ICICI BANK Share price

As part of the financial sector reforms RBI permitted the entryof private banks. In line with this ICICI Bank promoted byICICI and erstwhile SCICI Limited was incorporated as a companyunder the Companies Act 1956 on 5th January 1994 and receivedthe Certificate for Commencement of Business on 24th February1994.It was granted a licence to carry on banking business in Indiaby the RBI vide its letter no. DBOD(AH) No.3085/03.02.24B/94dated 17th May 1994. The operations of ICICI Bank are mainlygoverned by the provisions of the Banking Regulation Act 1949.The Bank is included in the Second Schedule to the RBI Act 1934as a "Scheduled Bank" vide Gazette of India notification dated30th July 1994.The Bank was founded as an institution to provide qualitybanking services using state-of-the-art technology. Its slogan"We make banking a pleasure" reflects the commitment tocontinuously add to and upgrade the quality and range ofproducts offered. The Bank''s management is based on soundvalues provided by experienced bankers. The Bank focusses onsmall and retail depositors thereby enhancing its resources baseand adding stability to its operations. To facilitate this theBank has established a well diversified branch network with 24branches in 15 centres covering 12 states. ICICI Bank has alsoplaced great emphasis on the need for competitive efficient andlow cost financial intermediation. Its focussed lending activetreasury and thrust on fee income supports its earnings growth.The Bank conducts banking operations in an organised systematicand operationally sound manner. Towards this end it has set upa fully computerised environment with state-of-the-arttechnology at all offices and continuously upgrades its strongsystems and procedures with special emphasis on risk management.Moreover the ICICI lineage and backing of the ICICI groupaffords unique advantages to the Bank to consolidate itsposition in the banking industry. The Bank has been rated as"Operationally the Soundest Bank" and the "Fastest Growing Bank"for the year 1995-96 amongst 86 banks operating in India in ajoint survey by Financial Express and Brehad Research &Information Services (BRIS). Over the years the Bank expectsto grow from strength to strength and become a major player ofthe banking system.