BANKING AFFAIRS

Detailed explanation-1: -ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry.

Detailed explanation-2: -The bank offers commercial, transactional and electronic banking products and services. IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh. IndusInd Bank is the first among the new-generation private banks in India.

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: -The Industrial Credit and Investment Corporation of India, an Indian financial organisation, founded ICICI Bank as a wholly owned subsidiary in 1994. is underway thanks to the collaborative efforts of the World Bank, the Government of India, and Indian industry representatives.

Detailed explanation-5: -April 26, 2002 The Reserve Bank of India (RBI) today approved the merger of ICICI Limited (NYSE: IC) and two of its wholly-owned subsidiaries, ICICI Personal Financial Services Limited (ICICI PFS) and ICICI Capital Services Limited (ICICI Capital), with ICICI Bank Limited (NYSE: IBN).