ICICI Bank & HDFC Bank
ICICI Bank
*Industrial Credit and Investment Corporation of India (ICICI) started as a financial institution in 1955 to provide business finance.
*ICICI Bank was established as a retail banking entity in 1994 to offer banking facilities.
*The companies in 1955 and 1994 were two different entities.
*ICICI (1955) and ICICI Bank (1994) merged and were named ICICI in 2002.
*ICICI Bank operated as a normal retail bank until 2001.
*In 2001, Bank of Madura (263 branches) merged with ICICI Bank, expanding the ICICI banking network.
*ICICI introduced the first internet banking service in India in 1998.
*ICICI won several awards for its innovative ideas.
*The total number of ICICI Bank branches in India and abroad is approximately 5,300.
*ICICI CEO Chanda Kochhar stepped down from her post in 2018 after allegations of over-allocating bad loans to Videocon.
*The present CEO of ICICI is Sandeep Bakshi.
HDFC Bank
*Housing Development Financing Corporation (HDFC) was started in 1977 to provide housing finance.
*ICICI, as a business financial institution, promoted HDFC as a housing financial institution.
*HDFC became a retail bank in 1994.
*Times Bank was formed in 1994 by Bennett Coleman & Co Ltd (Times Group - Times of India - Times Now).
*HDFC widened its banking network after merging Times Bank in 2000 and Centurion Bank in 2008.
*The total number of HDFC Bank branches in India and abroad is approximately 5,500.
*ICICI, which promoted HDFC, also became a retail bank in 1994.
*The present CEO of HDFC Bank is Shashidhar Jagdishan.
Bank Capitalisation
*Based on capitalisation, the largest banks in India in 2020 are:State Bank of India (SBI)
1.HDFC Bank
2.ICICI Bank
3.Bank of Baroda
4.Axis Bank
5.Punjab National Bank (PNB)
*The total assets of SBI are approximately ~42 lakh crores [~US$590 billion].
*The total assets of HDFC are approximately ~16 lakh crores [~US$220 billion].
*The total assets of ICICI are approximately ~14 lakh crores [~US$190 billion].
*The total assets of Bank of Baroda are approximately ~12 lakh crores [~US$170 billion].
*The total assets of Axis Bank are approximately ~9 lakh crores [~US$130 billion].
*The total assets of PNB are approximately ~8 lakh crores [US$120 billion].
Tit-Bits
*Total assets of Life Insurance Corporation of India (LIC) were approximately ~31 lakh crores [~US$440 billion] in 2020.
*Indian Overseas Bank (IOB) was the first bank to introduce the Personal Loan Scheme in India in 1980s.
ICICI History
HDFC History
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