BANKING AFFAIRS

Detailed explanation-1: -Industrial Credit and Investment Corporation of India (ICICI) is a financial institution in India and was established in 1955 as a public limited company. The Indian Company Act governs it. ICICI is incorporated for developing medium and small industries of the private sector.

Detailed explanation-2: -The major categories of financial institutions are central banks, retail and commercial banks, internet banks, credit unions, savings and loan (S&L) associations, investment banks and companies, brokerage firms, insurance companies, and mortgage companies.

Detailed explanation-3: -The bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to ICICI Bank.

Detailed explanation-4: -Banking financial institutions include commercial banks, whose most important role is to deal with loans and deposits, and more broadly everyday banking transactions. Non-banking financial institutions include investment banks, insurance and leasing companies, whose roles are more specialized and technical.