclusion
Initiative and Best Use Of Technology In Training and e-Learning by Indian Bank's Association (IBA) Technology
Awards. The Bank also received the first runner up for Best Online Bank, Best Customer Relationship Initiative and
Best Use Of Mobility Technology in Banking by IBA Technology Awards .
ICICI Bank awarded the Best SME Bank for Treasury and Working Capital (India) by The Asset Triple A. [70]
ICICI Bank received the Best Trade Finance House and Best Cash Management House by The Corporate Treasurer
Alliance Country Awards.[71]
ICICI Bank awarded the Best Private Sector Bank in Global Business Development, Rural Reach and SME financing
categories by Dun & Bradstreet - Polaris Financial Technology Banking Awards.[72]

2013

ICICI Bank has been adjudged winner at the Express IT Innovation Award under the Large Enterprise category [73]

ICICI Bank wins awards under the categories of 'Most Innovative Bank' and 'Most Innovative use of Multi-Channel
Infrastructure' at the Indian Bank's Association's BANCON Innovation Awards 2013.

ICICI Bank won the Asian Banking & Finance Retail Banking Award 2013 for the Online Banking Initiative of the Year
[74]

ICICI Bank won an award under the Social Media category at the InformationWeek EDGE Award [75]

Ms. Chanda Kochhar, MD and CEO has been awarded as the Best CEO - Private Sector category at the Forbes India
Leadership Awards 2013.[76]

Ms. Chanda Kochhar, MD & CEO, has been named as the most powerful woman in business in India for the third
consecutive year in Fortune's list of '50 Most Powerful Women In Business: The Global 50'. She is also among the
four most powerful women in business in the world, according to the list. [77]

ICICI Bank received the award for 'Best Private Sector Banker' by the Sunday Standard Best Bankers Awards
2013.[78]

ICICI Bank has been awarded the 'Best Banker - All round expansion' by the Sunday Standard Best Bankers Awards
2013.

ICICI Bank won 'Best Banker - Efficiency & Profitability' by the Sunday Standard Best Bankers Awards 2013.

Mr KV Kamath, Chairman, receives the "AIMA Managing India" Award for "Outstanding Institution Builder" [79]

Ms Chanda Kochhar, MD & CEO, receives the "AIMA JRD Tata Corporate Leadership Award" 2012 [80]

ICICI Bank has won the Trade Finance Magazine Award for Excellence 2013, under the category of 'Asia Pacific
Awards : Best Trade Bank in India'[81]

ICICI Bank received the Asian Banking & Finance Wholesale Banking Awards 2013 for the India Domestic Trade
Finance Bank of the Year

ICICI Bank Limited has been awarded as the Best Private Sector Bank under the category Global Business
Development for the Dun & Bradstreet - Polaris Financial Technology Banking Awards 2013 [82]

ICICI Bank has been one of the recipients of the Corporate Governance Asia Annual Recognition Awards 2013

Ms Chanda Kochhar, MD & CEO, is one of the recipients from India, for the 4th Asian Corporate Director Recognition
Awards 2013 [83]

ICICI Bank has won the Best Bank Award for Use of IT for Business Innovation Among Large Banks from the Institute
for Development and Research in Banking Technology (IDRBT)

ICICI Bank has received the Special Award for Best IT Team Among Private Sector Banks from the Institute for
Development and Research in Banking Technology (IDRBT)

ICICI Bank won the Special Award for Electronic Payment Systems Among Large Banks from the Institute for
Development and Research in Banking Technology (IDRBT)

ICICI Bank receievd Special Award for Mobile Banking Among Large Banks from the Institute for Development and
Research in Banking Technology (IDRBT)[84]

ICICI Bank ranks 10th in Fortune India's list of 50 most admired companies in India. [85]

Ms. Chanda Kochhar, MD & CEO, was ranked as the most powerful business woman in India in Forbes' list of 'The
World's 100 Most Powerful Women 2013'.[86]

ICICI Bank Limited has been conferred the Best Remittance Business award at The Asian Banker's International
Excellence in Retail Financial Services 2013 Awards ceremony.

ICICI Bank was honored with the Medici Innovation Hall of Fame Award, instituted by The Medici Institute in
collaboration with the Medici Group, USA.

ICICI Bank and its IT partner Fundtech won The Asian Banker Technology Implementation Award for the Convergence
Banking project from Asian Banker.

Ms Chanda Kochhar received the 'Transformation Leader Award' by NDTV Profit Business Leadership Awards 2012.

For the second consecutive year, Mr. N.S.Kannan, Executive Director & CFO, received the "Best Performing CFO", in
the Banking / Financial Services category by CNBC - TV 18.

Ms. Chanda Kochhar, MD & CEO, was also featured in the Power List 2013 of 25 most powerful women in Inda by
India Today, for the third year in a row.[87]

Ms. Chanda Kochhar is the only Indian to be featured in the Dow Jones list of Most Influential Female Executives in
the World of the last decade. She is ranked 12th in the global list.

ICICI Bank awarded the Most Admired Infrastructure Debt Financer and PPP Project of the Year: Yamuna
Expressway Project, in the 5th KPMG Infrastructure Today Awards by ASAPP Media Information Group[88]

For the 4th consecutive year, ICICI Bank won the Celent Model Bank for the next generation technology oriented
banking solutions.

ICICI Bank was awarded a "Special IT Innovation Award" by Lenovo - NASSCOM and CNBC-TV18.

ICICI Bank was the winner of "6th Loyalty Awards" for My Savings Rewards by AIMIA (global leader in Loyalty).

ICICI Bank UK PLC's online savings product HiSAVE won the "Highly Commended" (2nd rank) at the Consumer
Moneyfacts Awards.

ICICI Bank received the "Gram Samvad",Service for Low cost/Small budget marketing initiative Award by Rural
Marketing Association of India (RMAI).

Ms. Chanda Kochhar awarded the Businessperson Of The Year 2012 by Business India. She is the first woman
recipient of this award in 31 years.
 ICICI Bank won the Best domestic bank, India by The Asset Triple A Country Awards. [89]

Controversies

Inhuman debt recovery methods

A few years after its rise to prominence in the banking sector, ICICI bank faced allegations on the recovery methods it used
against loan payment defaulters. A number of cases were filed against the bank and its employees for using "brutal
measures" to recover the money. Most of the allegations were that the bank was using goons to recover the credit card
payments and that these "recovery agents" exhibited inappropriate and in some cases, inhuman behavior. Incidents were
reported wherein the defaulters were put to "public shame" by the recovery agents.

The bank also faced allegations of inappropriate behavior in recovering its loans. These allegations started initially when the
"recovery agents" and bank employees started threatening the defaulters. In some cases, notes written by the bank's
employees asking the defaulters to "sell everything in the house including family members", were found. Such charges faced
by the bank rose to a peak when suicide cases were reported wherein the suicide notes spoke of the Bank's recovery
methods as the cause of the suicide. This led to a lot of legal battles and the bank paying huge compensations.[90][91][92]

Money laundering allegations

ICICI Bank was one of the leading Indian banks accused of blatant money laundering through violation of RBI guidelines in
the famous CobraPost[93] sting operation which shook up Indian banking industry during April–May 2013. [94]

On 14 March 2013 the online magazine Cobrapost released video footage from Operation Red Spider showing high-ranking
officials and some employees of ICICI Bank agreeing to convert black money into white, an act in violation of Money
Laundering Control Act. The Government of India and Reserve Bank of India ordered an inquiry following the exposé. On 15
March 2013, ICICI Bank suspended 18 employees, pending inquiry.[7][8][9] On 11 April 2013 Deputy Governor of RBI, H R
Khan reportedly told that the central bank is initiating action against ICICI Bank in connexion with allegations of money
laundering.[10][11]

Credit Rating
On account of the growing concerns over India's sovereign debt ratings,credit ratings agency Moody's lowered the ratings for
ICICI Bank from Baa3 to Baa2 in May 2012. [95][96]

See also
Indian banking
List of companies of India
List of banks in India
ICICI Lombard
ICICI Manipal Academy of Banking and Insurance
ICICI Prudential
ICICI Bank on Wikinvest
MySavings Rewards

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Laundering?". International Business Times. Retrieved 16 March 2013 .
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DNA. Retrieved 18 April 2013 .
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ICICI Personal Loan

External links
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Business data

ICICI Bank at Google Finance

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