How ICICI became India’s biggest Bank. Here are some interesting facts about the bank

Many of us have always been wondering about the full form of ICICI Bank. Here it is, ICICI stands for Industrial Credit and Investment Corporation of India.

ICICI is the second largest bank in India and also features among the big four banks of India, which comprises State Bank of India (SBI), Bank of Baroda and Punjab National Bank (PNB).

But when ICICI started its operations, it was an Indian financial institution, as a wholly owned subsidiary in 1994. 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.

Then the bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to ICICI Bank and then the parent company was later merged with the bank.

Since then, ICICI Bank’s history has been incredible and even though it was mired in a string of controversies, it went from strength to strength, especially in the consumer retail space.

In fact, ICICI Bank launched internet banking operations in 1998 only. It’s MD and CEO Chanda Kochhar is regarded as one of the powerful women in the world.

Here are some other interesting facts about ICICI: