customer satisfaction in icici bank limited 2014-15

EXECUTIVE SUMMARY
Private banking is a concept which is new and fast emerging in the
world of banking where changes have become a necessity in order
for banks to survive in this competitive environment vis-à-vis not
only from the public and private sector banks but also from the
foreign banks. The objective of the research is to explore the various
products, which a private banker deals into and the systematic
process involved to match client requirements with the right kind of
product.
Through this research one of the main objectives is to explore the
reason why most of the banks are injecting private banking as
business profile to their set of service offerings.
Though private banking evolved in late 80’s in Asia, in India its not
more than 5 years old. ICICI started it in Aug 2002 and since then it
has been a remarkable success. Today there are enormous solutions
to cater client needs but what suits best to a client is where private
banking fits in. Every client will have different needs, liking and
preferences. So a customized portfolio for every client is the need of
the day.
This research will highlight more on the product portfolio of ICICI
Private Banking, how they have changed or innovatively structured
to be attractive and competitive.
1

RESEARCH OBJECTIVE
• To draw the comparative analysis of ICICI BANK Ltd with SBI
etc.
• To identify the major attributes of customer satisfaction.
• To study customer perception about ICICI BANK Ltd.
• To identify and study the various ways of ensuring customer
satisfaction adopted by ICICI Bank and SBI.
2

INTRODUCTION
The banking section will navigate through all the aspects of the
Banking System in India. It will discuss upon the matters with the
birth of the banking concept in the country to new players adding
their names in the industry in coming few years.
The banker of all banks, Reserve Bank of India (RBI), the Indian
Banks Association (IBA) and top 20 banks like IDBI, HSBC, ICICI,
ABN AMRO, etc. has been well defined under three separate heads
with one page dedicated to each bank.
However, in the introduction part of the entire banking cosmos, the
past has been well explained under three different heads namely:
• History of Banking in India
• Nationalization of Banks in India
• Scheduled Commercial Banks in India
The first deals with the history part since the dawn of banking
system in India. Government took major step in the 1969 to put the
banking sector into systems and it nationalized 14 private banks in
the mentioned year. This has been elaborated in Nationalization
Banks in India. The last but not the least explains about the
scheduled and unscheduled banks in India. Section 42 (6) (a) of RBI
Act 1934 lays down the condition of scheduled commercial banks.
The descriptions along with a list of scheduled commercial banks are
given on this page.
3

HISTORY OF BANKING IN INDIA
Without a sound and effective banking system in India it cannot have
a healthy economy. The banking system of India should not only be
hassle free but it should be able to meet new challenges posed by
the technology and any other external and internal factors.
For the past three decades India's banking system has several
outstanding achievements to its credit. The most striking is its
extensive reach. It is no longer confined to only metropolitans or
cosmopolitans in India. In fact, Indian banking system has reached
even to the remote corners of the country. This is one of the main
reason of India's growth process.
The government's regular policy for Indian bank since 1969 has paid
rich dividends with the nationalization of 14 major private banks of
India.
Not long ago, an account holder had to wait for hours at the bank
counters for getting a draft or for withdrawing his own money.
Today, he has a choice. Gone are days when the most efficient bank
transferred money from one branch to other in two days. Now it is
simple as instant messaging or dial a pizza. Money have become the
order of the day.
The first bank in India, though conservative, was established in
1786. From 1786 till today, the journey of Indian Banking System
can be segregated into three distinct phases. They are as mentioned
below:
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• Early phase from 1786 to 1969 of Indian Banks
• Nationalization of Indian Banks and up to 1991 prior to Indian
banking sector Reforms.
• New phase of Indian Banking System with the advent of Indian
Financial & Banking Sector Reforms after 1991.
To make this write-up more explanatory, I prefix the scenario as
Phase I, Phase II and Phase III.
Phase I
The General Bank of India was set up in the year 1786. Next came
Bank of Hindustan and Bengal Bank. The East India Company
established Bank of Bengal (1809), Bank of Bombay (1840) and
Bank of Madras (1843) as independent units and called it Presidency
Banks. These three banks were amalgamated in 1920 and Imperial
Bank of India was established which started as private shareholders
banks, mostly Europeans shareholders.
In 1865 Allahabad Bank was established and first time exclusively by
Indians, Punjab National Bank Ltd. was set up in 1894 with
headquarters at Lahore. Between 1906 and 1913, Bank of India,
Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank,
and Bank of Mysore were set up. Reserve Bank of India came in
1935.
During the first phase the growth was very slow and banks also
experienced periodic failures between 1913 and 1948. There were
approximately 1100 banks, mostly small. To streamline the
functioning and activities of commercial banks, the Government of
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India came up with The Banking Companies Act, 1949 which was
later changed to Banking Regulation Act 1949 as per amending Act of
1965 (Act No. 23 of 1965). Reserve Bank of India was vested with
extensive powers for the supervision of banking in India as the
Central Banking Authority.
During those day’s public has lesser confidence in the banks. As an
aftermath deposit mobilization was slow. Abreast of it the savings
bank facility provided by the Postal department was comparatively
safer. Moreover, funds were largely given to traders.
Phase II
Government took major steps in this Indian Banking Sector Reform
after independence. In 1955, it nationalized Imperial Bank of India
with extensive banking facilities on a large scale specially in rural and
semi-urban areas. It formed State Bank of India to act as the
principal agent of RBI and to handle banking transactions of the
Union and State Governments all over the country.
Seven banks forming subsidiary of State Bank of India was
nationalized in 1960 on 19th July, 1969, major process of
nationalization was carried out. It was the effort of the then Prime
Minister of India, Mrs. Indira Gandhi. 14 major commercial banks in
the country was nationalized.
Second phase of nationalization Indian Banking Sector Reform was
carried out in 1980 with seven more banks. This step brought 80% of
the banking segment in India under Government ownership.
6

The following are the steps taken by the Government of India to
Regulate Banking Institutions in the Country:
• 1949 : Enactment of Banking Regulation Act.
• 1955 : Nationalization of State Bank of India.
• 1959 : Nationalization of SBI subsidiaries.
• 1961 : Insurance cover extended to deposits.
• 1969 : Nationalization of 14 major banks.
• 1971 : Creation of credit guarantee corporation.
• 1975 : Creation of regional rural banks.
• 1980 : Nationalization of seven banks with deposits over 200
crore.
After the nationalization of banks, the branches of the public sector
bank India rose to approximately 800% in deposits and advances
took a huge jump by 11,000%.
Banking in the sunshine of Government ownership gave the public
implicit faith and immense confidence about the sustainability of
these institutions.
Phase III
This phase has introduced many more products and facilities in the
banking sector in its reforms measure. In 1991, under the
chairmanship of M Narasimham, a committee was set up by his name
which worked for the liberalization of banking practices.
The country is flooded with foreign banks and their ATM stations.
Efforts are being put to give a satisfactory service to customers.
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Phone banking and net banking is introduced. The entire system
became more convenient and swift. Time is given more importance
than money.
The financial system of India has shown a great deal of resilience. It
is sheltered from any crisis triggered by any external
macroeconomics shock as other East Asian Countries suffered. This is
all due to a flexible exchange rate regime, the foreign reserves are
high, the capital account is not yet fully convertible, and banks and
their customers have limited foreign exchange exposure.
8

NATIONALIZATION OF BANKS IN INDIA
The nationalization of banks in India took place in 1969 by Mrs.
Indira Gandhi the then prime minister. It nationalized 14 banks then.
These banks were mostly owned by businessmen and even managed
by them.
• Central Bank of India
• Bank of Maharashtra
• Dena Bank
• Punjab National Bank
• Syndicate Bank
• Canara Bank
• Indian Bank
• Indian Overseas Bank
• Bank of Baroda
• Union Bank
• Allahabad Bank
• United Bank of India
• UCO Bank
• Bank of India
Before the steps of nationalization of Indian banks, only State Bank
of India (SBI) was nationalized. It took place in July 1955 under the
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SBI Act of 1955. Nationalization of Seven State Banks of India
(formed subsidiary) took place on 19th July, 1960.
The State Bank of India is India's largest commercial bank and is
ranked one of the top five banks worldwide. It serves 1,24,61324
online customers through a network of 17,028 branches and it offers
-- either directly or through subsidiaries -- a wide range of banking
services.
After the nationalization of banks in India, the branches of the public
sector banks rose to approximately 800% in deposits and advances
took a huge jump by 11,000%.
• 1955 : Nationalization of State Bank of India.
• 1959 : Nationalization of SBI subsidiaries.
• 1969 : Nationalization of 14 major banks.
• 1980 : Nationalization of seven banks with deposits over 200
crores.
Scheduled Commercial Banks In India
The commercial banking structure in India consists of:
• Scheduled Commercial Banks in India
• Unscheduled Banks in India
Scheduled Banks in India constitute those banks, which have been
included in the Second Schedule of Reserve Bank of India (RBI) Act,
1934. RBI in turn includes only those banks in this schedule, which
satisfy the criteria laid down, vide section 42 (6) (a) of the Act.
10

As on 30th June, 1999, there were 300 scheduled banks in India
having a total network of 64,918 branches. The scheduled
commercial banks in India comprise of State bank of India and its
associates (8), nationalized banks (19), foreign banks (45), private
sector banks (32), co-operative banks and regional rural banks.
"Scheduled banks in India" means the State Bank of India
constituted under the State Bank of India Act, 1955 (23 of 1955), a
subsidiary bank as defined in the State Bank of India (Subsidiary
Banks) Act, 1959 (38 of 1959), a corresponding new bank
constituted under section 3 of the Banking Companies (Acquisition
and Transfer of Undertakings) Act, 1970 (5 of 1970), or under
section 3 of the Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1980 (40 of 1980), or any other bank being a
bank included in the Second Schedule to the Reserve Bank of India
Act, 1934 (2 of 1934), but does not include a co-operative bank".
"Non-scheduled bank in India" means a banking company as defined
in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of
1949), which is not a scheduled bank".
The following are the Scheduled Banks in India (Public
Sector):
• State Bank of India
• State Bank of Bikaner and Jaipur
• State Bank of Hyderabad
• State Bank of Indore
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• State Bank of Mysore
• State Bank of Saurashtra
• State Bank of Travancore
• Andhra Bank
• Allahabad Bank
• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Canara Bank
• Corporation Bank
• Dena Bank
• Indian Bank
• Oriental Bank of Commerce
• Punjab and Sind Bank
• Syndicate Bank
• Union Bank of India
• UCO Bank
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• Vijaya Bank
The following are the Scheduled Banks in India (Private
Sector):
• Kotak bank Ltd
• UTI Bank Ltd
• Indusind Bank Ltd
• ICICI Banking Corporation Bank Ltd
• Global Trust Bank Ltd
• HDFC Bank Ltd
• Centurion Bank Ltd
• Bank of Punjab Ltd
• IDBI Bank Ltd
• Bandhan bank Ltd (incorporated on 23rd December 2014)
13

The following are the Scheduled Foreign Banks in India:
• American Express Bank Ltd.
• ANZ Gridlays Bank Plc.
• Bank of America NT & SA
• Bank of Tokyo Ltd.
• Banquc Nationale de Paris
• Barclays Bank Plc
• Citi Bank N.C.
• Deutsche Bank A.G.
• Hongkong and Shanghai Banking Corporation
• Standard Chartered Bank.
• The Chase Manhattan Bank Ltd.
14

BANKS IN INDIA
In India the banks are being segregated in different groups. Each
group has their own benefits and limitations in operating in India.
Each has their own dedicated target market. Few of them only work
in rural sector while others in both rural as well as urban. Many even
are only catering in cities. Some are of Indian origin and some are
foreign players.
All these details and many more is discussed over here. The banks
and its relation with the customers, their mode of operation, the
names of banks under different groups and other such useful
information’s are talked about.
One more section has been taken note of is the upcoming foreign
banks in India. The RBI has shown certain interest to involve more of
foreign banks than the existing one recently. This step has paved a
way for few more foreign banks to start business in India.
Major Banks in India
• ABN-AMRO Bank
• Abu Dhabi Commercial Bank
• American Express Bank
• Andhra Bank
• Allahabad Bank
• Bank of Baroda
• Bank of India
• Bank of Maharastra
• Bank of Punjab
• Bank of Rajasthan
• IndusInd Bank
• ING Vysya Bank
• Jammu & Kashmir Bank
• JPMorgan Chase Bank
• Karnataka Bank
• Karur Vysya Bank
• Laxmi Vilas Bank
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• Bank of Ceylon
• BNP Paribas Bank
• Canara Bank
• Catholic Syrian Bank
• Centurion Bank
• China Trust Commercial Bank
• Citi Bank
• City Union Bank
• Dena Bank
• Deutsche Bank
• Development Credit Bank
• Dhanalakshmi Bank
• Federal Bank
• HDFC Bank
• HSBC ICICI Bank
• IDBI Bank
• Indian Bank
• Punjab & Sind Bank
• Scotia Bank
• South Indian Bank
• Standard Chartered Bank
• State Bank of India (SBI)
• State Bank of Bikaner &
Jaipur
• State Bank of Saurastra
• Syndicate Bank
• Taib Bank
• UCO Bank
• United Bank Of India
• United Western Bank
• UTI Bank
• Vijaya Bank
16

Fact Files of Banks in India
The first, the oldest, the largest, the biggest, get all such types of
information’s about Banking in India in this section.
The first bank in India to be given an ISO
Certification
Canara Bank
The first bank in Northern India to get ISO 9002
certification for their selected branches
Punjab and Sind
Bank
The first Indian bank to have been started solely
with Indian capital
Punjab National
Bank
The first among the private sector banks in Kerala to
become a scheduled bank in 1946 under the RBI Act
South Indian
Bank
India's oldest, largest and most successful
commercial bank, offering the widest possible range
of domestic, international and NRI products and
services, through its vast network in India and
overseas
State Bank of
India
India's second largest private sector bank and is now
the largest scheduled commercial bank in India
The Federal Bank
Limited
Bank which started as private shareholders banks,
mostly Europeans shareholders
Imperial Bank of
India
The first Indian bank to open a branch outside India Bank of India,
17

in London in 1946 and the first to open a branch in
continental Europe at Paris in 1974
founded in 1906
in Mumbai
The oldest Public Sector Bank in India having
branches all over India and serving the customers
for the last 132 years
Allahabad Bank
The first Indian commercial bank which was wholly
owned and managed by Indians
Central Bank of
India
Bank of India was founded in 1906 in Mumbai. It became the first
Indian bank to open a branch outside India in London in 1946 and
the first to open a branch in continental Europe at Paris in 1974.
18

PUBLIC SECTOR BANKS
Among the Public Sector Banks in India, United Bank of India is one
of the 14 major banks, which were nationalized on July 19, 1969. Its
predecessor, in the Public Sector Banks, the United Bank of India
Ltd., was formed in 1950 with the amalgamation of four banks viz.
Comilla Banking Corporation Ltd. (1914), Bengal Central Bank Ltd.
(1918), Comilla Union Bank Ltd. (1922) and Hooghly Bank Ltd.
(1932).
Oriental Bank of Commerce (OBC), Government of India Undertaking
offers Domestic, NRI and Commercial banking services. OBC is
implementing a GRAMEEN PROJECT in Dehradun District (UP) and
Hanumangarh District (Raiasthan) disbursing small loans. This Public
Sector Bank India has implemented 14 point action plan for
strengthening of credit delivery to women and has designated 5
branches as specialized branches for women entrepreneurs.
19

The following are the list of Public Sector Banks in India
• Allahabad Bank
• Andhra Bank
• Bank of Baroda
• Bank of India
• Bank of Maharastra
• Canara Bank
• Dena Bank
• Indian Bank
• Punjab & Sind Bank
• Syndicate Bank
• UCO Bank
• Vijaya Bank
20

List of State Bank of India and its subsidiary, a
Public Sector Banks
o State Bank of Bikaner & Jaipur
o State Bank of India
o State Bank of Hyderabad
o State Bank of Indore
o State Bank of Mysore
o State Bank of Saurastra
o State Bank of Travancore
21

PRIVATE SECTOR BANKS
Private banking in India was practiced since the beginning of banking
system in India. The first private bank in India to be set up in Private
Sector Banks in India was IndusInd Bank. It is one of the fastest
growing Bank Private Sector Banks in India. IDBI ranks the tenth
largest development bank in the world as Private Banks in India and
has promoted a world class institutions in India.
The first Private Bank in India to receive an in principle approval from
the Reserve Bank of India was Housing Development Finance
Corporation Limited, to set up a bank in the private sector banks in
India as part of the RBI's liberalization of the Indian Banking
Industry. It was incorporated in August 1994 as HDFC Bank Limited
with registered office in Mumbai and commenced operations as
Scheduled Commercial Bank in January 1995.
ING Vysya, yet another Private Bank of India was incorporated in the
year 1930. Bangalore has a pride of place for having the first branch
inception in the year 1934. With successive years of patronage and
constantly setting new standards in banking, ING Vysya Bank has
many credits to its account.
List of Private Banks in India
22

• Bandhan Bank
• Bank of Punjab
• Bank of Rajasthan
• Catholic Syrian Bank
• Centurion Bank
• City Union Bank
• Dhanalakshmi Bank
• Development Credit Bank
• Federal Bank
• HDFC Bank
• ICICI Bank
• IDBI Bank
• IndusInd Bank
• ING Vysya Bank
• Jammu & Kashmir Bank
• Karnataka Bank
• Karur Vysya Bank
• Laxmi Vilas Bank
• South Indian Bank
• United Western Bank
• UTI Bank
23

ICICI BANK
OVERVIEW
ICICI Bank (formerly Industrial Credit and Investment
Corporation of India). ICICI Limited, was established in 1955 by
the World Bank, the Government of India and the Indian Industry,
for the promotion of industrial development in India by giving project
and corporate finance to the industries in India.
ICICI Bank has grown from a development bank to a financial
conglomerate and has become one of the largest public financial
institutions in India. ICICI Bank has financed all the major sectors of
the economy, covering 6,848 companies and 16,851 projects.
ICICI Bank Fact Files
Total assets:Rs. 6783.56 billion (US$ 103 billion)at March 31, 2015
Profit after tax : Rs. 111.75 billion (US$ 1,788 million)for the year
ended March 31, 2015
Network: 4,050 branches
ATMs: Over 12,921 Abroad Subsidiaries: United Kingdom and
Canada
Abroad branches: Singapore and Bahrain
Representative offices: United States, China, United Arab Emirates,
and Bangladesh And South Africa.
25

ICICI Bank is India's second-largest bank with total assets of Rs.
4,062.34 billion (US$ 91 billion) at March 31, 2015 and profit after
tax Rs. 51.51 billion (US$ 1,155 million) for the year ended March
31, 2015. The Bank has a network of 2,533 branches and 6,401
ATMs in India, and has a presence in 19 countries, including
India. ICICI Bank's equity shares are listed in India on the 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).
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).The principal objective was to create a
development financial institution for Providing medium-term and
long-term project financing to Indian businesses. In the 1990s, ICICI
transformed its business from a development financial institution
offering only project finance to a diversified financial service group
offering a wide variety of products and services, both directly and
26

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.
After consideration of various corporate structuring alternatives in
the context of the emerging competitive scenario in the Indian
banking industry, and the move towards universal banking, the
managements of ICICI and ICICI Bank formed the view that the
merger of ICICI with ICICI Bank would be the optimal strategic
alternative for both entities, and would create the optimal legal
structure for the ICICI group's universal banking strategy. The
merger would enhance value for ICICI shareholders through the
merged entity's access to low-cost deposits, greater opportunities for
earning fee-based income and the ability to Participate in the
payments system and provide transaction-banking services. The
merger would enhance value for ICICI Bank shareholders through a
large capital base and scale of operations, seamless access to ICICI's
strong corporate relationships built up over five decades, entry into
new business segments, higher market share in various business
segments, particularly fee-based services, and access to the vast
talent pool of ICICI and its subsidiaries. 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
27

the High Court of Judicature at Mumbai and the Reserve Bank of
India in April 2002. Consequent to the merger, the ICICI group's
financing and banking Operations, both wholesale and retail, have
been integrated in a single entity.
28

ICICI GROUP
ICICI VENTURE
ICICI Venture is one of the largest and most successful private equity
firms in India with funds under management to the tune of USD 2
billion.
ICICI Venture, over the years has built an enviable portfolio of
companies across sectors including pharmaceuticals, Information
Technology, media, manufacturing, logistics, textiles, real estate etc
thereby building sustainable value.
It has several “firsts” to its credit in the Indian Private Equity
industry. Amongst them are India’s first leveraged buyout
(Infomedia), the first real estate investment (Cyber Gateway), the
first mezzanine financing for a acquisition (Arch Pharmalabs) and the
first ‘royalty-based’ structured deal in Pharma Research &
Development (Dr Reddy’s).
29

ICICI Venture has a wide network of third party investors, which
include Domestic investors such as public sector banks, financial
institutions and Insurance companies. A significant portion of the
fund’s corpus is also from International development financial
institutions and international funds.
The company has over 40 qualified professionals with experience
across sectors and functions. The capabilities of the team, structure
of the organization, Emphasis on value creation and performance
evaluation matrices enable ICICI Venture to extract superior returns
from its investments.
ICICI SECURITIES – India’s Leading Investment
Bank
ICICI Securities Ltd is an integrated securities firm offering a wide
range of services including investment banking, institutional broking,
retail broking, private wealth management, and financial product
distribution.
ICICI Securities sees its role as 'Creating Informed Access to the
Wealth of the Nation' for its diversified set of client that include
corporates, financial institutions, high net-worth individuals and retail
investors.
Headquartered in Mumbai, ICICI Securities operates out of 66 cities
and towns in India and global offices in Singapore and New York.
ICICI Securities Inc., the stepdown wholly owned US subsidiary of
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the company is a member of the Financial Industry Regulatory
Authority (FINRA) / Securities Investors Protection
Corporation (SIPC). ICICI Securities Inc. activities include Dealing in
Securities and Corporate Advisory Services in the United States.
ICICI Securities Inc. is also registered with the Monetary Authority of
Singapore (MAS)and operates a branch office in Singapore.
PRUDENTIAL ICICI
Prudential ICICI Asset Management Company enjoys the strong
parentage of Prudential plc, one of UK's largest players in the
insurance & fund management sectors and ICICI Bank, a well-known
and trusted name in financial services in India. Prudential ICICI Asset
Management Company, in a span of just over eight years, has forged
a position of pre-eminence in the Indian Mutual Fund industry as one
of the largest asset management companies in the country with
assets under management of Rs. 23559.60 crores. The Company
manages a comprehensive range of schemes to meet the varying
investment needs of its investors spread across 68 cities in the
country.
PRUDENTIAL LIFE INSURANCE
India's Number One private life insurer, ICICI Prudential Life
Insurance Company is a joint venture between ICICI Bank-one of
India's foremost financial services companies-and Prudential plc- a
leading international financial services group headquartered in the
United Kingdom. Total capital infusion stands at Rs. 15.85 billion,
31

with ICICI Bank holding a stake of 74% and Prudential plc holding
26%.
We began our operations in December 2000 after receiving approval
from Insurance Regulatory Development Authority (IRDA). Today,
our nation-wide team comprises nearly 120,000 insurance advisors,
18 banc assurance partners and 200 corporate agent tie-ups.
ICICI Prudential was the first life insurer in India to receive a
National Insurer Financial Strength rating of AAA (Ind) from Fitch
ratings. For three years in a row, ICICI Prudential has been voted as
India's Most Trusted Private Life Insurer, by The Economic Times -
AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow
our distribution, product range and customer base, we continue to
tirelessly uphold our commitment to deliver world-class financial
solutions to customers all over India.
ICICI LOMBARD
ICICI Lombard General Insurance Company Limited is a 74:26 joint
venture between ICICI Bank Limited and the US-based $ 26 billion
Fairfax Financial Holdings Limited. ICICI Bank is India's second
largest bank, while Fairfax Financial Holdings is a diversified financial
corporate engaged in general insurance, reinsurance, insurance
claims management and investment management. Lombard Canada
Ltd, a group company of Fairfax Financial Holdings Limited, is one of
Canada's oldest property and casualty insurers. ICICI Lombard
General Insurance Company received regulatory approvals to
commence general insurance business in August 2010.
32

Why ICICI Lombard?
 India 's number one private general insurance company
 First general insurance company in India to be ISO
9001:2000 certified
 Assigned the IAAA rating by ICRA indicating highest claims
paying ability
 Simple and fast documentation
 Lightning fast claims settlement
 Instant online policy issuance
 Comprehensive product line
 Highest security level offered through 128-bit encryption .
 First company to provide digitally signed documents through
an online interface
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 Achieved financial breakeven in first full year of operations
 Achieved underwriting breakeven in second year of
operations
 Adjudged amongst the top three in the Insurance Website of
the Year category at the 9th Asia Insurance Industry Awards
function held in Singapore during September, 2005
PRODUCT
ICICI Bank offers wide variety of Deposit Products to suit your
requirements. Coupled with convenience of networked
branches/ ATMs and facility of E-channels like Internet and
Mobile Banking, ICICI Bank brings banking at your doorstep.
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Select any of our deposit products and provide your details
online and our representative will contact you for Account
Opening.
SAVING ACCOUNTS
ICICI Bank offers you a power packed Savings
Account with a host of convenient features and
banking channels to transact through. So now you
can bank at your convenience, without the stress of
waiting in queues
SENIOR CITIZEN SERVICES
We understand that as you reach the age to retire,
you do have certain concerns … whether your hard
earned money is safe and secure … whether your
investments give you the kind of returns that you need. That's
why we have an ideal Banking Service for those who are 60
years and above. The Senior Citizen Services from ICICI Bank
has several advantages that are tailored to bring more
convenience and enjoyment in your life.
YOUNG STARS
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It's really important to help children learn the value of finances
and money management at an early age. Banking is a serious
business, but we make banking a pleasure and at the same
time children learn how to manage their personal finances.
FIXED DEPOSITS
Safety, Flexibility, Liquidity and Returns!!!! A
combination of unbeatable features of the Fixed
Deposit from ICICI Bank
RECURRING DEPOSITS
When expenses are high, you may not have adequate
funds to make big investments. But simply going ahead
without saving for the future is not an option for you.
Through ICICI Bank Recurring Deposit you can invest small amounts
of money every month that ends up with a large saving on maturity.
So you enjoy twin advantages- affordability and higher earnings
LOANS
ICICI Bank offers wide variety of Loans Products to suit your
requirements. Coupled with convenience of networked
branches/ ATMs and facility of E-channels like Internet and
Mobile Banking, ICICI Bank brings banking at your doorstep.
Select any of our loan product and provide your details online
and our representative will contact you for getting loans
36

HOME LOAN
The No. 1 Home Loans Provider in the country, ICICI
Bank Home Loans offers some unbeatable benefits to
its customers - Doorstep Service, Simplified
Documentation and Guidance throughout the Process. It's really
easy!
PERSONAL LOANS
If you're looking for a personal loan that's easy to get,
your search ends here. ICICI Bank Personal Loans are
easy to get and absolutely hassle free. With minimum
documentation you can now secure a loan for an amount up to Rs.
15 lakhs
CAR LOANS
The NO 1 financier for car loans in the country. Network
of more than 1500 channel partners in over 780
locations. Tie-ups with all leading automobile
manufacturers to ensure the best deals. Flexible
schemes & quick processing. Hassle-free application process on the
click of a mouse.
COMMERCIAL VEHICLE LOANS
Range of services on existing loans & extended products
like funding of new vehicles, refinance on used vehicles,
37

balance transfer on high cost loans, top up on existing loans, Extend
product, working capital loans & other banking products
TWO WHEELER LOANS
Avail attractive schemes at competitive interest rates
from the No 1 Financier for Two Wheeler Loans in the
country. Finance facility up to 90% of the On Road Cost
of the vehicle, repayable in convenient repayment options and
comfortable tenors from 6 months to 36 months. Ride home on your
Dream Two Wheeler with our hassle free finance.
FARM EQUIPMENT LOANS
Preferred financier for almost all leading tractor
manufacturers in the country. Flexible repayment
options in tandem with the farmer's seasonal liquidity.
Monthly, Quarterly and Half-yearly repayment patterns to choose
from. Comfortable repayment tenures from 1 year to 9 year
CARDS
ICICI Bank offers a variety of cards to suit your different
transactional needs. Our range includes Credit Cards, Debit
Cards and Prepaid cards. These cards offer you convenience for
your financial transactions like cash withdrawal, shopping and
travel. These cards are widely accepted both in India and
abroad. Read on for details and features of each.
CREDIT CARDS
38

ICICI Bank Credit Cards give you the facility of cash,
convenience and a range of benefits, anywhere in the
world. These benefits range from life time free cards,
Insurance benefits, global emergency assistance service, discounts,
utility payments, travel discounts and much more.
DEBIT CARDS
The ICICI Bank Debit Card is a revolutionary form
of cash that allows customers to access their bank
account around the clock, around the world. The
ICICI Bank Debit Card can be used for shopping at more than
100,000 merchants in India and 13 million merchants
worldwide.
TRAVEL CARD
Presenting ICICI Bank Travel Card. The Hassle Free
way to Travel the world. Traveling with US Dollar,
Euro, Pound Sterling or Swiss Francs; Looking for
security and convenience; take ICICI Bank Travel Card. Issued
in duplicate. Offers the Pin based security. Has the convenience
of usage of Credit or Debit card.
PRE PAID CARDS
ICICI Bank brings to you a complete bouquet of
pre-paid cards providing payment solutions at your
39

fingertips. ICICI Bank pre-paid cards are a safe & convenient
way for associate payments, disbursements, gifting & small
ticket transactions. Pre-paid cards are available on a VISA
platform thus providing accessibility to over one lakh merchant
establishments & cash withdrawal from all VISA ATMs in India.
INVESTMENTS
At ICICI Bank, we care
about all your needs.
Along with Deposit products and Loan offerings, ICICI Bank
assists you to manage your finances by providing various
investment options ranging from ICICI Bank Tax Saving Bonds
to Equity Investments through Initial Public Offers and
Investment in Pure Gold. ICICI Bank facilitates following
investment products:
• ICICI Bank Tax Saving Bonds
• Government of India Bonds
• Investment in Mutual Funds
• Initial Public Offers by Corporate
• Investment in "Pure Gold"
• Foreign Exchange Services
• Senior Citizens Savings Scheme, 2004
40

You can invest in above products through any of our branches.
For select products ICICI Bank also provides the ease of
investing through electronic channels like ATMs and Internet
(ICICIdirect.com)
Demat Services
ICICI Bank Demat
Services boasts of an
ever-growing
customer base of over 11.5 lacs account holders. In our
continuous endeavor to offer best of the class services to our
customers we offer the following features:
e-Instructions: You can transfer securities 24 hours a day, 7 days a
week through Internet & Interactive Voice Response (IVR) at a lower
cost. Now with "Speak to transfer", you can also transfer or pledge
instructions through our customer care officer.
Consolidation Demat Account: Dematerialize your physical shares
in various holding patterns and consolidate all such scattered
holdings into your primary demat account at reduced cost
Digitally Signed Statement: Receive your account statement and
bill by email.
Corporate Benefit Tracking: Track your dividend, interest, bonus
through your account statement.
Mobile Request: Access your demat account by sending SMS to
enquire about Holdings, Transactions, Bill & ISIN details
41

Mobile Alerts: Receive SMS alerts for all debits/credits as well as for
any request, which cannot be processed
Dedicated customer care executives specially trained at our
call center, to handle all your queries.
Countrywide network of over 235 branches, you are never far from
an ICICI Bank Demat Services outlet
Private banking
The chosen few know that the
secret to success in life is
living it. To the fullest on your
terms. Then life's luxuries follow naturally at home, at work, at play.
Not as an exception, but as the rule. At ICICI Bank, we believe, it
should be the same when it comes to banking. A world where
talented people, synchronized processes and innovative products
come together to create seamless global banking solutions. Solutions
that go beyond wealth management. Solutions that are uniquely
tailored to your specific needs.
PRICE
Growth due to increase in advances, net interest income
The numbers
Total income was Rs 6,316.19 crore in the first quarter from Rs
4,206.49 crore.
The Net Interest Income (NII) of the bank increased by 52 per cent
to Rs 1,475 crore from Rs 969 crore. Other income also rose to Rs
1,277.56 crore from Rs 1,090.5 crore.
42

The net profit of ICICI Bank, the largest private sector bank in the
country, increased 17 per cent to Rs 620.01 crore in the quarter
ended June 30, 2006, from Rs 530.01 crore in the same quarter last
fiscal. The growth in profit was mainly on account of increase in
advances and the consequent rise in the net interest income. Total
income was up at Rs 6,316.19 crore in the first quarter from Rs
4,206.49 crore.
The net interest income (NII) of the bank increased by 52 per cent to
Rs 1,475 crore from Rs 969 crore. Other income also rose to Rs
1,277.56 crore from Rs 1,090.5 crore.
Ms Kalpana Morparia, Joint Managing Director, said the increase in
NII and fee income was offset by a fall in treasury income and higher
provisioning. While fee income rose by 50 per cent to Rs 985 crore
from Rs 658 crore, treasury earnings fell to Rs 88 crore from Rs 183
crore. Total expenditure increased to Rs 5,084.83 crore from Rs
3,235.71 crore. Provisions and contingencies increased by 62 per
cent to Rs 482.78 crore (Rs 297.88 crore). Ms Morparia said the
43

increase in provision was purely a function of higher level of general
provision after the Reserve Bank of India increased the risk weight
age on standard assets. The bank's net interest margin for the
quarter was 2.5 per cent, marginally down from 2.6 per cent. This
was despite little or no securitisation in the first quarter, due the
change in the guidelines, she said. "Re-pricing of loan products has
helped the bank to maintain the margin. But the full effect of it will
come from the second quarter," she said. ICICI Bank raised rates on
retail and corporate loans and its benchmark prime-lending rate by
50 basis points in June 2006. Total advances increased by 50 per
cent to Rs 1,47,184 crore (Rs 97,909 crore). Retail advances
increased by 59 per cent to Rs 98,687 crore (Rs 62,063 crore). Retail
assets constitute 67 per cent of advances. Total deposits increased
by 61 per cent to Rs 1,83,006 crore (Rs 1,13,778 crore)
PROMOTION
44

In recent times, many banks have unveiled a slew of attractive
schemes, loans, special accounts and credit cards customized for
women. Citibank and ICICI Bank's `Woman's Account'
Women comprise an integral part of our client profile," explains
Girish Kundan, Branch Manager at ICICI, Nehru Place, and New
Delhi.
ICICI's Women's Account allows one to deposit small sums in the
form of a recurring deposit. What differentiate it from normal savings
account is the value-added features. For the recurring deposit the
minimum amount is Rs 500, against the normative Rs 1,000. Also,
there are no tax deductions at source on the recurring deposit
ICICI Bank ropes in Shah Rukh Khan
ICICI Bank has once again decided to resort to
the celebrity endorsement route to promote its
brand. Almost two-and-a-half years since
superstar Amitabh Bachchan endorsed the
brand, the company has signed up Shah Rukh Khan as its global
ambassador. In a press release issued by the bank, Mr K.V. Kamath,
Managing Director and CEO, ICICI Bank, said, "We are proud to have
Shah Rukh Khan as our global brand ambassador. Having established
our leadership in the retail business over the last five years, the bank
is now poised to scale new heights in the global arena." Ms. Chanda
Kochhar Joint Managing Director, ICICI Bank, said, "ICICI Bank is
45

happy to be associated with Shah Rukh Khan whose increasing global
popularity brings synergy to our growing global presence". ICICI
Bank has a presence in 12 countries including the UK, Canada, the
US and West Asia.
ICICI Bank plans new-age ATMs for rural markets
ICICI Bank proposes to modify the technology
behind ATMs that determines how the money-
dispensing machine works. A project taken up in
association with IIT, Chennai is looking at ways of
dealing with a host of critical issues that may seem pretty run-of-the-
mill in an urban neighborhood but insurmountable in a typical Indian
village. Dr Nachiket Mor, Deputy MD of ICICI Bank, is working
towards introducing futuristic machines as part of its plan to reach
out to more customer segments, especially those in non-metros.
New machines the new machines are likely to have security features
not found in the ones commonly used. These may be able to
recognize old, used notes as well. It is not known at this stage as to
how many of such machines may be rolled out. ICICI Bank has
already installed many new ATMs in the recent past as part of its
programmed to provide greater off-site access to customers. The
idea is to allow more people to use ATMs - which would eliminate
their need to physically visit bank branches. "The technology we plan
to use here is smarter. The plan is to overcome what is proving to be
a major challenge for some of our customers," said Dr Mor.”
46

PLACE
MONITORING
The Banking Codes and Standards Board of India whose directors
include members of the Governing Council monitor the Code. The
contact details are as follows:
The Banking Codes and Standards Board of India
Reserve Bank of India Building,
C-7 , 4th floor , Bandra Kurla Complex,
Mumbai-400051
Telephone: 26573716 ; Fax: 26573719
Email : ceo.bcsbi@rbi.org.in ; Website: www.bcsbi.org.in
Getting Help
If you have any enquiries about the Code, you should contact us at
our designated telephone helpdesk or customer service number or
contact the Indian Banks’ Association at the following address.
Indian Banks' Association
Stadium House, Block II & III
Veer Nariman Road, Mumbai 400 020
Tel. No. 022-22844999 Fax: 022-22835638
Email: ibastadium@vsnl.net Website: www.iba.org.in
47

Main Branches Of ICICI Bank
P. O. Box No. 20
Banjara Hills P. O.
Hyderabad 500 034,
India
Ownership :
Phone : +91-22-5592 8000
www.icicibank.com
customer.care@icicibank.com
24 hour customer care no’s
• Ahemdabad 5530 9890
• Banglore 41131877
• Coimbatore 1800 345 3499
• Chandigarh 505 5700
• Chennai 4208 8000
• Delhi Mobile 9818178000
• Cuttack 1800 345 3499
• Delhi 4171 8000
• Hyderabad 2312 8000
• Darjeeling 1800 345 3499
• Guwahati 1800 345 3499
• Kochi 238 4500
• Indore 402 2005
• jamshedpur 1800 345 3499
• Mumbai 2830 7777
• Kolkata 98313 78000
• Lucknow 229 4577
• Ranchi 1800 345 3499
48

• Patna 1800 345 3499
• Pune 2610 3333
• Chattisgarh 98932 08000
• Siliguri 1800 345 3499
• andhra pradesh 98495 78000
• Haryana 98961 78000
• Goa 98904 78000
• Madhya pradesh 98932 08000
• Karnataka 98455 78000
• Kerala 98954 78000
• Rajasthan 98292 22292
• Maharashtra 98904 78000
• Punjab 98155 58000
• UP West 98973 08000
• Tamil nadu 98944 78000
• UP East 1800 345 3499
• Bhibanshwar 1800 345 3499
• Uttranchal 98973 08000
ICICI Bank Head Office:
ICICI Bank
9th Floor, South Towers
ICICI Towers
Bandra Kurla Complex
Bandra (E)
Mumbai
Phone : +91-022-653 7914
49

E-Mail: wecoveru@icici.com ; lifeline@icici.com
Some Abroad branches
Bahrain Branch
ICICI Bank Ltd.
Manama Centre
Manama
Kingdom of Bahrain
Tel: + 973 17 576 161
Fax: + 973 17 221 200
Bangladesh Representative Office
ICICI Bank Ltd.
Suite 11-01, Level 11
Unique Trade Centre, 8 Panthapath
Kawran Bazar, Police Station
Tejgaon, Dhaka
Bangladesh
Tel: + 88 02 912 4985
Canada Subsidiary
ICICI Bank Canada
Exchange Tower,
130 King Street West, Suite 2130
Toronto ON M5X 1B1
50

Canada
Tel: + 1 416 360 0909
Fax: + 1 647 436 1178
China Representative Office
ICICI Bank Ltd.
2805-2806,Bank of China Towers
200 Yincheng(M) Road
Pudong
Shanghai 200 120
P.R. China
Tel: + 86 21 5888 2413
Fax: + 86 21 5888 2347
Dubai Representative Office
ICICI Bank Ltd.
Suite No. 404, The Business Centre Building
Khalid Bin Al Waleed Street
Near Burjuman
Dubai U.A.E.
Tel: + 971 4 396 5333
Fax: + 971 4 396 6994
51

RESEARCH METHODOLOGY
Data Collection Techniques
This project consists of two parts.
The first part is a study of the banking industry, ICICI Bank using
secondary data sources. This secondary information has been
sourced from the internet and from business related magazines and
newspapers.
The second part of the study has been done using an exploratory
research process and a structured questionnaire was developed for
this purpose. For the collection of primary data this was the only
method used. The reason I used this method is because a need was
felt for the free influx of information about the products. Also this
method allowed the use of skills gained in class.
Sample Design
The population considered for the purpose of the survey was people
residing in Delhi and the National Capital Region (NCR).
Sampling Technique Used
52

Since the information required was not of a very technical nature and
also looking at the scope of the project and the extent of the target
segment, the
sampling technique employed was Convenience Sampling. I
administered the questionnaires.
Sample Size
I have restricted the sample size to 200 respondents. This was done
keeping
in mind the time constraints and the fact that I felt that this number
would be enough to serve the information needs required to show
the trends.
53

Customer Satisfaction
Customer satisfaction is equivalent to making sure that product and
service performance meets customer expectations. It is the
perception of the customer that the outcome of a business
transaction is equal to or greater than his/her expectation. Customer
satisfaction occurs when the acquisition of products and /or services
provides a minimum negative departure from expectations when
compared with other acquisitions and when the marginal utility of a
transaction is equal to or greater than preceding acquisitions.
Customer satisfaction occurs when the perception of the reward from
the purchase of goods or services by the customer meets or exceeds
his/her perceived sacrifice. The perception is a consequence of
matching past purchase and consumption experience with the
current purchase.
Customer Service and Satisfaction
We must cultivate our garden. –Voltair
When we talk about customer service and/or satisfaction, we talk
about creativity. Creativity allows us to handle or diffuse problems at
hand or later on rather in the process of conducting the everyday
business. We talk about how, or what, does the organization have to
do to gain not only the sale but also the loyalty of the customer. We
54

want to know the payoff of the transaction both in the short and long
term. We want to know what our customers Want? We want to know
if our customers are satisfied? Satisfaction, Of course, means that
what we delivered to a customer met the customer’s Approval. We
want to know if customers are delighted and willing to come
Back, and so on. Fleiss 2 and Feldman 3 present examples of that
delightfulness in their writings. Fleiss has written about Ben and
Jerry’s ice cream and Feldman has discussed excellence in a cab ride.
As important as delightfulness is, some of us minimize it, or even
totally disregard it. At this point, we fail. Some of the issues that will
guarantee failure in sales, satisfaction, and loyalty are:
• Employees must adhere to a rigid chain of command
• Employees are closely supervised
• Conflict—in whatever form—is not allowed
• Rewards are based on carrot-and-stick principles
• Wrong objectives are measure.
We must understand customer expectation levels concerning quality.
We must also understand the strategy for customer service quality,
and next we must understand the measurement and feedback cycles
of Customer satisfaction.
The customer is the person or unit receiving the output of a process
on the system. In fact, it is worth emphasizing that a customer can
be the immediate, intermediate, or ultimate customer. Also, a
customer may be a person or persons, or a process or processes.
55

Customer satisfaction, however, is when the customer is satisfied
with a product/service that meets the customer’s needs, wants, and
expectations.
There are at least three levels of customer expectations about
quality:
Level 1. Expectations are very simple and take the form of
assumptions, must have, or take it for granted. For example, I
expect the airline to be able to take off, fly to my destination, and
land
safely. I expect to get the correct blood for my blood transfusion and
I expect the bank to deposit my money to my account and to keep a
correct tally for me.
Level 2. Expectations are a step higher than that of level 1 and they
require some form of satisfaction through meeting the requirements
and/or specifications. For example, I expect to be
treated courteously by all airline personnel. I went to the hospital
expecting to have my hernia repaired, to be in some pain after it was
done, to be out on the same day, and to receive a correct
bill. And I went to the bank expecting the bank teller to be friendly,
informative, and helpful with my transactions.
Level 3. Expectations are much higher than for levels 1 and 2. Level
3 requires some kind of delightfulness or a service that is so good
that it attracts me to it. For example, an airline gives passengers
traveling coach class the same superior food service that other
56

airlines provide only for first-class passengers. In fact, I once took a
flight where the flight attendants actually baked
cookies for us right there on the plane. When I went to the hospital, I
expected staff to treat me with respect and they carefully explained
things to me. But I was surprised when they called me at home the
next day to find out how I was doing. And at my house closing, the
bank officer, representing the bank holding my mortgage, not only
treated me with respect and answered all my questions about my
new mortgage, but just before we shook hands to close the deal, he
gave me a housewarming gift.
Customer satisfaction surveys help to:
1. Improve customer, client, or employee loyalty.
2. React quickly to changes in the market.
3. Identify and capitalize on opportunities.
4. Beat the competition.
5. Retain or gain market share.
6. Increase revenue.
7. Reduce costs.
57

COMPANY’S EFFORT TO ENSURE
SATISFACTION OF CUSTOMERS
Objectives Of ICICI
 Promote good and fair banking practices by setting minimum
standards in dealing with you
 Increase transparency so that you can have a better
understanding of what you can reasonably expect of the
services;
 Encourage market forces, through competition, to achieve higher
operating standards;
 Promote a fair and cordial relationship between you and your
bank;
 Foster confidence in the banking system
To Help You To Understand How Our Financial Products And Services
Work By:
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a. Giving you information about them in any one or more of the
following languages: Hindi, English or the appropriate local language.
b. Ensuring that our advertising and promotional literature is clear and
not misleading
c. Ensuring that you are given clear information about our products
and services, the terms and conditions and the interest rates/service
charges, which apply to them.
d. Giving you information on what are the benefits to you, how you can
avail of the benefits, what are their financial implications and whom
you can contact for addressing you queries and how.
To Help You Use Your Account Or Service By:
a. Providing you regular appropriate updates.
b. Keeping you informed about changes in the interest rates, charges
or terms and conditions.
59

Information
You can get information on interest rates, common fees and charges
through any one of the following:
a. Looking at the notices in our branches ;
b. Phoning our branches or help-lines;
c. Looking on our website;
d. Asking our designated staff/help desk ;or
e. Referring to the service guide/Tariff Schedule.
Before You Become a Customer we will:
 give you clear information explaining the key features of the
services and products you tell us you are interested in;
 give you information on any type of products and services which
we offer and that may suit your needs;
 tell you if we offer products and services in more than one way
[for example, through
 ATMs, on the Internet, over the phone, in branches and so on]
and tell you how to find out more about them;
 tell you what information we need from you to prove your
identity and address, for us to comply with legal, regulatory and
internal policy requirements.
60

Advertising, Marketing and Sales
 We will make sure that all advertising and promotional material
is clear, and not misleading.
 In any advertising in any media and promotional literature that
draws attention to banking service or product and includes a
reference to an interest rate, we will also indicate whether other
fees and charges will apply and that full details of the relevant
terms and conditions are available on request.
 If we avail of the services of third parties for providing support
services, we will require that such third parties handle your
personal information (if any available to such third parties) with
the same degree of confidentiality and security as we would.
 We may, from time to time, communicate to you various
features of our products availed by you. Information about our
other products or promotional offers in respect of our
products/services, will be conveyed to you only if you have given
your consent to receive such information/ service either by mail
or by registering for the same on our website or on our phone
banking/customer service number.
 We have prescribed a code of conduct for our Direct Selling
Agencies (DSAs) whose services we may avail to market our
products/ services which amongst other matters requires them
to identify themselves when they approach you for selling our
products personally or through phone.
61

 In the event of receipt of any complaint from you that our
representative/courier or DSA has engaged in any improper
conduct or acted in violation of this Code, we shall take
appropriate steps to investigate and to handle the complaint and
to make good the loss.
Privacy and Confidentiality
We will treat all your personal information as private and confidential
[even when you are no longer a customer], and shall be guided by the
following principles and policies
62

COMPARISON OF ICICI WITH SBI
ICICI bank is the largest private sector bank in India and the second largest
commercial bank in India. It has branches all over India and even in smaller
towns in South India after the takeover of Bank of Madurai . The bank also
has foreign subsidiaries like ICICI bank, Canada in Canada, Britain and
Russia ,representative offices in USA, China, UAE, Bangladesh, South Africa
and branches in Bahrain, Singapore .
• It offers a platform for online share trading through ICICI Direct and
insurance services - ICICI Prudential. NRI services include money
transfer through Money2India, which offer better foreign exchange
rates for lower amounts compared to other services.
• Like most private sector banks, all ICICI bank branches in India
are networked. You can access your account from any ICICI
bank branch in India. Anyone can also deposit cash/local cheque
in your account at any branch of ICICI bank.
• Also they have very convenient bank timings and are open for
12 hours from 8.00 a.m to 8 p.m from Monday to Saturday.
When you deposit a cheque at their branch, they will readily give
you a stamped acknowledgement for deposit. You can only
deposit cash in your own account at the ATM, for depositing cash
into a third party account, you have to visit the branch. You have
to select the deposit cash option, you will get an envelope for
depositing cash, which you can then fill in the details and deposit
63

it back. At locations where ICICI bank does not have a branch,
the queue at the ATMs are very long. Just after office hours ,
between 6 pm - 7.30 pm , customers sometimes have to wait
for 15-20 minutes on some days, to access the ATM.
Since ICICI bank was established after 1991 it offers online banking
where you can check the balance in your account any time. The
interface for savings accounts is much better and user friendly
compared to that for their roaming current account
• However, unlike other banks like HDFC bank, their online bank
statement does not indicate the branch at which the amount is
deposited. The information is available in the email statement
sent to you the next day. You have to contact phone banking ,
enter CRN and TPIN, during working hours to get this
information. Very often, the system is slow, so you have to hold
on for 10 minutes.
• For savings account, up to 3 cash deposits per quarter (3
months) at the non base branch can be made at no cost. For
additional cash deposits, the bank charges the recipient Rs 100
(+ service tax) per deposit, irrespective of the amount
deposited. When the bank implemented this change, the ICICI
bank customers were not informed about the revision in the
charges. For outstation cheques, ICICI bank charges a minimum
of Rs 30 (+ service tax) for savings accounts . This is very
inconvenient for account holders in small towns, who receive
the dividend warrant payable in major cities only. These
64

warrants can be for small amounts like Rs 20. For salary
accounts, the minimum AQB required is zero and you retain the
account even after you leave the job. If your AQB is more than
Rs 100000, you get a free at par chequebook. For an AQB of
more than Rs 500000 (fixed deposit + savings account balance),
you are eligible for private banking services. For non
maintenance of average quarterly balance, not only do they
deduct Rs 750 from your balance, they also deduct an additional
service tax.
Many of the ICICI bank customers are salary account holders, who
are forced by their employers to open an account with ICICI bank to
receive their salary. The account is opened at a branch which is
convenient for the employer, but extremely inconvenient for the
employee. If want any clarification or information, their customer
support (through phone banking or email) will instruct you visit the
nearest branch - where the concerned person may or may not be
available. For savings account customers if you send an email asking
for clarifications, it is usually answered after a week.
• They have discontinued the auto sweep-in facility (earlier called
Quantum Optima ) , where the amount in savings account was
automatically converted into a fixed deposit, if it exceeded Rs
15000. With the decline in interest rates for loans, providing this
facility is no longer profitable for the bank. You now have to
give an application at the branch if you wish to continue with this
facility now. The form for making the application was sent along
with the monthly bank statement. You can alternately open a
65

recurring deposit, where a fixed amount is added to your fixed
deposit every month.
Making a new Fixed Deposit with ICICI bank for current accounts is
extremely time consuming , especially when compared to HDFC bank.
They will insist that you withdraw cash from your account for making
the FD. Since withdrawals of amounts more than Rs 25000 are subject
to cash withdrawal tax, for larger amounts , you will have to split the
fixed deposit and visit the branch on 2 different days. ICICI bank is
probably the only bank in India where they will not accept a ICICI
bank cheque for making a fixed deposit. We had given a cheque with
the fixed deposit form , but the bank officer insisted that we pay cash.
She said she would fill the form for us, but she did not select the
options which were initially indicated, causing further problems for us.
(SBI)is the largest public sector bank in India
. SBI has branches and ATMs all over India , details of which are
available at their website. State Bank of Hyderabad, State Bank of
Patiala, State Bank of Saurashtra, State Bank of Bikaner and
Jaipur ,State Bank of Indore, State Bank of Mysore and State Bank
of Travancore are the seven subsidary banks of SBI. As of March
2006, SBI holding in these banks varies from 74% to 100% , but is
likely to decrease in future. SBI has one of the largest network of
ATMs in the Asia Pacific region. Many branches of State Bank of India
are computerised. In places where the Reserve Bank of India, (RBI)
the central bank of India does have an office, SBI carries out many of
66

its functions. SBI timings vary according to location, for example the
Powai, Mumbai branch of State Bank of India is open between 10.15
am to 2pm (Monday-Friday
• You can open a public provident fund (PPF) account at any State
Bank of India branch. PPF accounts are one of the few savings
instruments which offer a high tax free interest rate of 8% per
year. All deposits made on or before 5th of a month earn
interest for the entire month. If you deposit a cheque in your PPF
account on the 5th of the month, you will get interest for the
month, though your account may be debited at a later date. The
interest is credited to the account at the end of the accounting
year in India.
• If you know an agent who is registered with that particular
branch of State Bank , he will pay you back, a part of the
commission he receives from the bank. So you can get back
0.5% - 0.6% of the amount deposited immediately by cash.
Usually larger the amount, the higher the commission paid back
by the agent (it is negotiable) . The pay-in slip for PPF has 3
sections - depositors copy, agents copy and bank copy. The
agents copy has to be given to the agent and he will give part of
the commission. Earlier financial services firm like Bluechip in
Mumbai, would also give a commission of 0.25% , but they have
stopped in the last 2 years.
• The minimum amount that can be invested in one year is Rs 500
and maximum amount is Rs 70000. This investment has a lock
67

in period of 15 years. No withdrawals are allow till 6 years after
account opening and one withdrawal is allowed per year there
after. It offers rebate under section 80C and the interest is tax
free under section 10C.
• For cash withdrawals, you can either use a withdrawal slip or
cheque. If an account is inactive for a long time, State Bank of
India does not charge any fee for reactivation. However, they
have a verification process, which may take a long time.
Payment of income tax , advance tax , sales tax can be done at
SBI branches. Foreign currency drafts can also be obtained at
the branches. Since SBI offers a variety of banking services,
their branches are usually very crowded.
• State Bank of India has increase home loan interest rates by 25-
75 basis points. Also no fixed rate loans will be available for
periods more than 10 years. These changes have come into
effect from March 1, 2006.
• SBI Railway Visa Card allows booking of railway tickets online at
the Indian Railways website at zero transaction charges. Users of
this credit card can get back up to 10% of ticket fare as railway
points. These points can be redeemed later, like frequent flyer
miles offered by airlines. State Bank of India is the largest issuer
of debit cards (Maestro) in India
• State Bank customers who have to wait a long time to process a
bank transaction can register their complaint through a touch
screen device for customer feedback service at the branch. The
68

information is recorded and processed in the central server. As
of March 2006, it is implemented in 10 branches of SBI in
Mumbai.When SBI employees go on strike, the Reserve Bank of
India takes over all clearing operations. However, banking
operations are affected since SBI has nearly 30% of the total
customers of banks in India. Cheques/DD drawn on SBI were not
cleared due to the strike. All government taxes like income tax,
sales tax, service tax can be paid at any branch of SBI.
• State Bank of India has 52 foreign offices in 34 countries
including Australia, UK, USA, Canada, Bahrain, Nigeria,
Bangladesh, Nepal, Bhutan Sri Lanka. These are useful for
foreign trade transactions like opening of Letter of Credit
STATE BANK OF INDIA Contact
Information
State Bank of India
Madame Cama Road
Mumbai 400 021, India
Tel. +91-22-20-22-426
Fax +91-22-28-52-708
Type: Public
On the web: http://www.statebankofindia.com
69

Employees: 205,515
Employee growth: (0.7%)
State Bank of India is the nation's largest bank. Tracing its roots back
some 200 years to the British East India Company (and initially
established as the Bank of Calcutta in 1806), the bank operates more
than 17,028 branches and over 21,000 ATMs within India, where it also
owns majority stakes in seven associate banks. State Bank of India
has more than 50 offices in nearly 35 other countries, including
multiple locations in the US (California), Canada, and Nigeria. The
bank has other units devoted to capital markets, fund management,
factoring and commercial services, and brokerage services. The
Reserve Bank of India owns about 60% of State Bank of India.
Key numbers for fiscal year ending March, 2005:
Sale: $12,456.0
One year growth: 11.6%
Net income: $1,301.4
Income growth: 3.8%
Officers:
Chairman: Arun Kumar Purwar
Managing Director and Group Executive (Corporate Banking): Tara
Shankar (T.S.) Bhattacharya
Deputy Managing Director and Chief Development Officer: Abhijit
Datta
70

State Bank of India
State Bank of India (SBI) (LSE: SBID) is the largest bank in India. It
is also, measured by the number of branch offices and employees, the
largest bank in the world. Established in 1806 as Bank of Bengal, it
remains the oldest commercial bank in the Indian Subcontinent and
also the most successful one providing various domestic, international
and NRI products and services, through its vast network in India and
overseas. With an asset base of $126 billion and its reach, it is a
regional banking behemoth. The bank was nationalized in 1955 with
the Reserve Bank of India having a 60% stake. It has laid emphasis on
reducing the huge manpower through Golden handshake schemes and
computerizing its operations
Roots
The roots to the State Bank of India are traceable to the first decade of
19th century, when the Bank of Calcutta, later renamed as the Bank of
Bengal, was established on 2 June 1806. The Bank of Bengal and two
other Presidency banks, namely, the Bank of Bombay (incorporated on
15 April 1840) and the Bank of Madras (incorporated on 1 July 1843)
were amalgamated on 27 January 1921, and the reorganized banking
entity was named the Imperial Bank of India. All these Presidency
71

banks were incorporated as joint stock companies, and were the result
of the royal charters. The Imperial Bank of India continued to remain a
joint stock company. Until the establishment of a central bank in India
the Imperial Bank and its early predecessors served as the nation's
central bank printing currency.
The Reserve Bank of India, which is the central banking organization of
India, in the year 1955, acquired a controlling interest in the Imperial
Bank of India and the Imperial Bank of India was christened on 30
April 1955 as the State Bank of India. This acquisition of the
controlling interest was done pursuant to the provisions of the State
Bank of India Act 1955, an Act enacted by the Parliament of India.
Timelines
Offices of the Bank of Bengal
• June 2, 1806: The Bank of Calcutta established.
• January 2, 1809: redesignated as Bank of Bengal.
• April 15, 1840: Bank of Bombay established.
• July 1, 1843: Bank of Madras established.
• 1861: Paper Currency Act passed.
72

• January 27, 1921: all three banks amalgamated to form Imperial
Bank of India.
• July 1, 1955: State Bank of India formed; becomes the first
Indian bank to be nationalised.
• 1959: State Bank of India (Subsidiary Banks) Act passed,
enabling the State Bank of India to take over eight former State-
associated banks as its subsidiaries.
Associate banks
There are seven other associate banks that fall under SBI. They all use
the "State Bank of" name followed by the regional headquarters'
name. These were originally banks belonging to princely states and
were nationalised in 1959. In tune with the first Five Year Plan,
emphasizing the development of rural India, these banks were
integrated with the State Bank of India, to expand its rural outreach.
The State Bank group refers to the seven associates and the parent
bank. All the banks use the same logo of a blue keyhole. There has
been a proposal to merge all the associate banks into SBI to create a
"mega bank" and streamline operations.
• State Bank of Bikaner & Jaipur
• State Bank of Saurashtra
73

• State Bank of Patiala
Growth
State Bank of India has often acted as guarantor to the Indian
Government, most notably during Chandra Shekhar's tenure as Prime
Minister of India. With more than 9400 branches and a further 4000+
associate bank branches, the SBI has extensive coverage. State Bank
of India has electronically networked most of its metropolitan, urban
and semi-urban branches under Core Banking System(CBS). The bank
has one of the largest ATM networks in the region. The State Bank of
India has had steady growth over its history, though it was marred by
the Harshad Mehta scam in 1992. In recent years, the bank has
sought to expand its overseas operations by buying foreign banks. It is
the only Indian bank to feature in the top 100 world banks in the
Fortune Global 500 rating and various other rankings. According to the
Forbes 2000 listing it tops all Indian companies.
Group companies
• SBI Capital Markets Ltd
• SBI Mutual Fund (A Trust)
• SBI Factors and Commercial Services Ltd
• SBI DFHI Ltd
• SBI Cards and Payment Services Pvt Ltd
74

• SBI Life Insurance Co. Ltd - Bancassurance (Life Insurance)
DATA INTERPRETATION & ANALYSIS
AGE GROUP
AGE GROUP
A, 47%
B, 25%
C, 19%
D, 9% A
B
C
D
IMPLICATION: If we closely look at the pie-chart, we can say that the
people between the age group of 25 to 55 are the main customer of
the bank, which contributes almost 75% of the bank’s customers. But
the old age and the young people have been less attractive on this
leading product of ICICI Bank, which is a matter of concern. So more
focus should be given to them as they have the huge potential.
75

ANNUAL INCOME
LESS
THAN 1
LAKH, 8%
1-2 LAKH,
22%
3-4 LAKH,
37%
MORE
THAN 4
LAKHS,
33%
LESS THAN 1
LAKH
1-2 LAKH
3-4 LAKH
MORE THAN 4
LAKHS
OCCUPATION
OCCUPATION
SERVICE
51%BUSINES
S
32%
STUDENT
7%
OTHERS
10%
SERVICE
BUSINESS
STUDENT
OTHERS
IMPLICATIONS: This pie chart clearly shows that service holder and
the business people are the main customer of the bank. Reason for
this could be as per interviewed was working hour and anywhere
banking which suits them. 8 to 8 banking give them the freedom to do
banking work after the office. Student’s contribution is less, and 5000
as minimum balance is not possible for them. Other section should be
increased by creating awareness about the banking products
ANNUAL INCOME
76

IMPLICATIONS: Higher income or we can say that more than 3-4
LAKHS earning people are contributing 70% of the transactions. But it
is advisable to penetrate more in the lower income group not only in
terms of accounts but also in other banking products because they
contribute a major part of the society. Target should be on that every
section of the society should open saving account or other account in
ICICI Bank.
WHAT DO YOU EXPECT FROM A BANK WHILE OPENING AN ACCOUNT
FEATURES / ATTRIBUTES
QUICK
SERVICE ,
44%
PROPER
INFO, 14%
WORKING
HOUR, 28%
LESS
FORMALITIE
S, 8%
VARIETYOF
PRODUCTS,
6% QUICK SERVICE
PROPER INFO
WORKING HOUR
LESS
FORMALITIES
VARIETY OF
PRODUCTS
IMPLICATIONS: When a customer visits a bank the first and
foremost thing he looks, that how quickly he is served, how his
problem is entertained by the bank employee and what is the working
hour of the bank. That’s why these three things contribute the
maximum of this pie – chart. Less formalities and variety of products
although contributes less but it has a major impact on the customer.
77

So bank should follow on these things also. Service sector like
banking, preference should be given to make.
WHICH OF THE FOLLOWING ATTRIBUTES
COMPELLED YOU MOST TO OPEN SAVING
ACCOUNT IN ICICI BANK
SAVINGS A/C ATTRIBUTES
ATM CUM
DEBIT
CARD, 26%
VALUE
ADDED S.
A/C, 48%
CHEQUE
BOOK, 16%
PHONE /
INTERNET
BANKING,
10%
ATM CUM DEBIT
CARD
VALUE ADDED S.
A/C
CHEQUE BOOK
PHONE /
INTERNET
BANKING
IMPLICATIONS: As we found in our finding that majority of the
people like the saving account, this chart reveals that what are the
factor and their contribution making their product really leading
product of ICICI Bank. VALUE ADDED SAVING ACCOUNT is undoable
a unique sub product of ICICI Bank. Since it has the appeal catch
maximum customer as it provides the facility of FIXED deposit in
saving account ATM cum debit card is also a major attributes as it
made the banking easy. Personalized chequebook is also a major
78

ACCOUNT TYPE
SAVING
54%CURRENT
18%
FIXED
15%
NRI
8%
OTHER
5%
SAVING
CURRENT
FIXED
NRI
OTHER
attraction in this section. As far as other factors are concern they are
showing less appearance in this chart.
WHAT TYPE OF ACCOUNT DO YOU HAVE IN
ICICI BANK?
IMPLICATIONS: Saving account is the leading and attractive product
for the ICICI Bank as it has occupied a major chunk in this chart.
This number and percentage clearly shows that this product has all the
quality to give the customer best services and ability to satisfy them.
On the second and third position current and fixed deposit has also
been helpful to increase the customer base but still their performance
needs to be improved. As far as NRI and other accounts are concerned
they have less appearance. So majority of the business is moving
79

around few leading products. Reason could be either people are not
aware about the various products of the bank or bank has limited
range of products. So bank must ascertain that where things are going
wrong and for that what sort of necessary step could be taken.
IN COMPARISION TO OTHER BANKS HOW WOULD YOU RATE YOUR
BANK?
COMPARISON
EXCELLEN
T
27%
GOOD
47%
AVERAGE
14%
POOR
5%
CAN'T SAY
7%
EXCELLENT
GOOD
AVERAGE
POOR
CAN'T SAY
IMPLICATIONS: Comparison with other banks depends on its overall
performance in the eyes of the people. In this chart it is clearly
showing that 74% of the people are satisfied with ICICI Bank. In a
short span of time of its existence in this city with strong competition
from major public sector bank like SBI and other private players bank
has done well it has occupied a different position in the people’s mind.
80

WOULD YOU RECOMMEND ICICI BANK TO
OTHERS?
RECOMMANDATION
YES
95%
NO
5%
YES
NO
IMPLICATIONS: As per the chart we
show that 5% of the people don’t want to recommend ICICI Bank to
others. Bank must find the reason of their dissatisfaction because in
this competitive world we have to achieve this target.
81

FINDINGS
• It was found from the study that bank believes i n quality
service rather than quantity of service.
• The officials employed are very much enthusiastic about their
job.
• The officials try to make best relation with the customers.
• There is separate counter for NRI services.
• The limit of cash vault is Rs. 10, 00,000 for a day.
• The registers and files are maintained on a daily basis.
• The registers are maintained in a well organized manner.
• The marketing strategy of the bank is very attractive.
• The bank always tries to attract customers with innovative offers.
• The bank is very keen to implement 5's plan in all its branch.
• ICICI and SBI credit deposit ratio is on the side though
ICICI banks show a little decreasing trend to the extent of
2.24 % Over mar2007 _ mar 2008.
• Both the bank investment deposit ratio is on the declining trend
• Both the banks has shown better utilization of cash portfolio.
• ICICI bank Interest expenses to interest earned remains the
same Over 2 Years whereas SBI shows reduction.
• Other Income ratio remains fluctuation in both the banks.
• Operating expenses to total income shows a decreasing trend in
ICICI bank whereas it was on the rising side in SBI.
• Interest income to total funds shows rising mode in ICICI
whereas In SBI more or less it remains at the level; The ratio
of interest expenses to total funds shows an increase in Value in
ICICI Bank whereas in SBI interest expenses shows a Rising
mode.
• The ratio of Non Interest income remains the same for ICICI for
The past 2 Years whereas in SBI at shows a decline.
• The stock witness some selling pressure in the coming days in
ICICI Bank .
• The continuation pattern negates immediate bearish
momentum on the stock and it's advisable to buy at
82

declines. Short term investor can initiate a buy above 500
with a target of 560-570.
SWOT Analysis
Strengths:
 In 2002, ICICI and ICICI Bank merged to create India’s second
largest bank.
 Strengthened leadership position in all segments of the retail
market, leveraging their strong distribution capabilities backed by
credit and analytical skills and technology.
 Last year Commenced international banking operations in UK,
Canada, and Singapore in line with regulatory approvals.
 The Bank has an established broad-based presence and has been
taking steps to enhance customer satisfaction by upgrading skills,
systems and technology to meet such challenges.
Weakness:
 Huge investment required for networking among bank branches:
Complete integration of branch network involves huge investments
for creating IT and communication infrastructure.
 As the bank is diversifying into various segments, it might pose
problems for smooth functioning of the banks.
83

Opportunities:
 Data mining: Banks have a huge customer database which has
to be properly leveraged. Target segments should be identified and
tapped
 Enhance the delivery of financial services to under served
segments by crating differentiated proposition for the small
enterprises segment, leveraging technology capabilities to offer
high quality banking services.
Threats:
 The entry of new private sector banks as well as a number of
foreign banks has resulted in the loss of market share for public
sector banks. The share, which was around 90 per cent prior to
the reform process, has come down to around 80 percent
Intense Competition: the banking sector is intensely competitive.
ICICI Bank’s return on assets is 0.87 per cent compared to 1.02
per cent for HDFC Bank.
84

SUGGESTIONS
Since the customer and his needs remain in focus in banking, it would
be appropriate to have a view of the customers banking needs which
include financial security, convenience, quick service, personalized
service, investment counseling, return of investment, support by way
of credit prestige, wide range of service, etc. and to be the best on
these aspects ICICI Bank has and is trying it’s best, and has been
successful too, but still there is some scope for improvement, which I
observed during my training in this bank.
CUSTOMIZED SERVICE
Nowadays, customers are more service driven than product – driven
and are not homogeneous in their behavioral pattern, attitude, needs
and expectations. Therefore, a through understanding of the customer
is a pre requisite to offer him satisfaction through providing services.
ICICI Bank should also focus on to have the provision to make some
changes in it’s core products on the basis of region, purchasing power
of the people etc. because customers want that their special case must
be considered, for that branches need to be empowered. In other word
it can be said bank should alter it’s existing service to satisfy the
customer needs, as and when it is needed in special cases. Bank
85

should begin a clear understanding of the entire customer base in
particular, of those customers are the most profitable.
SINCERE PRICING OF THE CORE PRODUCT
Pricing is in fact a very critical and sensitive issue while launching any
product or inducing more features in existing product in such a highly
competitive market of banking before the management of any bank.
Because, price driven competition is one of the significant emerging
trend in bank marketing. ICICI Bank should also be very careful while
reconsidering the price of any core and leading product by closing
understanding the behaviour up to what extent customers are in the
position to tolerate it, since customer’s price sensitivity is not same
across product categories. Price of any product is kept same across the
country but for the some places is always not correct, like New Delhi
where delta increase in the price of any product matters for the
customers. As it has been seen in the case of increase in charges of
QAB of savings account that resulted in many closures of the account.
The reaction of this increment in the charges from the customer was
aggressive. So bank must price any product by keeping the view of
region factor too-where people needs, attitude and purchasing power
must be closely understood by the management of the bank. For this,
branches also needs to be empowered to the some extent-where they
can make necessary changes in the price of some selected core
products, as they have better understanding of the behaviour of their
customers than the policy makers of the bank. There should be
effective publicity of new products of new products and relaunching of
86

existing one too. Monitoring and customer feedback of all the new and
old products should be one regular basis.
CUSTOMER AWARENESS
Bank should provide effective publicity of new product launched and
educate the customer to go in for these products by highlighting the
advantages of the products. Because if bank’s aim is to provide service
matching the best in the banking industry so that it can get the most
effective publicity, especially through word of mouth for this at the
same it is inevitable to educate the customer about bank’s product and
facilities available on it. As the products and services of the ICICI Bank
are almost technology oriented where most advanced softwares are
used and most of the banking work are executed on computer through
Internet. In such situation where more technicalities is involved in both
products and services there is a need to educate the customers so that
they can easily use and avail all the facilities available on all the
product. During my training, I observed that many customers, not to
ask about Internet banking, Phone Banking even don’t know how to
use ATM, which is really a area of concern. Customers do not know the
complete rules and regulations and procedures of banks and bankers
preserve them for themselves and do not take interest in educating
the customers because if you are giving a product in the hands of the
customers keeping the view to serve them better, it is equally
important to aware not only about the facilities that are available on
any product but also how to use them. Until and unless this thing is
practices as a campaign, it would be difficult to retain existing
customers as it is said retaining the existing customers is less
87

expensive than creating new one. For this bank need to educate the
customer from the grass root of banking.
CONCLUSION
“More than a bank you need a trusted partner”- is the core
principle on which Private Banking at ICICI Bank is structured.
Though products have been added and modified in the past but
the motto has not changed which is to grow and develop relationship
with top end client age and generate returns for the bank. Private
banking at ICICI Bank has been a great success lately thanks to their
expertise in financial advisory, skilled team of Relationship Managers
and being proactive in approach right from the beginning. The analysis
of the research shows that around two-third of their client age are
banking with them from more than two years which is commendable in
terms of client retention. Also for nearly all of their clients ICICI
Private banking is the only solution provider. From a high net worth
individual aspect the private banking is truly a brilliant experience to
be recognized and treated as a priority customer.
Relationship Manager’s need to be more proactive in approach
and concentration should be on enlarging the customer base of HNI
clients and also stress should be given on client retention techniques.
To sum up ICICI is going great guns with its Private Banking
division but this business model is still at its growing stage of life cycle
88

in India and there is still a lot more to be achieved by everyone
involved with this.
20
89

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