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. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.

Detailed explanation-2: -Financial Institution in India – ICICI. 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-3: -Functions and Activities of ICICI Bank Assistance in the formation, development, and modernization of business in the non-public sector. Provides medium and long-term loans in rupees and foreign currencies. Underwrites new issues of debentures and shares. Provides equipment finance.

Detailed explanation-4: -The full form of ICICI is Industrial Credit and Investment Corporation of India.

Detailed explanation-5: -ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai.