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Icici Bank Search Report in India Essay Sample

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Icici Bank Search Report in India Essay Sample

ICICI Bank Limited is an Indian diversified financial services company headquartered in Mumbai, Maharashtra. It is the second largest bank in India by assets and third largest by market capitalization. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank has a network of 2,883 branches and 10021 ATM’s in India, and has a presence in 19 countries, including India. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management.

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.

ICICI Bank’s equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Punjab National Bank and Canara Bank Today ,ICICI Bank is India’s second-largest bank with total assets of Rs. 4,736.47 billion (US$ 93 billion) at March 31, 2012 and profit after tax Rs. 64.65 billion (US$ 1,271 million) for the year ended March 31, 2012. The Bank has a network of 2,899 branches and 10,021 ATMs in India, and has a presence in 19 countries, including India.


ICICI Bank was established in 1994 by the Industrial Credit and Investment Corporation of India, an Indian financial institution, as a wholly owned subsidiary. 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. The bank was initially known as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to the abbreviated ICICI Bank. The parent company was later merged into ICICI Bank. ICICI Bank launched internet banking operations in 1998.

ICICI’s shareholding in ICICI Bank was reduced to 46 percent, through a public offering of shares in India in 1998, followed by an equity offering in the form of American Depositary Receipts on the NYSE in 2000. ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001, and sold additional stakes to institutional investors during 2001-02.

In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. In 2000, ICICI Bank became the first Indian bank to list on the New York Stock Exchange with its five million American depository shares issue generating a demand book 13 times the offer size.

In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. In 2008, following the 2008 financial crisis, customers rushed to ATM’s and branches in some locations due to rumors of adverse financial position of ICICI Bank. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumors.

Code of Conduct

ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees.[12] ICICI merge the bank of rajasthan(BOR) in 2010. RBI was critical of BOR’s promoters not reducing their holdings in the company. BOR has been merged with ICICI Bank. ICICI paid Rs.3000 Crores for it. Each 118 shares of BOR will be converted into 25 shares of ICICI Bank.


• ICICI Group expects all its employees, officers and Directors to act in accordance with high professional and ethical standards. You must be, and be seen to be, committed to integrity in all aspects of your activities and comply with all applicable laws, regulations and internal policies. • In accepting a position with ICICI Group or any of its subsidiaries, each of you become accountable for compliance with the law, with the ICICI Group Co of Business Conduct and Ethics (‘the Code’), and with policies of your respective business units.

• The standards of the Code are not necessarily prescribed by the regulators -they are something, which a well-respected institution must have in place and adhere to on an ongoing basis. We therefore expect a high level of ethical conduct. • You must conduct your duties according to the language and spirit of this Code and seek to avoid even the appearance of improper behavior. You should be aware that even well intentioned actions that violate the law or this Code may result in negative consequences for ICICI Group and for the individuals involved. • While covering a wide range of business practices and procedures, these standards cannot and do not cover every issue that may arise, or every situation where ethical decisions must be made, but rather set forth key guiding principles that represent ICICI Group’s policy.


ICICI Bank has designed a gamut of accounts and deposits to cater to your unique banking needs. Add this to our extensive branch & ATM network and facilities like mobile, phone, internet and doorstep banking, and experience banking at its best.

iWish – Flexible Recurring Deposit

iWish is a unique flexible Recurring Deposit that lets you save for your goals as and when you have the funds and earn better interest rates just like a Fixed Deposit.

Dream Deposits
A unique offering of four term deposit plans that enable you realise your dreams at every stage of your life.

Fixed Deposit
Earn attractive returns on your savings.

Recurring Deposit
Watch the smallest of your savings mature into a large sum.

Savings Account
Experience banking like never before – via ATM, branch, internet, mobile and phone.

Privilege Banking
Enjoy exclusive benefits across products & services.

Salary Account
Take advantage of an efficient payroll account.

Silver Savings Account
Why settle for less when you have Silver Savings Account.

b2 Savings Account
A whole new face for freedom and control. b2 is a digital savings account with features like higher earnings, zero minimum balance, zero charges and a lot more.


There’s always something we all save for – a new bike, a next-gen laptop, a new mobile phone or a vacation abroad. iWish is a unique flexible Recurring Deposit that lets you save for your goals as and when you have the funds and earn better interest rates just like a Fixed Deposit. What’s more, you can choose to share your goals with friends and family on Facebook. iWish also provides an easy online interface to see the progress of all goals and manage them from one place. The key features of iWish are: Flexibility: A recurring deposit with the added benefit that any amount can be contributed at any point of time.

There are no penalties if funds are not deposited in a month. You also have an option of creating a standing instruction if you want to do so. Better returns: You earn recurring deposit interest rates, while enjoying the freedom of not having to deposit into your goal every month. Sharing: While many goals are personal, you can choose to share some your goals on Facebook and let friends and family be a part of your dreams. Contribution: iWish gives an opportunity to your family and friends to contribute to your goals and help you reach the goals sooner. Contributions can be made from any bank account using a VISA debit card.

Dream Deposits Plan

All of us have ‘dreams’. We dream for ourselves, for our families,, friends and relatives and for society at large too.

Some of our dreams are need based, while some aspirational.

The dreams that are close to us; they mean everything.. We all want to nurture them and if possible secure them so that we can accomplish them under all odds.

So be it our child’s education, daughter’s marriage, owning a home, driving our car or planning our retirement, it is imperative that we secure them at all costs.

To secure them, you need to plan your finances prudently, based on your needs and aspirations at different points in time. A plan that gives you the flexibility in terms of choices that suit your needs and an assurance of a return that is safe and secure.

ICICI Bank is proud to present ‘Dream Deposits’ – A unique offering of four deposit plans that enable you realise your dreams at every stage of your life.

Privilege Banking

First of its kind Privilege Banking products and services are designed to meet all banking and financial needs of select customers. As banks valued Privilege Banking customer, enjoy Dedicated Service Area, Priority Service and Special Privileges making your banking experience truly special. For a faster and differentiated banking experience, bank have Privilege Banking Dedicated Service Areas at ICICI Bank branches across India.

Preferred recognition at Enquiry desks and at DQM machines ensure you enjoy faster access to our expert Privilege Bankers for all your banking needs from deposits, loans, cards to investments and insurance As a Privilege Banking customer, all requests and applications made by you are processed on priority. Faster access to Privilege Bankers at our branches and Customer Care makes banking effortless for you. Preferential Access – Reduction in your waiting time

Enjoy priority service at our branches and at Customer Care
Over the Counter Servicing (OTC) – Prompt resolutions
A range of service requests are processed over the counter.
Priority Processing – Fast-tracked through dedicated teams
All account opening requests and loan/credit card applications processed on priority.
Priority Updates – Be updated even while on the move
Updates through SMS on the status of your service requests.

Special Privileges

Relationship Privileges
Privilege Banking customers enjoy relationship privileges across ICICI Bank Products and services including deposits, loans, cards, forex and locker facilities.

Relationship Privileges
Pre-qualification for loan eligibility
Preferential interest rates and/or processing fees on Loan products
Discounts on Locker facility and preferential allotment
Preferential pricing on purchase of gold, sale/purchase of forex


News Release January 31, 2013
Performance Review – Quarter ended December 31, 2012
* Consolidated return on equity (annualised) of 15.7% for the quarter ended December 31, 2012 (Q3-2013)

* 30% year-on-year increase in standalone profit after tax to 2,250 crore (US$ 409 million) for Q3-2013 from ` 1,728 crore (US$ 314 million) for the quarter ended December 31, 2011 (Q3-2012)

* 22% year-on-year increase in consolidated profit after tax to 2,645 crore (US$ 481 million) for Q3-2013 from ` 2,174 crore (US$ 395 million) for Q3-2012

* Net interest margin improved by 37 basis points to 3.07% for Q3-2013 compared to the same period last year 16% year-on-year increase in advances to ` 286,766 crore (US$ 52.1 billion) at December 31, 2012

* 17% year-on-year increase in retail advances to ` 96,528 crore (US$ 17.6 billion) at December 31, 2012

* Net non-performing asset ratio at 0.64% at December 31 2012 compared to 0.70% at December 31, 2011 and 0.66% at September 30, 2012

* Strong capital adequacy ratio of 19.53% and Tier-1 capital adequacy of 13.25%

* The Board of Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Mumbai, approved the audited accounts of the Bank for the quarter ended December 31, 2012.

* Profit & loss account

* Standalone profit after tax increased 30% to ` 2,250 crore (US$ 409 million) for the quarter ended December 31, 2012 (Q3-2013) from `1,728 crore (US$ 314 million) for the quarter ended December 31, 2011 (Q3-2012). * Standalone profit after tax increased 32% to ` 6,021 crore (US$ 1,095 million) for the nine months ended December 31, 2012 (9M-2013) from `4,563 crore (US$ 830 million) for the nine months ended December 31, 2011 (9M-2012).

* Net interest income increased 29% to ` 3,499 crore (US$ 636 million) in Q3-2013 from ` 2,712 crore (US$ 493 million) in Q3-2012. ICICI Bank Limited * Net interest margin improved to 3.07% for Q3-2013 from 2.70% for Q3-2012. * Non-interest income increased by 17% to ` 2,215 crore (US$ 403 million) in Q3-2013 from ` 1,892 crore (US$ 344 million) in Q3-2012. * Cost-to-income ratio reduced to 39.5% in Q3-2013 from 41.5% in Q3-2012. * Provisions were at ` 369 crore (US$ 67 million) in Q3-2013 compared to 341 crore (US$ 62 million) in Q3-2012 and ` 508 crore (US$ 92 million) in the quarter ended September 30, 2012 (Q2-2013). • Return on average assets (annualised) was 1.76% in Q3-2013 compared to 1.49% in Q3-2012. Operating review

* The Bank has continued with its strategy of pursuing profitable growth.

* The Bank has grown its retail disbursements, resulting in an improvement in retail loan portfolio growth. The Bank continued to leverage its strong corporate franchise, its international presence and its branch network in India. At December 31, 2012, the Bank had 2,895 branches, the largest branch network among private sector banks in the country. The Bank has also increased its ATM network to 10,040 ATMs at December 31, 2012 as compared to 7,602 at December 31, 2011. Credit growth Advances increased by 16% year-on-year to ` 286,766 crore (US$ 52.1 billion) at December 31, 2012 from ` 246,157 crore (US$ 44.8 billion) at December 31, 2011. The year-on-year growth in retail advances was 17% at December 31, 2012 compared to a year-on-year growth of 14% at September 30, 2012. Deposit growth

The Bank maintained its current and savings account (CASA) ratio at 40.9% at December 31, 2012 compared to 40.7% at September 30, 2012. The Bank also maintained its average CASA ratio at 37.4% during Q3-2013 compared to 37.5% during Q2-2013. During Q3-2013, CASA deposits increased by ` 2,718 crore (US$ 494 million). At December 31, 2012, savings account deposits were ` 81,463 crore (US$ 14.8 billion) and current account deposits were ` 35,674 crore (US$ 6.5 billion). ICICI Bank Limited Capital adequacy

The Bank’s capital adequacy at December 31, 2012 as per Reserve Bank of India’s guidelines on Basel II norms was 19.53% and Tier-1 capital adequacy was 13.25%, well above RBI’s requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of 6.0%. Asset quality

Net non-performing assets at December 31, 2012 were ` 2,185 crore (US$397 million) compared to ` 2,138 crore (US$ 389 million) at September 30, 2012 and ` 2,082 crore (US$ 379 million) at December 31, 2011. The Bank’s net non-performing asset ratio was 0.64% at December 31, 2012 compared to 0.66% at September 30, 2012 and 0.70% at December 31, 2011. The Bank’s provision coverage ratio computed in accordance with the RBI guidelines was 77.7% at December 31, 2012. Net restructured loans at December 31, 2012 were ` 4,169 crore (US$ 758 million) compared to ` 4,158 crore (US$ 756 million) at September 30, 2012. Consolidated profits

Consolidated profit after tax increased 22% to ` 2,645 crore (US$ 481 million) for Q3-2013 from ` 2,174 crore (US$ 395 million) for Q3-2012. The consolidated return on equity (annualised) improved from 14.2% in Q3-2012 to 15.7% in Q3-2013. Insurance subsidiaries

* ICICI Prudential Life Insurance Company (ICICI Life) was the largest private sector life insurer based on new business retail weighted received premium during 9M-2013. ICICI Life’s profit after tax for Q3-2013 was `397 crore (US$ 72 million) compared to ` 367 crore (US$ 67 million) for Q3-2012. ICICI Life’s annualised premium equivalent (APE) increased by 11% to ` 2,255 crore (US$ 410 million) in 9M-2013 from ` 2,040 crore (US$ 371 million) in 9M-2012.

The assets under management at December 31, 2012 were ` 74,982 crore (US$ 13.6 billion). ICICI Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector during 9M-2013. The gross premium income of ICICI General increased by 24% to ` 1,687 crore (US$ 307 million) in Q3-2013 from ` 1,356 crore (US$ 247 million) in Q3-2012. ICICI General’s profit after tax for Q3-2013 was ` 95 crore (US$ 17 million) compared to ` 101 crore (US$ 18 million) for Q3-2012

Summary Balance Sheet

1. Borrowings include preference share capital of ` 350 crore. 2. At December 31, 2012, the Bank has presented the mark-to-market (MTM) gain or loss on forex and derivative transactions on gross basis. Accordingly, the gross positive MTM amounting to ` 12,254 crore has been included in Other assets and gross negative MTM amounting to ` 10,744 crore has been included in Other liabilities. Consequent to the change, Other assets and Other liabilities have increased by ` 14,139 crore, ` 15,422 crore and ` 31,648 crore at September 30, 2012, March 31, 2012 and December 31, 2011 respectively

All financial and other information in this press release, other than financial and other information for specific subsidiaries where specifically mentioned, is on an unconsolidated basis for ICICI Bank Limited only unless specifically stated to be on a consolidated basis for ICICI Bank Limited and its subsidiaries. Please also refer to the statement of audited unconsolidated, consolidated and segmental results required by Indian regulations that has, along with this release, been filed with the stock exchanges in India where ICICI Bank’s equity shares are listed and with the New York Stock Exchange and the US Securities Exchange Commission, and is available on our website www.icicibank.com. Except for the historical information contained herein, statements in this release which contain words or phrases such as ‘will’, ‘expected to’, etc., and similar expressions or variations of such expressions may constitute ‘forward-looking statements’.

Mr. Kamath started his career in 1971 at ICICI, an Indian financial institution that founded ICICI Bank and merged with it in 2002. In 1988, he moved to the Asian Development Bank and spent several years in South-East Asia before returning to ICICI as its Managing Director & CEO in 1996. Under
his leadership, the ICICI Group transformed itself into a diversified, technology-driven financial services group that has leadership positions across banking, insurance and asset management in India, and an international presence. He retired as Managing Director & CEO in April 2009, and took up his present position as non-executive Chairman. Mr. Kamath joined the Board of Infosys in May 2009 and took over as Chairman of the Board in August 2011. Mr. Kamath was conferred with the Padma Bhushan, one of India’s highest civilian honours, in 2008. He has received widespread recognition internationally and in India, including being named “Businessman of the Year” by Forbes Asia and “Business Leader of the Year” by The Economic Times, India in 2007 and CNBC’s “Asian Business Leader of the Year” in 2001. Ms. Chanda Kochhar

Managing Director and Chief Executive
Officer, ICICI Bank Limited

Ms. Chanda Kochhar is the Managing Director and Chief Executive Officer of ICICI Bank Limited, India’s second-largest bank and the largest in the private sector. She is widely recognised for her role in shaping the retail banking sector in India and for her leadership of the ICICI Group, as well as her contributions to various forums in India and globally.

Ms. Kochhar began her career, with erstwhile ICICI Limited in 1984 and was elevated to the Board of Directors of ICICI Bank in 2001. She was instrumental in establishing ICICI Bank during the 1990s, and subsequently headed the infrastructure finance and corporate banking business in ICICI Limited. In 2000, she took on the challenge of building the nascent retail business, with strong focus on technology, innovation, process reengineering and expansion of distribution and scale. The Bank achieved a leadership position in this business.

During 2006-2007, she successfully led the Bank’s corporate and international banking businesses during a period of heightened activity and global expansion by Indian companies. From 2007 to 2009, she was the Joint Managing Director & Chief Financial Officer during a critical period of rapid change in the global financial landscape. She was elevated as Managing Director & CEO of ICICI Bank in 2009 and is responsible for the Bank’s diverse operations in India and overseas. She also chairs the boards of the Bank’s principal subsidiaries, which include India’s leading private sector life and general insurance companies.

In addition to her responsibilities at the ICICI Group, Ms. Kochhar is a member of the Prime Minister’s Council on Trade & Industry, the Board of Trade, High-Level Committee on Financing Infrastructure, US-India CEO Forum and UK-India CEO Forum. She is Deputy Chairperson of the Indian Banks’ Association, and a member of the boards of the Indian Council for Research on International Economic Relations, National Institute of Securities Markets, Institute of International Finance and International Monetary Conference. She was co-chair of the World Economic Forum’s Annual Meeting in 2011.

She was conferred with the Padma Bhushan, one of India’s highest civilian honours, in 2011.

Awards and Recognition

* Topped the list of “50 Most Powerful Women in Business” by Fortune India. * Ranked 18th in Fortune’s list of ‘2012 Businesspersons of the Year’. This is Fortune’s annual ranking of 50 global leaders who are “the best in business”. * Ranked fifth, for the second consecutive year, in Fortune’s international list of “50 Most Powerful Women in Business.” * Ranked 59th in the World’s 100 Most Powerful Women by Forbes. * Named amongst the nine Indian women in the Forbes’ inaugural “Asia Power Businesswomen” list. * Ranked fifth in the list of the “Most Powerful CEOs” in India by The Economic Times and first in the list of “Top Women CEOs” in the country. * Conferred with CNBC Asia’s India Business Leader of the year award and CSR award. * Named the “Business Person of the Year” by Business India * Named amongst the “25 most powerful professional women” in the country by India Today for the second year. 2011

* Ranked fifth by Fortune in the International list of “50 Most Powerful Women in Business”. * Ranked 17th among the “25 Most Powerful CEOs” in Asia by Fortune. * Ranked 43rd “Most Powerful Woman” in the world by Forbes. * Named among the “50 most influential people in global finance” by Bloomberg Markets magazine. * Named among the “two best Indian CEOs “in an annual poll by Finance Asia. * Ranked 10th by Financial Times in the “Top 50 Women in World Business”. * Received the “Global Leadership Award” from the US-India Business Council. * Named “Most Powerful Woman in Indian Business” by Fortune India. * The first woman to be named as the “Business Leader of the Year” by The Economic Times. * Featured in the “Hall Of Fame – Most Powerful Women in Indian Business” by Business Today. * Conferred with the “Transformational Business Leader of the Year”, award by All India Management Association. 2010

* Ranked 10th in the list of “Most Powerful Women in Business” by Fortune. * Ranked 92nd in the list of “Most Powerful Women” in the world by Forbes. * Conferred with the “Outstanding Woman Business Leader of the Year” award by CNBC TV18. * Conferred with the “Banker of the Year Award” by Financial Express. * Featured in the list of “30 Most Powerful Women Leaders” in Business Today for eight consecutive years from 2002 to 2010.

Mr. N. S. Kannan
Executive Director & CFO, ICICI Bank Limited

Mr. N.S. Kannan is the Executive Director and Chief Financial Officer of ICICI Bank. His responsibilities include Finance, Treasury, Commercial Banking, Corporate Legal, Risk Management, Corporate Communications and Corporate Branding. He also has the responsibility for day to day administration of the Compliance and Internal Audit functions. Prior to his current assignment at ICICI Bank, Mr. Kannan was the Executive Director of ICICI Prudential Life Insurance Company. Mr. Kannan was also the Chief Financial Officer and Treasurer of ICICI Bank.

Mr. Kannan has been with the ICICI group for over 21 years. He joined the group as a project officer. During his tenure at the ICICI group he has also handled project finance operations, infrastructure financing, structured finance and treasury operations. In 2012, Mr. Kannan was awarded the Best CFO in the banking/financial services category at the CNBC TV 18 CFO Awards.

Mr. K. Ramkumar
Executive Director, ICICI Bank Limited

Mr. K. Ramkumar, Executive Director on the Board of ICICI Bank is responsible for Human Resources, Customer Service & Operations.

Mr. Ramkumar has completed his Post Graduate Diploma in Personnel Management from Madras School of Social Work in 1984 and BSc Chemistry in 1982. Prior to joining ICICI Bank in 2001, Mr. Ramkumar had over 16 years of experience in companies such as Hindustan Aeronautics, Brookebond Lipton India Limited (now Hindustan Unilever Limited) and ICI India Ltd. His work in these companies has mainly been in the areas of Human Resources Management and Manufacturing. At ICICI Bank Mr. Ramkumar has been responsible for Human Resource function, initially for the Bank and then for all the companies in the ICICI Group. He has worked extensively in the areas of recruitment, competency design, succession management, learning and development and Leadership Development. Under his guidance, ICICI Bank has implemented cutting edge practices and methodologies in the domain of leadership development, learning, creation and use of psychometric tools. Mr. Rajiv Sabharwal

Executive Director, ICICI Bank Limited

Mr. Rajiv Sabharwal is the Executive Director on the board of ICICI Bank. He is responsible for Retail Banking, Rural Banking & Financial Inclusion Business. He is also a director on the board of ICICI Prudential Life Insurance Company Limited and the Non-executive Chairman of ICICI Home Finance Company Limited. Mr. Sabharwal has done his Mechanical Engineering from Indian Institute of Technology Delhi and MBA from India Institute of Management Lucknow. He has over 20 years of experience in the Banking/Financial Services industry. He joined ICICI Group in 1998 and has held leadership positions in credit policy, debt management, business analytics, mortgage finance, consumer loans, credit cards, rural and microfinance lending and financial inclusion.

Prior to joining ICICI Group Mr. Sabharwal has worked in the Consumer Durables Marketing, Commercial Finance and Retail Finance businesses at Godrej, SRF Finance and GE Capital respectively. In January 2009 he joined Sequoia Capital, a leading venture/growth capital company and worked as Operating Partner focusing on the financial services sector. There he led new investment decisions as well as represented Sequoia at the board in existing investments. He then rejoined ICICI Bank Limited from April 2010.


News Release February 5, 2013
ICICI Bank and Aircel launch ‘Mobile Money’

Chennai: ICICI Bank, India’s largest private sector bank, and Aircel, one of India’s most innovative telecom players announced the launch of a mobile banking service – Mobile Money. Mobile Money, designed especially for the unbanked population, will enable customers of these two organizations to transfer money in a safe, secure and instant manner through their mobile phones without getting connected to data services. A majority of the unbanked population faces hurdles in transferring money due to lack of branches or ATMs closer to them. Mobile Money aims at financial inclusion of such people by offering them a gamut of financial services such as deposits and cash withdrawals, money transfer to third parties, self-reload of prepaid mobile credit, and various utility bill payments. ICICI Bank’s experience in financial services together with Aircel’s vast retailer and distribution reach and its expertise in mobile network and customer-care centre will help simplify financial transactions for the end users. To complement the expertise of ICICI Bank and Aircel, VISA, the global payments technology company, has been chosen to provide and manage the mobile money platform.

The service will be first available in Tamil Nadu to specifically cater for the needs of the large migrant working population from Tirunelveli now living and working in Chennai. Rollout to other parts of the state and rest of the country will happen during 2013. Speaking on the occasion, Rajiv Sabharwal, Executive Director, ICICI Bank said: “ICICI Bank has been leveraging technology to provide convenient and easily accessible banking services across the country in line with its financial inclusion initiative. The launch of Mobile Money is a part of this strategy, which will enable the Bank to provide reliable banking services to millions of customers through retail outlets of Aircel. These far-flung retail outlets will take the basic banking services practically to the doorsteps of the customers extending the reach of our formal banking channels. We are happy with this tie-up as this will help the Bank to reach the unbanked population.

”Geoff King, Head of Mobile Banking, Aircel said, “We are extremely pleased to be launching ‘Mobile Money’ to provide our customers with a safe, secure and instant way of managing their financial needs. By partnering with ICICI bank and basing ‘Mobile Money’ on the VISA platform we have joined forces with two companies that have a strong pedigree in financial services, together with a great desire to deliver innovative financial service solutions to better meet the needs of the country’s unbanked. Aircel brings to the partnership not only our mobile network but just as importantly our attention and care in serving millions of customers every day with many millions of small cash transactions through our vast retailer and distributor setup.”

“Visa has just taken the hard work out of mobile payments.” said Uttam Nayak, Visa’s Group Country Manager for South Asia. “Our new Mobile Managed Service removes the time, complexities and cost of setting up mobile payment services – and is built on Visa’s trusted and reliable platform. India’s financial institutions and telecom operators can now deliver new mobile payment services across the country in no time at all. Once again Visa is increasing the reach of electronic payments beyond tier 1 and tier 2 cities by driving affordable access and low cost acceptance. It’s part of our continued push to develop India’s payments ecosystem.”

About ICICI Bank Ltd:

ICICI Bank Limited (NYSE:IBN) is India’s largest private sector bank and the second largest bank in the country, with consolidated total assets of US $ 122 billion at December 31, 2012. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India. For more information, please visit www.icicibank.com.

About Aircel Ltd:

Aircel is India’s fifth largest and fastest growing GSM mobile service provider and a pan India operator. It won 3G spectrum in 13 circles and BWA spectrum in 8 circles and has successfully launched 3G services in 13 circles, which is the fastest 3G roll out ever in the Indian Telecom Space. Aircel has been constantly innovating products and services and is credited with making 3G affordable to masses by launching Pocket Internet Smart which offers best value 3G packs. Aircel Pocket Internet Smart gave a boost to 3G adoption in the country as it is a true value for money product that allows consumers to access unlimited 3G data at extremely affordable prices.

Aircel has positioned itself as a data led telecom player and has addressed the multi-functionality of a mobile phone in many innovative ways which are Industry firsts, be it the Aircel Pocket Internet, Pocket Internet Games, the first social networking mobile INQ on Aircel, Aircel Apollo Mobile Health Care, Blyk on Aircel, an enriching engagement for the Youth and very recently the first telecom player to introduce Facebook Voice Updates on Aircel. Aircel is also a preferred telecom network to launch Apple iPhone 3GS, iPhone 4, iPhone 4S and iPhone 5. For more information, please log on to www.aircel.com.

About VISA:

Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.

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