Question

Explain the term ICICI.

Answer 1

ICICI stands for Industrial Credit and Investment Corporation of India.

• It was established in 1955 as a financial institution to provide medium-term and long-term loans to industrial projects in India.
• The main aim was to promote industrial development by supporting private sector companies.
• In 2002, ICICI merged with its subsidiary, ICICI Bank, and became a commercial bank known as ICICI Bank.