On January 5, 1955, the Industrial Credit and Investment Corporation of India (ICICI) was founded, and Sir Arcot Ramasamy Mudaliar was chosen as the organization’s first chairman. To provide project financing to the Indian industry, a joint venture between the World Bank, public-sector banks, and public-sector insurance companies was set up. In 1994, ICICI founded ICICI Bank in Vadodara as a totally owned subsidiary. Prior to changing its name to ICICI Bank, the bank was originally created as the Industrial Credit and Investment Corporation of India Bank. Later, the main firm and the bank were combined.

On the initiative of the World Bank, the Indian government, and business leaders from India, ICICI was established in 1955. The main goal was to establish a development financial organisation to give Indian companies access to medium- and long-term project funding. Up until the late 1980s, ICICI concentrated a large portion of its efforts on project financing, giving long-term funding to numerous industrial ventures. In the 1990s, India’s financial industry underwent liberalisation, and ICICI changed from being a development financial institution that only provided project financing to a diversified financial services provider that provided a wide range of products and services alongside its subsidiaries and other group companies. ICICI benefited from the increasing market orientation and globalisation of the Indian economy.ICICI became the first Indian company and the first non-Japan Asian bank or financial institution to be listed on the New York Stock Exchange in 1999.


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