ICICI Bank Limited
Company History
ICICI Bank History: Founding, Growth & Key Milestones
Founded 1994 in Mumbai, India
When was ICICI Bank founded?
ICICI Bank was founded in 1994 in Mumbai, India by Industrial Credit and Investment Corporation of India, making it 32 years old.
- Founded
- 1994
- Founding place
- Mumbai, India
- Founders
- Industrial Credit and Investment Corporation of India
- Headquarters today
- Mumbai, Maharashtra, India
- Milestones documented
- 13 (1955–2026)
- Current CEO
- Sandeep Bakhshi
- Acquisitions
- 5
| Year | Event |
|---|---|
| 2026 | Q1 FY2027 Profit Up 15.9% |
| 2026 | Bakhshi Reappointed to 2028 |
| 2026 | FY2026 Profit Crosses Rs 50,000 Crore |
| 2025 | FY2025 Balance Sheet Scale |
| 2025 | FY2025 Profitability |
| 2025 | IMobile and Card Scale |
| 2018 | Sandeep Bakhshi Became MD and CEO |
| 2010 | Bank of Rajasthan Merger |
| 2002 | Reverse Merger Created Universal Bank |
| 2001 | Bank of Madura Amalgamation |
| 1999 | NYSE Listing Milestone |
| 1994 | ICICI Bank Incorporated |
| 1955 | ICICI Founded as Development-Finance Institution |
- Where was ICICI Bank founded?
- ICICI Bank was founded in Mumbai, India in 1994.
- Who founded ICICI Bank?
- ICICI Bank was founded by Industrial Credit and Investment Corporation of India.
- When did ICICI Bank start?
- ICICI Bank was founded in 1994.
- How old is ICICI Bank?
- ICICI Bank is 32 years old as of 2026.
Founding Story
ICICI was set up in 1955 with support from the World Bank, the Government of India, and Indian industry to provide long-term project finance to Indian companies. For almost four decades it had no retail customers. After India opened its banking sector to private players in the early 1990s, ICICI promoted ICICI Bank in 1994. In 2002 the parent merged into the bank, turning a project-finance institution into a deposit-taking universal bank.
Founders
Industrial Credit and Investment Corporation of India
The Industrial Credit and Investment Corporation of India (ICICI) was established in 1955 at the initiative of the World Bank, the Government of India, and representatives of Indian industry. Its original mandate was solely to provide medium-term and long-term project financing to Indian businesses to stimulate post-independence industrial growth. In 1994, ICICI spun off ICICI Bank as a wholly owned subsidiary to enter the commercial retail banking sector, eventually merging the parent company into the bank in 2002 to create a universal banking behemoth.
Key Milestones
Q1 FY2027 Profit Up 15.9%
Standalone profit rose 15.9% to Rs 14,805 crore for April-June 2026, with net interest income up 12.7% and net NPAs at 0.35%.
Source: m.economictimes.indiatimes.comBakhshi Reappointed to 2028
The RBI approved Sandeep Bakhshi's reappointment as MD and CEO for two years from October 4, 2026.
Source: businesstoday.inFY2026 Profit Crosses Rs 50,000 Crore
Standalone net profit rose 6.2% to Rs 50,146.6 crore in FY2026, with a 4.32% net interest margin and 15.8% loan growth.
Source: timesofindia.indiatimes.comFY2025 Balance Sheet Scale
The FY2025 integrated report listed Rs 16,103.48B in deposits, Rs 13,417.66B in loans and advances, Rs 21,182.40B in standalone total assets, and a 16.55% capital adequacy ratio. Those figures show the regulated funding and capital base behind the digital-retail strategy.
Source: icicibank.comFY2025 Profitability
ICICI Bank reported Rs 472.27B in standalone profit after tax and Rs 510.29B in consolidated profit after tax for FY2025. Profitability matters because the bank has to fund technology, compliance, provisions, and growth while keeping capital strong.
Source: icicibank.comIMobile and Card Scale
IMobile processed 558M transactions worth Rs 11,238B in FY2025, and the bank had close to 18M active credit cards at March 31, 2025.
Source: icicibank.comSandeep Bakhshi Became MD and CEO
Sandeep Bakhshi became Managing Director and CEO in October 2018 after Chanda Kochhar requested early retirement. His tenure has been associated with a sharper focus on risk controls, asset quality, governance, and steady retail-led growth.
Source: icicibank.comBank of Rajasthan Merger
The Bank of Rajasthan merger strengthened ICICI Bank's branch network, especially in northern and western India. The transaction mattered because local branches and deposits still supported private-bank scale even as digital channels were growing.
Source: icicibank.comReverse Merger Created Universal Bank
ICICI, ICICI Personal Financial Services, and ICICI Capital Services merged into ICICI Bank. The merger shifted the group from development finance toward universal banking, combining deposits, corporate relationships, retail lending, and fee businesses in one entity.
Source: en.wikipedia.orgBank of Madura Amalgamation
Bank of Madura was amalgamated with ICICI Bank with effect from March 10, 2001. The deal added branches, customers, and a southern India presence that helped the young bank build distribution faster than organic expansion alone.
Source: icicibank.comNYSE Listing Milestone
ICICI became the first Indian company and the first bank or financial institution from non-Japan Asia to list on the New York Stock Exchange. The listing expanded global visibility and imposed a higher disclosure profile on the group.
Source: en.wikipedia.orgICICI Bank Incorporated
ICICI Bank was incorporated as part of the ICICI group during India's post-liberalization banking opening. The move gave ICICI a deposit-taking commercial bank able to serve retail, corporate, and transaction-banking customers.
Source: en.wikipedia.orgICICI Founded as Development-Finance Institution
ICICI was formed to provide medium- and long-term project finance to Indian businesses.
Source: en.wikipedia.orgMajor Acquisitions
Bank of Madura
2001ICICI Bank acquired Bank of Madura to expand its branch network in southern India and gain access to a strong regional customer base. The acquisition supported ICICI's transition from a development finance institution into a commercial bank. It also enabled immediate entry into retail banking markets with an established deposit base. The move was part of a broader strategy to build a nationwide banking presence.
ITC Classic Finance
1997ICICI acquired ITC Classic Finance to strengthen its non-bank finance capabilities and expand reach in hire purchase, leasing, and retail finance. The deal added distribution and customer relationships in a period when ICICI was preparing for broader consumer-finance opportunities.
Anagram Finance
1998ICICI acquired Anagram Finance to expand retail financing, especially vehicle finance, across western India. Anagram brought branches, depositors, and experience in car and truck financing at a time when consumer credit was becoming a more important Indian banking opportunity.
The Sangli Bank
2007ICICI Bank acquired The Sangli Bank to expand branch reach in Maharashtra, Karnataka, and other regional markets. The deal added an old private-sector bank franchise with local relationships that complemented ICICI's national growth strategy.
Bank of Rajasthan
2010ICICI Bank acquired Bank of Rajasthan through a share-swap merger to increase branch presence, especially in northern and western India. Bank of Rajasthan had hundreds of branches and a meaningful deposit base, making it valuable for a private bank seeking wider physical reach.
Keep researching ICICI Bank
ICICI Bank Company History FAQ
What are the major historical eras in the evolution of ICICI from 1955 to today?
ICICI's history spans four key eras: Industrial Development Finance Institution (1955 to 1993), Commercial Bank Launch & The Retail Credit Revolution (1994 to 2008), Multi-Asset Diversification & NPA Cleanup (2009 to 2018), and Digital Fortress & Core Profit Powerhouse (2018, present).
How did ICICI finance India's earliest industrial and infrastructure projects in the 1960s and 1970s?
In the 1960s and 1970s, ICICI provided long-term foreign currency loans, equity underwriting, and project finance to build foundational Indian industries, including Tata Motors, Reliance Industries, Larsen & Toubro, and Mahindra.
Why was the 1994 incorporation of ICICI Bank a historic turning point in Indian financial history?
The 1994 creation of ICICI Bank in Vadodara marked the birth of modern private banking in India, introducing corporate discipline, technology-driven customer service, and international standards that challenged dominant public-sector state banks.
How did ICICI handle the 2008 Global Financial Crisis and retail run rumors?
In October 2008, amidst the collapse of Lehman Brothers, false rumors caused temporary ATM deposit runs. ICICI Bank leadership responded immediately by loading ATMs with extra cash, keeping branches open 24 hours, and demonstrating unimpeachable solvency backed by the Reserve Bank of India.
What was the Asset Quality Review (AQR) mandated by RBI in 2015 to 2016 and how did ICICI respond?
In 2015 to 2016, RBI's Asset Quality Review forced Indian banks to recognize legacy non-performing infrastructure and industrial corporate loans. ICICI Bank aggressively provisioned and recognized bad loans, paving the way for clean balance sheets.
How did ICICI Bank lead the mobile payments and UPI revolution in India?
ICICI Bank was an early pioneer of Unified Payments Interface (UPI) integration with NPCI, partnering with Google Pay, PhonePe, and Amazon Pay to handle billions of monthly digital payment transactions across India.
How did ICICI Bank support businesses and communities during the COVID-19 pandemic?
During COVID-19, ICICI Bank deployed mobile ATM vans across residential zones, enabled 100% digital video-KYC account opening, disbursed emergency credit lines under government schemes (ECLGS), and contributed ~$11.6 million (₹100 crore) to national relief efforts.
What is ICICI Bank's long-term vision for Indian banking over the next decade?
ICICI Bank envisions remaining India's most trusted, digitally agile, and customer-centric financial partner, powering India's journey toward a $5 trillion to $10 trillion economy through sustainable, risk-calibrated, and tech-driven banking.
How did ICICI Bank start?
ICICI Bank was founded in 1994 in Mumbai. Its parent company (the Industrial Credit and Investment Corporation of India) was actually formed in 1955 by the World Bank and the Indian government to finance massive industrial projects. When the Indian economy liberalized in the 1990s, ICICI formed a commercial bank subsidiary to aggressively capture the new retail market.
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