GL BAJAJ INSTITUTE OF MANAGEMENT AND RESEARCH.

PGDM
Plot No-2, Knowledge Park –III, Greater Noida

MINOR PROJECT REPORT

ON

Submitted in Partial Fulfilment for the Award of the

DEGREE OF POST GRADUATE DIPLOMA IN MANAGEMENT

2021-2022
PGDM (BATCH: 2021-23, TERM: II)

GUIDE BY: SUBMITTED BY:

(Dr. Akhilesh Mishra) MANOJ KUMAR

PGDM21058

1
 G.L. Bajaj Institute of Management & Research.PGDM
Approved by A.I.C.T.E., Ministry of HRD, Govt. of India
Plot No. 2, Knowledge Park-III, Greater Noida
Minor Project Report
PGDM Batch 2021-23

FACULTY GUIDE CERTIFICATE

This is to certify that the work reported in the Minor Project Report on “ICICI Bank”,
submitted by Manoj Kumar at G L Bajaj Institute of Management & Research, Greater
NOIDA, India, is a bonafide record of her/ his work carried out under my supervision. This
work has not been submitted elsewhere for any other degree or diploma.

(Signature of Faculty Guide)

Name: Dr. Akhilesh Mishra
Date: 28th February, 2022

2
 G.L. Bajaj Institute of Management & Research.PGDM
Approved by A.I.C.T.E., Ministry of HRD, Govt. of India
Plot No. 2, Knowledge Park-III, Greater Noida
Minor Project Report
PGDM Batch 2021-23

ACKNOWLEDGEMENT

I would like to thank the following people, without whom I would not have been able to
complete this Minor Project Report.
My heartfelt thanks goes to our Director Dr. Sapna Rakesh for providing an opportunity
work on the Minor project right from the first trimester of the program.

I convey my sincere thanks to my Faculty Guide Dr. Akhilesh Mishra for providing me the
constant support and guidance to carry out my project effectively and efficiently.

I would also like to convey my gratitude to all faculty members and staff for their support and
guidance.

MANOJ KUMAR
PGDM21058
Trimester-II
PGDM Batch 2021-23
GL Bajaj Institute of Management & Research

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Executive Summary
1. Introduction: ICICI Bank Ltd (ICICI Bank) provides personal and corporate
banking, investment banking, private banking, venture capital, life and non-life
insurance solutions, securities broking, and asset management services to corporate
and retail clients, high-net-worth individuals, and SMEs. It offers a wide range of
products such as deposits accounts including savings and current accounts, and
resident foreign currency accounts; investment products; and consumer and
commercial cards.
2. Performance & Positioning: As our valued customer, you are offered innovative
products to redefine banking convenience. With our expertise, you can rest assured
that your wealth is protected and nurtured at the same time.
3. PESTEL Analysis: PESTEL analysis is a widely used strategic planning and
management tool. It is an acronym for political, economic, social, technological,
environmental and legal factors that shape the macro business environment. ICICI
Bank Limited. operates in a complex and dynamic environment characterized by
regulatory changes, growing environmental activism, collective social trends,
technological changes and evolving legal system.
4. SWOT Analysis: ICICI Bank Ltd (ICICI Bank) is a provider of retail and
commercial banking, treasury, and insurance solutions. The bank's adequate capital
and liquidity, leading market position, and improved non-interest income and asset
quality are few of its major strengths; even as its alleged quid pro quo with Videocon
and decline in cost efficiency could be causes for concern. Growing cards and
payments channel, wealth management prospects, corporate tax cuts and regulatory
changes in India; technological innovation, and business growth initiatives may
provide ample growth opportunities to the bank. However, a prolonged low-interest-
rate environment, additional capital requirement, and the emergence of neo banks
may affect the bank’s performance.
5. Major Latest News/ Announcements in last one year: Latest NEWS, Latest Events
6. Competitors Analysis: HDFC Bank Limited, History, Products and services,
Investments, Awards and recognition, Marketing Mix of HDFC Bank, Marketing &
Advertising Campaigns of HDFC
7. Financial Analysis
8. Reference

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 TABLE OF CONTENT

Sr. No. CONTENT PAGE No.

1 INTRODUCTION 6-24
1.1 Company Overview  7
1.1.1 Business Description  8
1.1.2 History  9-10
1.1.3 Awards-2021  10-11
1.1.4 Selection Process and Fees of the Training Programme  11
1.1.5 Current Openings  12
1.1.6 Recruitment Process  12-13
1.1.7 Campus Recruitment at ICICI Bank  13-14

1.1.8 ICICI Bank Manipal Probationary Officers Programme Post  14-15

Graduate Diploma in Banking for Sales and Relationship
Management
1.2 Vision and Mission  15-16
1.3 Customer Service  16-21
1.4 Organisational Structure  22-24
2 Performance and Positioning  25-40
2.1 Banking Products  26-38
2.2 Top Competitors 38-39
2.3 Income Instatement  39-40
3 PESTEL Analysis  41-44
4 SWOT Analysis  45-50
5 Major Latest News/ Announcements in last one year  51-54
6 Competitors Analysis  55-61
7 Financial Analysis 62-65
8 Reference 66-68

5
CHAPTER 1- INTRODUCTION

6
1.1 COMPANY OVERVIEW:
ICICI Bank Ltd (ICICI Bank) provides personal and corporate banking, investment
banking, private banking, venture capital, life and non-life insurance solutions,
securities broking, and asset management services to corporate and retail clients,
high-net-worth individuals, and SMEs. It offers a wide range of products such as
deposits accounts including savings and current accounts, and resident foreign
currency accounts; investment products; and consumer and commercial cards. ICICI
Bank offers lending for home purchase, commercial business requirements,
automobiles, personal needs, and agricultural needs. The bank offers services such as
foreign exchange, remittance, import and export financing, advisory, trade services,
personal finance management, cash management, and wealth management. It has
operational presence in Europe, Middle East, and Africa (EMEA); the Americas, and
Asia. ICICI Bank is headquartered in Mumbai, Maharashtra, India.
The bank reported interest income of (Rupee) INR848,357.7 million for the fiscal
year ended March 2020 (FY2020), an increase of 17.9% over FY2019. The net
interest income after loan loss provision of the bank was INR296,948.3 million in
FY2020, compared to net interest income after loan loss provision of INR127,014.3
million in FY2019. In FY2020, the bank recorded a net margin of 6.4%, compared to
a net margin of 3.2% in FY2019.
The bank reported interest income of INR224,227.1 million for the first quarter ended
June 2020, an increase of 3.1% over the previous quarter.

KEY FACTS
Head Office
ICICI Bank Ltd
ICICI Bank Towers, Bandra-Kurla Complex
Mumbai
IND

Phone 91 22 26538900
Fax 91 22 26531228
Web Address www.icicibank.com/
Revenue / turnover (INR Mn) 14,97,861.00
Revenue (USD Mn) 21315.7
Financial Year End March
Employees 84,922
National Stock Exchange of India ICICIBANK

7
 Ticker

1.1.1 BUSINESS DESCRIPTION:

ICICI Bank Ltd (ICICI Bank) offers retail, corporate, and investment banking, asset
management, securities broking, and insurance to individuals, SMEs, corporates, and
high net worth clients. As of March 31, 2020, it had assets of INR12.4 trillion, net
loans of INR6.4 trillion, and deposits of INR6.8 trillion.
ICICI Bank classifies its business into seven segments: Treasury, Retail Banking,
Wholesale Banking, Life Insurance, General Insurance, Other Banking Business, and
Others.
It operated through a network of 4,874 branches, over 5,000 service points, and
14,367 ATMs. It has a presence in Asia (India, Singapore, Hong Kong, Sri Lanka,
Malaysia, Indonesia, Bangladesh, and China), Europe (the UK and Germany),
America (the US and Canada), and the Middle East and Africa (the UAE, Bahrain,
and South Africa).
ICICI BANK LTD

COMPANY INFORMATION
EXECUTIVE DIRECTOR: VISHAKHA MULYE
EXECUTIVE DIRECTOR: ANUP BAGCHI
INDEPENDENT DIRECTOR: NEELAM DHAWAN
INDEPENDENT DIRECTOR: UDAY CHITALE
INDEPENDENT DIRECTOR: RADHAKRISHNAN NAIR
MANAGING DIRECTOR & CEO: SANDEEP BAKHSHI
PART TIME CHAIRMAN: GIRISH CHANDRA CHATURVEDI
COMPANY SECRETARY: RANGANATH ATHREYA
INDEPENDENT DIRECTOR: HARI L MUNDRA
INDEPENDENT DIRECTOR: B SRIRAM
INDEPENDENT DIRECTOR: RAMA BIJAPURKAR
INDEPENDENT DIRECTOR: SUBRAMANIAN MADHAVAN
EXECUTIVE DIRECTOR: SANDEEP BATRA
WALKER CHANDIOK & CO LLP/MSKA &
AUDITOR: ASSOCIATES
IND NAME: BANKS - PRIVATE SECTOR
HOUSE NAME: ICICI
REGISTERED OFFICE
ICICI BANK TOWER, NR CHAKLI CIRCLE OLD PADRA RD,VADODARA,GUJARAT-390007

8
PH : 91-0265-6722239
WEBSITE : HTTP://WWW.ICICIBANK.COM
E-MAIL : COMPANYSECRETARY@ICICIBANK.COM

1.1.2 History:

New Products/Services
Year: 2020
In January, the company announced to introduce OTP based log-in facility for
internet banking.

New Products/Services
Year: 2020
In January, the company announced to launch card less cash withdrawal facility from
its ATMs.

Contracts/Agreements
Year: 2020
In February, the company and Indian Council of Agricultural Research entered into a
memorandum of understanding for collaboration towards inclusive growth in
agriculture for rural development.

Financing Agreements
Year: 2020
In March, the company agreed to invest INR10 billion in Yes Bank Ltd.

New Products/Services
Year: 2020
In March, the company announced to launch ICICI Stack to provide uninterrupted
banking experience to customers.

Financing Agreements
Year: 2020
In March, the bank invested US$6.69 million in Auxilo Finserve.

New Products/Services
Year: 2020
In April, the company launched voice banking services on Amazon Alexa and Google
Assistant.

Contracts/Agreements
Year: 2020

9
 In May, the company and Maruti Suzuki entered into a partnership to provide its
potential customers attractive finance schemes.

New Products/Services
Year: 2020
In June, ICICI Lombard General Insurance in partnership with PhonePe launched a
domestic multi-trip insurance policy.

Divestiture
Year: 2020
In June, the company divested a 3.96% stake in ICICI Lombard General Insurance
Co Ltd, for US$295.3 million.

Stake Sale
Year: 2020
In June, the company's subsidiary, ICICI Prudential Life Insurance Co sold its 1.5%
stake to GIC Pte Ltd, for US$111.5 million.

New Product Approvals

Year: 2020
In June, the company entered into a partnership with Swiggy to launch a digital
wallet, Swiggy Money.

Acquisitions/Mergers/Takeovers
Year: 2020
In August, the company announced the acquisition of additional 2.2% stake in
International Exchange for INR4.46 crore.

1.1.3 Awards – 2021:

 ICICI Bank has emerged as the winner in six categories, at the Asian Banking &
Finance Awards, 2021. The Bank has won awards for its Retail Banking initiatives in
two categories - 'COVID Management Initiative of the Year - India' and 'Domestic
Retail Bank of the Year - India'. The Bank's initiatives in Wholesale Banking have
bagged awards in four categories, namely 'India Domestic Trade Finance Bank of the
Year', 'India Domestic Liquidity Management Initiative of the Year', 'India Domestic
Foreign Exchange Bank of the Year' and 'India Domestic COVID Management
Initiative of the Year'.
 ICICI Bank has been adjudged the 'Best Retail Bank in India' at ‘The Asian Banker
Excellence in Retail Financial Services International Awards, 2021’. This is the
eighth year in a row that the Bank has won this award. The Bank has emerged a
winner in two other categories among all Asian banks. They are: 'Best
Automobile/Car Loan Product' and 'Best Digital Customer Ecosystem
Initiative/Application'.
 ICICI Bank has been adjudged as the 'Best Private Sector Bank' at the FE Best Banks
Awards 2019-2020. The awards are organised by Financial Express, part of the Indian
Express group, in association with its knowledge partner EY. ICICI Bank has been
recognised as the winner, on the basis of its scoring on five criteria - strength and
soundness, credit quality, profitability, growth and efficiency.

10
  ICICI Bank's in-house legal team was adjudged the winner in the 'Digital Solutions'
category at the FT Innovative Lawyers 2021 Awards. The Bank was recognised as
part of the list of most innovative in-house legal teams in Asia Pacific, prepared by
Financial Times, an international business newspaper.
 ICICI Bank won multiple accolades at Business Today-KPMG Best Bank Awards.
The Bank was adjudged the winner in the 'Bank of the Year' category. This is the
biggest honour in the Annual Awards programme of Business Today. We also won
awards in the ‘Best in Talent & Workforce Management’ and ‘Best in Fintech
Engagement’ categories.
 ICICI Bank was adjudged as the 'India Bond House' at the IFR Asia Awards, 2020.
The awards are organised by IFR Asia, a Hong Kong based provider of capital
markets intelligence.
 ICICI Bank won five awards at the Indian Banks' Association (IBA) Banking
Technology Awards 2021. The Bank was declared winner in three categories namely,
'Best use of IT & Data Analytics', 'Best Payments Initiative' and 'Best Fintech
Adoption', while it was adjudged runners-up in the 'Best Technology Bank of the
Year' and 'Best Digital Financial Inclusion' categories.
 ICICI Bank has been recognised as 'India’s Coolest Workplace' by ‘Business Today’
magazine in the Banking, Financial Services and Insurance (BFSI) sector. This
ranking is a result of the annual survey - ‘India’s Coolest Workplaces’ (erstwhile
name was ‘Best Companies to Work For’). This is the fifth year in a row that the
Bank has been ranked the best among companies in the BFSI sector. The Bank stood
at the fourth position in the overall list of top 25 companies.

1.1.4 Selection Process and Fees of the Training Programme:

Selection Process
The selection process for ICICI Bank Probationary Officer will comprise of

 Online Aptitude test

 Online Psychometric Questionnaire
 Case-based Group Discussion (GD)
 Personal Interview (PI)
 Merit List

*The GD and the PI (only for applicants who successfully clear the GD) will be
concluded on the same day.

Fees of the Training Programme

The Probationary Officer Training Programme is a cashless bridge to managerial jobs for
aspiring students. To pursue the Probationary Officer Training Programme, the interested
students will have to invest

a. Rs.3,71,700/- (Loan amount of Rs.3,15,000/- Plus applicable Goods and Service

Tax, which is presently at 18%)
b. Rs.16,800/- (Cost of Tablet + Cover + SD Card + GST)
Total amount: Rs.3,88,500/-

11
 Students have an option of either availing an education loan from ICICI Bank or of self-
funding the course fee.
After completion of the Training Programme, the Probationary Officers will be absorbed
as Deputy Manager Band I in the Bank.

1.1.5 Current Openings:

Job Title Function Location Required

Experience (Yrs.)
Solution Manager -
Corporate Market Markets Group Chennai, Bangalore, Pune, 04-Jun
Group Mumbai, NEW DELHI
Guwahati, Chennai, Patna,
Solution Manager –
Markets Group Delhi, Bangalore, Mumbai, 02-Jun
SMEAG
Jaipur
Phone Banking Guwahati, Chennai, Indore,
Operations Group 0-4
Officer Hyderabad, Thane
Privilege Banker Retail Banking Group Across India 04-Aug
Chartered Retail Banking Group,
0-2
Accountants Wholesale Banking Across India
E-Relationship Guwahati, Chennai, Indore,
Retail Branch Banking 0-4
Manager Delhi, Thane, Mumbai

We are happy to know about your keen interest to pursue a career opportunity with
ICICI Bank. Our current openings have been listed above. You can also submit your
resume in our Talent Database. As we evaluate your profile, we shall get in touch with
you. Thank you once again and wish you all the best.

1.1.6 Recruitment Process:

12
 ICICI Bank has always been a leader in the use of technology and we have leveraged
the same in our recruitment process. You can give an interview from the comfort of
your home with an internet connection and a web cam through I-Studio a video -
based platform developed internally by ICICI Bank.
At ICICI Bank, we follow a multi stage recruitment process.
Application:
You may apply online against the current job openings that match your profile. If
there are no openings that match your profile you can register in our database and
we will contact you when a vacancy arises.
Shortlisting: 
Shortlisting of the profile will be done based on age, educational qualification and
work experience and you will be informed once you are shortlisted for an opening.
Personality Profiler:
You will be required to complete an online personality profile questionnaire prior to
the interview.
Documentation: 
You are required to submit certain documents prior to the interview as part of the
process.
Interview: 
Time, date and venue for the interview and discussion will be shared and it may be
carried out either in person, video conference or I - Studio.
Offer: 
We will engage with you with regard to the details on the job role, location and
compensation following which you will be made a formal offer to join ICICI Bank.
Joining: 
A background verification will be conducted based on the documents you have
submitted. You will start your professional journey with ICICI bank through I-Banker
a special induction program.
We look forward to having you as a trusted and proud member of the ICICI Bank
family.

1.1.7 Campus Recruitment at ICICI Bank:

ICICI Bank is an institution which is at the forefront of innovation in the banking
domain. We believe in building a talent pipeline to create leaders for tomorrow by
hiring from the top management, engineering, legal and statistical institutes in the
country. Our recruitment ideology is to groom talent by providing a cross functional
experience interlaced with various adaptive challenges, thus providing a perfect
platform to become well- rounded leaders.
Final Recruitment at ICICI Bank

13
 ICICI bank has been among top recruiters from various B-schools over the past few
years. We are constantly on the lookout for students who challenge the status quo,
innovate and explore the unchartered territories. We help them in this endeavour through
our saath aapka propositions:
1.     Growth and Learning
2.     Enabling work culture
3.     Meritocracy
4.     Care
5.     Winning Organisation
Internships at ICICI Bank
Summer Internships at ICICI Bank are opportunities for some of the brightest minds from
B-schools to prove their mettle by working on live projects. Interns are enriched with
advantages such as:

 An opportunity to value add to the Bank as well as to self by working on real time
projects
 Substantial industry exposure and experiential learning
 Benefit of understanding and witnessing the large scale of operations that accrues
from the privilege of being largest private sector bank in the country
 Exposure to an enlightening experience while working with an expert of the domain

Process of selection

Inviting applications >> Shortlisting >> Personality Profiler  >>   Group Discussion  

>>  Personal Interview

1.1.8 ICICI Manipal Probationary Officers Programme Post Graduate Diploma in

Banking for Sales and Relationship Management:
Post Graduate Diploma in Banking (PGDB) Programme for Sales and Relationship
Management is an initiative of ICICI Bank in partnership with Manipal Global
Education Services. The training programme aims to attract young talent who wish to
pursue a career in banking. It is a vocational training programme designed to develop
a pool of first level managers with banking knowledge and required skill-sets to
perform efficiently in their day-to-day activities. The roles offered on joining the bank
after successful completion of the Programme will involve servicing, cross-selling
and acquiring new customers through field visits as part of the duties/tasks assigned.
Similarly, internship / on-the-job-training periods will also involve these duties/tasks
as part of the learning process.

Programme Highlights

 One-year full time residential programme conducted at ICICI Manipal Academy

(IMA) campus, Bengaluru including internship and on-the-job training at ICICI Bank
 The programme focuses on balanced approach of providing inputs of relevant
knowledge, developing deep sales and relationship skills and shaping required
behaviours

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  The training imparts knowledge and skills in core banking areas like banking
products, processes, systems, regulations and compliance frameworks involved in
day-to-day operations
 With more than thousand real-life case studies on service, sales and compliance
themes interwoven in the course curriculum, the new curriculum lays greater
emphasis on skill building of the Probationary Officers so as to enable them to deliver
productivity from day one
 Innovative pedagogy tools such as Co-teaching attempt to enrich the end-to-end
learning experience of the trainees
 The faculty is regularly trained not only by experts from ICICI Bank but also by
experts from leading foreign universities
 State-of-the-art Infrastructure with Computer Lab facility and a Simulator Branch &
Processing Centre for experiential learning
 The students have the opportunity to specialize in different areas of sales and
relationship banking
 On successful completion of the training programme, students are absorbed in ICICI
Bank as frontline sales and relationship managers in Deputy Manager Band I grade, in
addition to being awarded the Post Graduate Diploma in Banking from Manipal
University
 A monthly stipend is paid to students both during campus terms & internship
 More than 20,000 students have been associated with the programme and more than
18,000 students have since graduated from the programme

Programme Structure
The programme structure is as follows:

 Term 1 (4 months) - Classroom training at IMA, Bengaluru

 Term 2 (2 months) - Internship at ICICI Bank
 Term 3 (2 months) - Classroom training at IMA, Bengaluru
 Term 4 (4 months) - On-the-job training at ICICI Bank

Eligibility Criteria

 Those who have completed graduation with 55% (Aggregate) marks in any
discipline.
 Up to 27 years of age as on 1st August 2021 (Should have been born on or after
1st August 1994).
 Only shortlisted applicants will be invited for the selection process

The above will be considered as the threshold criteria for shortlisting.

1.2 VISION AND MISSION STATEMENT:

Vision:
To be the leading provider of financial services in India and a major global bank.
Mission:

15
 ICICI will leverage our people, technology, speed and financial capital to:

 be the banker of the first choice for our customers by delivering high quality,
world-class products, and services.
 expand the frontiers of our business globally.
 play a proactive role in the full realization of India’s potential.
 maintain a healthy financial profile and diversify our earnings across businesses
and geographies.
 maintain high standards of governance and ethics.
 contribute positively to the various countries and markets in which we operate.
 create value for our stakeholders.

1.3 CUSTOMER SERVICE:

Understanding customer expectations and responding through appropriate products and
services has been central to the Bank’s strategy. The demand for convenience, speed and
customised solutions with quick turnaround and innovative solutions requires a dynamic
culture in the Bank. The concept of customer satisfaction has now been replaced by
‘delight’ in banking experience. The Bank has embraced and built upon this transition
while being committed to the core principle of 'Fair to Customer, Fair to Bank'.
During fiscal 2020, mapping of customer journeys across products, processes and
channels was undertaken and based on the insights, key customer service initiatives were
implemented. The key initiatives during the year were in the areas of account opening,
servicing, NRI customer experience, process simplification, and technology platform and
system upgradation. Some of these initiatives were:

 The account opening process was simplified for savings and current accounts
 Digital communication and status dashboards were launched for mortgage
customers and internal stakeholders enabling stage-wise tracking of loan
applications
 A simplified and widgetised dashboard and user interface was launched for retail
and corporate internet banking customers
 Digital signing and stamping of documents was enabled for corporate, SME and
business banking customers
 The NRI account opening experience was enhanced through simplification of the
account opening form and implementation of Optical Character Recognition
(OCR) to reduce customer effort. A dedicated NRI Expert Team (NET) was set up
for enhanced NRI servicing
o An integrated new platform for processing trade transactions was deployed

16
During the year, there was sustained improvement in the Net Promoter Score (NPS), a key
metric for measuring customer advocacy for onboarding, branch and digital channels.
The Bank ensures continuous engagement with its customers through multiple
channels including branch employees, surveys, social media and channels for raising
queries and grievances.
The Bank has a well-defined framework to monitor key customer service metrics. The
Customer Service Committee of the Board and the Standing Committee on Customer
Service meet on a regular basis. These forums deliberate on issues faced by the
customers and the initiatives taken by the Bank for enhancing customer service.
The Bank complies with the 'Customer Rights Policy' which enshrines the basic rights
of customers of the Bank. These rights include Right to Fair Treatment; Right to
Transparency, Fair and Honest Dealing; Right to Suitability; Right to Privacy and
Right to Grievance Redress and Compensation.
Customer Grievance Redressal Mechanism:
The Bank seeks to treat its customers fairly and provide transparency in its product and
service offerings. The Bank makes continuous efforts to educate its customers to enable them
to make informed choices regarding banking products and services. The Bank also seeks to
ensure that the products offered are based on an assessment of the customer’s financial needs.

APPROACH TO CUSTOMER EXPERIENCE

FAIR TREATMENT

TRANSPARENCY IN PRODUCT AND SERVICE OFFERING

EDUCATE CUSTOMERS TO MAKE INFORMED CHOICES

ENSURE PRODUCTS ARE OFFERED ON THE OF BASIS ASSESSMENT OF THEIR

FINANCIAL NEEDS

The Bank has a well-defined grievance redressal mechanism with clear turnaround
times for providing resolution to customers. All complaints received by the Bank are
recorded in a Customer Relationship Management (CRM) system and tracked for
end-to-end resolution. The Bank also has an escalation matrix built in the CRM
system to ensure that customer requirements are appropriately addressed within
stipulated timelines. Further, as recommended by the Reserve Bank of India, the Bank
has appointed a senior retired banker as the Internal Ombudsman of the Bank. The
Customer Service Committee of the Board, the Standing Committee on Customer

17
 Service and the Branch Level Customer Service Committees monitor customer
service at different levels.

TECHNOLOGY FOCUS:
The Bank’s technology initiatives are aimed at enhancing value and offering
customers greater convenience and improved service levels while optimising costs.
The Bank continues to invest in key technological areas like mobility, cognitive
intelligence, blockchain, natural language processing, machine learning, API banking,
micro-services, cloud, ecosystem synergies, Robotics Process Automation (RPA) and
other new-age technologies that provide an edge to the Bank’s offerings to its
customers and deliver its strategic objectives.
The technology strategy is based on the following set of guiding principles:

1. Superior customer convenience

2. Alignment of technology to business strategy
3. Flexible and modular IT infrastructure that enables inter-operability
4. Adoption of emerging technologies to facilitate innovation
5. Collaborative approach to providing solutions across all stakeholders
6. Optimisation of processes and superior decisioning by simplification and use
of data

In order to deliver the overall business objectives and make Information Technology
as an enabler, the Bank has defined a four-pronged strategy.

18
RESPONSIBLE BANKING:

The Bank is committed to act professionally, fairly and with integrity in all its
dealings. It has a zero-tolerance approach to bribery and corruption and has a well-
defined policy articulating the obligations of employees in these matters. The
responsible banking pillars also include a focus on cyber security and data privacy.

19
Cyber Security:

ICICI Bank believes that cyber security is an important risk focus considering the
rapid digitisation, increasing transaction intensity and connectivity to networks and
ecosystems. It is vital to protect the Bank’s and customers’ assets and ensure
continued trust of all stakeholders. ICICI Bank has adopted a multi-dimensional
approach to cyber security. The CIA triad of confidentiality, integrity, and availability
is at the heart of the information security framework implemented by the Bank.
Keeping customer priorities in mind, the Bank follows a ‘defence-in-depth’ approach
in implementing cyber security solutions. This approach enables the Bank to protect
its data using a multi-layered defence mechanism using a combination of tools and
techniques which complement and augment each other.
The Bank also lays emphasis on customer elements like protection from phishing,
adaptive authentication, awareness initiatives and above all easy-to-use protection and
risk configuration ability in the hands of the customers. Customer-facing applications
are designed with the aim to provide consolidated customer information in a safe and
secure manner. The Bank has given its customers complete control on card options
like online usage, international transaction capability and others on its mobile app and
internet banking platform. This gives customers control on card safety on a real-time
basis.
The Bank has formulated robust security standards, processes and protocols which are
proactively reviewed and enhanced in the backdrop of an ever-evolving cyber security
landscape. The Bank has developed a comprehensive framework and policy which
includes the Information Security Policy, Cyber Security Policy and Cyber Crisis
Management Plan to ensure adequate security of assets on a continuous basis. The
governance structure for management of information and cyber security risk is
helmed by Board-level Committees including the IT Strategy Committee, the Risk

20
 Committee and Audit Committee. In addition, there are also specialised committees to
review areas of IT and cyber risk, like the Information and Cyber Security
Committee. Additionally, the Bank has devised multiple key risk indicators and
dashboard to keep a track of system stability, continuity and availability, and network
uptime.
The Bank ensures 24x7 monitoring and surveillance of systems through its Security
Operations Centre. The Bank has a fully equipped disaster recovery set-up in place at
remote locations, which is supplemented by periodic disaster recovery drills. Further,
stringent gating controls are followed at the time of induction of new applications.
Based on the changing threat landscape, the Bank has procured a Cyber Insurance
Policy which is reviewed and renewed every year and new risk areas are included if
deemed necessary. Considering data protection is critical, a Data Leakage/Loss
Prevention (DLP) system is in place in order to protect confidential data at endpoint,
network and storage levels. The Bank also has an in-house ethical hacking team (red
teams) to continuously test banking applications for vulnerabilities or security flaws.
Also, the Bank undergoes multiple assessments of its security by internal as well as
external auditors, through specific thematic assignments and regulators to
continuously check its security approach and strengthen its controls.
The Bank also conducts and participates in cyber security drills to continuously fine
tune its response mechanisms. The Bank also runs frequent awareness campaigns for
employees through mailers, screen savers, etc., and conducts internal simulation
exercises to ensure high levels of employee awareness on information security.
In the wake of the Covid-19 outbreak, and banking being classified as an essential
service, the Bank made arrangements for several key activities to be performed
through secure work-from-home (WFH) technology solutions. While rolling out these
solutions, appropriate controls have also been implemented for information security.
Further, detailed advisories have been issued on Dos and Don’ts for employees to
follow when they work from home. This is also being followed up with regular
communication on information security best practices. Additional monitoring
parameters have also been configured on the Bank’s 24x7 Security Operations Centre
to continually monitor logs pertaining to WFH access of employees and generate
alerts in case of any unusual events.
There were no material incidents of security breaches or data loss during fiscal 2020.

ICICI Bank Corporate Office in Bandra Kurla Complex, Mumbai

Formerly Industrial Credit and Investment Corporation of India
Type Public
Traded as  BSE: 532174
 NSE: ICICIBANK

21
  NYSE: IBN
 BSE SENSEX Constituent
 NSE NIFTY 50 Constituent
ISIN INE090A01021
Industry Financial services
Founded 5 January 1955; 66 years ago,
Vadodara, Gujarat, (Registered Office) Bandra Kurla Complex,
Headquarters
Mumbai (Corporate Office)
Number of locations 5,275 (2020)
Area served Worldwide
Key people  Girish Chandra Chaturvedi (Chairperson)
   Sandeep Bakhshi (MD & CEO)
Products Banking, commodities, credit cards, equities trading, insurance,
investment management, mortgage loans, mutual funds, private equity,
risk management, wealth management, asset management
Revenue ₹161,192 crore (US$21 billion) (2021)
Operating income ₹42,261 crore (US$5.6 billion) (2021)
Net income ₹20,220 crore (US$2.7 billion) (2021)
Total assets ₹1,573,812 crore (US$210 billion) (2021)
Total equity ₹153,078 crore (US$20 billion) (2021)
Number of employees 97,354 (2020)
Subsidiaries ICICI Prudential
ICICI Lombard
ICICI Securities
ICICI Direct
Website www.icicibank.com

1.4 ORGANISATIONAL STRUCTURE

 What is it?
An organisational structure is a hierarchical arrangement of line of authority,
communication,
rights and duties of an organisation. It is a pattern of arrangement of jobs or group of
jobs within
an organisation.

 Why is it used?
It determines how roles, power and responsibilities are assigned, controlled and
coordinated and
how information flows from different levels of management. It is important for
decision making
at different levels in the organisation.

ICICI ORGANISATIONAL STRUCTURE

22
 The ICICI Bank’s organisational structure is divided into three layers of management.
The decentralised organisational structure includes the Board of Directors, Chairman,
CEO, CFO
and Managing Director at the top-level management. The top-level management
perform the
prime function of planning the bank‟s policies and roadmap of the bank‟s future
operations. The
next level of management which is the middle level includes Zonal Heads and Senior
General
Manager (SGM). These are the operational heads which monitor and supervise the
performance
work of each bank under their profile. The low level of management includes Branch
Managers
who are responsible for the working of their respective branch. The employees of
each branch
are also included in the low level of management which perform the duties as per
their job
position.

B.O.D. , Chairman
Top Level
Management CEO, CFO & MD
Business Head, Zonal Head
Middle Level
Management Senior General Manager

Low Level Branch Manager

Management

In the year 1998, four years hence the commencement, ICICI Bank restructured its
organisational structure by setting up strategic business units for Retail banking, corporate
banking and Forex & Treasury operations, as independent profit centres. The current
organisational structure of ICICI Bank has been divided into five verticals:
1) Retail Banking
2) Wholesale Banking
3) Project Finance and Special Assets Management
4) International Business
5) Corporate Centre
Each vertical is under the Business head who reports to the top-level management. Work at
the
lowest level of management is also decentralised into three levels. The basis for the division
of
work is the job profile.

23
 Branch Manager, Bank Manager
Apex Level

Funconal
Technical Expert, Data Analyst
Level

Operaonal
Cashier, Data Entry Operator
Level

The Board Members:

1) Mr. K.V. Kamath, Chairman
2) Ms. Chandha Kochhar, MD & CEO
3) Mr. N.S. Kannan, CFO & Executive Director
4) Mr. K. Ramkumar, Executive Director
5) Mr. Rajiv Sabharwal
6) Dr. Swati Piralmal
7) Mr. Homi R. Khusrokhan
8) Mr. Dileep Choksi
9) Mr. Arvind Kumar
10) Mr. M. S. Ramchandran
11) Dr. Tushaar Shah
12) Mr. V. Sridar

Organisation culture:
Shared values and beliefs that enable the employees/members of organisation to understand
their roles in an organisation so as to live up to the mission and vision of the organisation.
The shared
values include

 Some observed regularities in behaviour like common language, terminology and

rituals.
 Norms of the organisation are the rules/regulations like amount of time and work to
be spent.
 Some strong values of the organisation has and just expects the employees to share
the same. Some examples would be high product and service quality, low absentism
etc.
 A philosophy that is set forth in the organisation’s beliefs about how employees and
thereby customers should be treated.
 Very basic and dominant rules that dictate the does and don’ts of employee
behaviour w.r.t areas such as efficiency, productivity, customer relations, etc.

24
  Organizational climate, or the overall atmosphere of the enterprise as reflected by
the way that participants interact with each other, conduct themselves with customers,
and feel about the way they are treated by higher-level management.
 Organisational goal should support and provide shade to the individual goal of
employee. Don’t hit your employees to attain your goal.
What is critical for an organisation like ICICI bank?
 Building a learning place for employees, for being extra competitive in products
and services and thus meeting customer expectations.
 Strong capabilities in training and development to build competencies. Special
customised training on products and operations is implemented through web-based
training modules.
 Dedicated programmes on functional training and leadership development which
will help build knowledge as well as management capability.
At ICICI bank, the performance management system is based on firm defined
performance parameters and employee empowerment for achievement of goals, which
structured process of identifying and developing leadership potential.
ICICI Bank’s constant aim is to implement innovative HR practices and this has resulted in
the creation of an exceptional pool of talent and a performance-oriented organizational
culture which has imparted agility and flexibility to the organization.

25
 CHAPTER – 2 – PERFORMANCE &
POSITIONING

2.1 BANKING PRODUCTS & SERVICES:

As our valued customer, you are offered innovative products to redefine banking
convenience. With our expertise, you can rest assured that your wealth is protected and
nurtured at the same time.

Savings Accounts

26
An account that delights you with rewards, security and ease of banking.

 No minimum Balance Requirement

 Complete waiver of charges on Demand Drafts, Pay Orders and Anywhere Banking
facilities
 Complimentary and personalised International Debit Card
 Internet Banking – Avoid the queue or delays and try our simple and secure Internet
Banking facility for an unmatched online banking experience
 Customer Care – Our Customer Care service is always available to address your
queries
 Mobile Banking – A quick, simple and convenient way to take command of your
bank account securely, anytime, anywhere
 Nomination Facility – You may nominate a person as beneficiary to your account
proceeds

Family Wealth Account

  A wealth of privileges has been designed to take care of your family. We offer you a
comprehensive suite of products and services tailored for exclusive customers like yourself.
To get started, all you need to do is start a Family Banking relationship with ICICI Bank.
 
At least one of the members in your family should hold a Wealth Management account with
ICICI Bank and this premium service will be extended to all the members in the family*.

Home Loans
We understand that buying a home is one of the most important decisions in life. ICICI Bank
Home Loans with its extensive features will help you in making your dream home a reality.

27
  Dedicated team of experts to guide you through the property purchase process
 Home Loan suited as per your needs.
 Home Loan tenure up to 20 years
 Simplified documentation
 Doorstep delivery of Home Loan papers
 Loan approval even before the property is selected
 Insurance options to cover your home loan at a competitive premium

Car Loans

The Car Loans from ICICI Bank are designed to finance your dream car that suits your status
and taste. Enjoy the following benefits when you choose a Car Loan from us and be rest
assured of a pleasant journey.

 Pre-approved car loan offers available for select customers. Option to download
approval letter by logging into Internet Banking.
 Up to 100% on road funding.
 Attractive rate of interest.
 Simplified documentation process.
 Repayment tenure ranges from 1 year to 7 years.
 Opportunity to offer refinance up to 140% of the car value.
 Motor insurance funding included in the Auto Loan amount.
 Top-up Loans available with repayment schedule consisting of more than 12 Equated
Monthly Instalments (EMIs).

Foreign Exchange Services

28
 
Embark on hassle-free vacations with our world class Forex solutions.
 
Experience utmost convenience and service excellence when you choose Foreign Currency,
Travellers Cheques and Travel Card for your foreign exchange needs. Whether you travel for
holiday or for business, we offer efficient solutions with the assurance of prompt delivery of
foreign exchange at your doorstep.

Demat Account

Enjoy 24x7 access to transfer securities through the Internet and Interactive Voice Response
(IVR). Now you can receive your account statement and bill by
e-mail, and track your dividend, interest and bonus through the account statement.
 
You also can seamlessly access your Demat Account by sending an SMS to enquire about
your Holdings, Transactions, Bill and ISIN details. Also receive SMS alerts for all
debits/credits and benefit from our competitive service charges that offer you value for
money.

Key highlights (1/2)

• 19.8% y-o-y growth in core operating profit1 to ` 85.65 billion in Q4-2021
• 16.9% y-o-y growth in core operating profit to ` 313.51 billion in FY2021
Deposit growth
• Average savings account deposits increased by 21.2% y-o-y in Q4-2021
• Average current account deposits increased by 33.9% y-o-y in Q4-2021
• Total deposits increased by 21.0% y-o-y at March 31, 2021
Loan growth
• Domestic loans grew by 17.7% y-o-y and 6.1% q-o-q at Mar 31, 2021
• Retail loans grew by 19.9% y-o-y and 6.6% q-o-q at Mar 31, 2021
• Domestic performing corporate portfolio grew by 13.2% y-o-y and 4.7% q-o-q at
Mar 31, 2021
1. Profit before provision and taxes, excluding treasury income

29
 Key highlights (2/2)
Asset quality
• Gross NPA additions of ` 55.23 billion (excluding proforma NPAs as of Dec 31,
2020)
• Gross NPA additions of ` 161.23 billion (2.2% of opening customer assets) in
FY2021
• Utilised ` 35.09 billion of contingency provisions made on proforma NPAs
• Net NPA ratio declined to 1.14% at Mar 31, 2021 from 1.26%1 at Dec 31, 2020
• Provision coverage was robust at 77.7% at Mar 31, 2021
• Further, made additional Covid-19 related provision of ` 10.00 billion in Q4-2021
• Covid-19 related provision of ` 74.75 billion held at Mar 31, 2021
• Profit after tax of ` 44.03 billion in Q4-2021 (Q4-2020: ` 12.21 billion)
• Profit after tax of ` 161.93 billion in FY2021 (FY2020: ` 79.31 billion2)
• The Board has recommended a dividend of ` 2 per share, subject to requisite
approvals
• Common Equity Tier 1 ratio of 16.80%3
1. On a proforma basis
2. Includes impact of one-time additional charge of ` 13.91 billion due to re-
measurement of accumulated deferred tax asset at the revised marginal tax rate
3. Post reckoning the impact of proposed dividend

Finished Products

ICICI Bank Ltd. Finished Products [INR-Millions]

Capa Sales
Ye Pro Insta Insta Produ Sal Sal %
Produ Produ city Sales Per
ar Product duct lled lled ction es es of
ction ction Utili Amou Unit(
En Name Cod Unit Capa Amou Un Qt ST
Units Qty sed nt Unit
d e s city nt its y O
% Curr)
Interest/
M Discount
57288 72.
ar- on
8.12 41
21 Advances
/Bills                    
Income
M
on 16539 20.
ar-
Investme 7.82 91
21
nts                    
M
36577 4.6
ar-
.72 2
21 Others                    
M Interest                   16319 2.0  
ar- on .05 6
21 balance
with RBI
and Other
Inter-
Bank

30
 Funds
Interest/
M Discount
57551 76.
ar- on
1.13 94
20 Advances
/Bills                    
Income
M
on 14673 19.
ar-
Investme 2.07 62
20
nts                    
M
18918 2.5
ar-
.47 3
20 Others                    
Interest
on
balance
M
with RBI 6821. 0.9
ar-
and Other 50 1
20
Inter-
Bank
Funds                    
Interest/
M Discount
47942 75.
ar- on
6.24 62
19 Advances
/Bills                    
Income
M
on 12796 20.
ar-
Investme 8.77 18
19
nts                    
M
19256 3.0
ar-
.05 4
19 Others                    
Interest
on
balance
M
with RBI 7360. 1.1
ar-
and Other 86 6
19
Inter-
Bank
Funds                    
Interest/
M Discount
40866 74.
ar- on
2.07 35
18 Advances
/Bills                    
Income
M
on 11568 21.
ar-
Investme 1.70 05
18
nts                    
M Others                   18681 3.4  

31
ar-
.36 0
18
Interest
on
balance
M
with RBI 6633. 1.2
ar-
and Other 79 1
18
Inter-
Bank
Funds                    
Interest/
M Discount
39603 73.
ar- on
3.93 13
17 Advances
/Bills                    
Income
M
on 11377 21.
ar-
Investme 0.72 01
17
nts                    
M
26803 4.9
ar-
.54 5
17 Others                    
Interest
on
balance
M
with RBI 4954. 0.9
ar-
and Other 61 1
17
Inter-
Bank
Funds                    
Interest/
M Discount
38943 73.
ar- on
1.54 84
16 Advances
/Bills                    
Income
M
on 10625 20.
ar-
Investme 3.49 15
16
nts                    
M
30126 5.7
ar-
.95 1
16 Others                    
Interest
on
balance
M
with RBI 1582. 0.3
ar-
and Other 38 0
16
Inter-
Bank
Funds                    
M Interest/                   35631 72.  

32
 Discount
ar- on
0.84 58
15 Advances
/Bills
Income
M
on 10592 21.
ar-
Investme 7.69 58
15
nts                    
M
26721 5.4
ar-
.87 4
15 Others                    
Interest
on
balance
M
with RBI 1950. 0.4
ar-
and Other 99 0
15
Inter-
Bank
Funds                    
Interest/
M Discount
31427 71.
ar- on
9.28 14
14 Advances
/Bills                    
Income
M
on 11557 26.
ar-
Investme 0.56 16
14
nts                    
M
9931. 2.2
ar-
88 5
14 Others                    
Interest
on
balance
M
with RBI 1999. 0.4
ar-
and Other 81 5
14
Inter-
Bank
Funds                    
Interest/
M Discount
27341 68.
ar- on
1.10 22
13 Advances
/Bills                    
Income
M
on 11009 27.
ar-
Investme 2.68 47
13
nts                    
M
11822 2.9
ar-
.43 5
13 Others                    

33
 Interest
on
balance
M
with RBI 5429. 1.3
ar-
and Other 77 5
13
Inter-
Bank
Funds                    
Interest/
M Discount
22129 65.
ar- on
8.92 98
12 Advances
/Bills                    
Income
M
on 96840 28.
ar-
Investme .24 87
12
nts                    
M
12376 3.6
ar-
.00 9
12 Others                    
Interest
on
balance
M
with RBI 4911. 1.4
ar-
and Other 36 6
12
Inter-
Bank
Funds                    
Interest/
M Discount
16424 63.
ar- on
7.83 24
11 Advances
/Bills                    
Income
M
on 79051 30.
ar-
Investme .92 43
11
nts                    
M
12773 4.9
ar-
.11 2
11 Others                    
Interest
on
balance
M
with RBI 3667. 1.4
ar-
and Other 67 1
11
Inter-
Bank
Funds                    
M Interest/                   17372 67.  
ar- Discount 7.33 58
10 on

34
 Advances
/Bills
Income
M
on 64663 25.
ar-
Investme .49 15
10
nts                    
M
12428 4.8
ar-
.61 3
10 Others                    
Interest
on
balance
M
with RBI 6249. 2.4
ar-
and Other 91 3
10
Inter-
Bank
Funds                    
Interest/
M Discount
22323 71.
ar- on
8.30 80
09 Advances
/Bills                    
Income
M
on 74030 23.
ar-
Investme .60 81
09
nts                    
M
8469. 2.7
ar-
50 2
09 Others                    
Interest
on
balance
M
with RBI 5187. 1.6
ar-
and Other 10 7
09
Inter-
Bank
Funds                    
Interest/
M Discount
22600 73.
ar- on
9.87 41
08 Advances
/Bills                    
Income
M
on 74660 24.
ar-
Investme .09 25
08
nts                    
M Interest                   6119. 1.9  
ar- on 94 9
08 balance
with RBI
and Other

35
 Inter-
Bank
Funds
M
1093. 0.3
ar-
52 6
08 Others                    
Interest/
M Discount
16096 73.
ar- on
3.13 18
07 Advances
/Bills                    
Income
M
on 49898 22.
ar-
Investme .40 69
07
nts                    
Interest
on
balance
M
with RBI 8085. 3.6
ar-
and Other 55 8
07
Inter-
Bank
Funds                    
M
1008. 0.4
ar-
80 6
07 Others                    
Interest/
M Discount
96849 67.
ar- on
.55 70
06 Advances
/Bills                    
Income
M
on 36927 25.
ar-
Investme .58 81
06
nts                    
Interest
on
balance
M
with RBI 3354. 2.3
ar-
and Other 65 4
06
Inter-
Bank
Funds                    
M
713.1 0.5
ar-
8 0
06 Others                    
Interest/
M Discount
67528 71.
ar- on
.30 76
05 Advances
/Bills                    

36
 Income
M
on 22294 23.
ar-
Investme .37 69
05
nts                    
Interest
on
balance
M
with RBI 2320. 2.4
ar-
and Other 09 7
05
Inter-
Bank
Funds                    
M
1956. 2.0
ar-
19 8
05 Others                    
Interest/
M Discount
60738 67.
ar- on
.53 47
04 Advances
/Bills                    
Income
M
on 24317 27.
ar-
Investme .40 01
04
nts                    
Interest
on
balance
M
with RBI 2106. 2.3
ar-
and Other 35 4
04
Inter-
Bank
Funds                    
M
1778. 1.9
ar-
13 8
04 Others                    
Interest/
M Discount
60162 64.
ar- on
.44 22
03 Advances
/Bills                    
Income
M
on 29104 31.
ar-
Investme .42 07
03
nts                    
M Interest                   2355. 2.5  
ar- on 67 1
03 balance
with RBI
and Other
Inter-
Bank

37
 Funds
M
2058. 2.2
ar-
04 0
03 Others                    
Income
M
on 12338 57.
ar-
Investme .00 33
02
nts                    
Interest/
M Discount
7716. 35.
ar- on
67 86
02 Advances
/Bills                    
Interest
on
balance
M
with RBI 1226. 5.7
ar-
and Other 19 0
02
Inter-
Bank
Funds                    
M
238.4 1.1
ar-
4 1
02 Others                    
Interest/
M Discount
5709. 45.
ar- on
07 96
01 Advances
/Bills                    
Income
M
on 5557. 44.
ar-
Investme 26 74
01
nts                    
Interest
on
balance
M
with RBI 1086. 8.7
ar-
and Other 70 5
01
Inter-
Bank
Funds                    
M
0.5
ar- 68.29
5
01 Others                    

Trend by Sales:

ICICI Bank Ltd. - Trend by Sales- [INR-Millions]

38
Product Name Mar-21 Mar-20 Mar-19 Mar-18 Mar-17
Income on Investments 165397.82 146732.07 127968.77 115681.70 113770.72
Interest on balance with RBI
and Other Inter-Bank Funds 16319.05 6821.50 7360.86 6633.79 4954.61
Interest/Discount on
Advances/Bills 572888.12 575511.13 479426.24 408662.07 396033.93
Others 36577.72 18918.47 19256.05 18681.36 26803.54

2.2 TOP COMPETITORS:

The following companies are the major competitors of ICICI Bank Ltd:
Axis Bank Ltd
Bank of Baroda
Bank of India
HDFC Bank Ltd
IndusInd Bank Ltd
Kotak Mahindra Bank Ltd
Punjab National Bank
RBL Bank Ltd.
State Bank of India
Yes Bank Ltd

Key Market Ratio

Latest Date 26-Nov-21
Latest Price (Rs) 721.95
Previous Close (Rs) 750.9
1 Day Price Var % -3.86
1 Year Price Var % 51.86
52 Week High (Rs) 859.7
52 Week Low (Rs) 471
Beta 1.5
Face Value (Rs) 2
Industry PE 26.37
TTM Period 202109
TTM EPS (Rs) 28.05
TTM CEPS(Rs) 28.05
Price/TTM CEPS(x) 25.74
TTM PE (x) 25.74
Price/BV(x) 3.26
EV/TTM EBIDTA(x) 15.11

39
 EV/TTM Sales(x) 6.73
Dividend Yield% 0.28
M Cap/TTM Sales(x) 6.17
Latest Book Value (Rs) 221.26
Market Cap (Rs in Lakhs) 50106218
EV (Rs) 54666195
Latest no. of shares Lakhs 69404

2.3 INCOME STATEMENT:

Inc/Exp Statement
Description Mar-21 Mar-20 Mar-19 Mar-18 Mar-17
Interest Earned 7911827 7479832 6340119 5496589 5415628
Total Income 9808680 9124694 7791336 7238552 7366076
Interest Expended 4012884 4153125 3638640 3194005 3241896
Operating Profit 3639713 2810128 2343790 2474153 2648675
PAT 1619268 793081 336330 677742 980109
Dividend % 100   50 75 125
Adj. EPS(Rs) 23.41 12.25 5.22 10.54 15.3

BALANCE SHEET:

DESCRIPTION Mar-21 Mar-20 Mar-19 Mar-18 Mar-17

SOURCES OF FUNDS:
Share Capital 13834.10 12947.65 12894.60 12858.10 11651.07
Share Warrants &
Outstanding 31.01 34.86 46.76 55.70 62.56
Total Reserves 1461226.74 1152061.56 1070739.06 1038675.57 987797.07
Deposits 9325221.61 7709689.95 6529196.71 5609752.09 4900390.65
Borrowings 916309.56 1628967.60 1653199.74 1828586.21 1475561.52
Other Liabilities &
Provisions 587703.74 4 79949.88 378514.61 301963.96 342451.59
Total Liabilities 12304326.76 10983651.49 9644591.48 8791891.61 7717914.46
APPLICATION OF FUNDS:
Cash and balance with
460311.90 352839.59 378580.12 331023.82 317024.05
Reserve Bank of India
Balances with banks
870970.60 838717.80 424382.74 510669.99 440106.56
and money at call
Investments 2812865.40 2495314.81 2077326.80 2029941.81 1615065.45
Advances 7337290.90 6452899.70 5866465.83 5123952.86 4642320.84
Gross block 175487.40 163257.36 151688.14 150220.75 143128.88
Less: Accumulated
Depreciation 86711.60 79154.51 72373.85 71185.60 65076.81
Less: Impairment of
Assets          
Net Block 88775.81 84102.85 79314.29 79035.15 78052.07
Lease Adjustment          
Capital Work in 0.00 0.00      

40
Progress
Other Assets 734112.15 759776.75 818521.70 717267.99 625345.48
Total Assets 12304326.76 10983651.49 9644591.48 8791891.61 7717914.46
Contingent Liabilities 26486406.69 25238257.98 19220382.87 12892440.02 10309937.13
Bills for collection 546434.22 482162.42 493919.86 285883.60 226231.85
Book Value 208.81 175.17 163.38 158.91 166.37
Adjusted Book Value 208.81 175.17 163.38 158.91 151.25

16000

Mar-21; 13834.10
14000
Mar-20; 12947.65 Mar-19; 12894.60 Mar-18; 12858.10

12000 Mar-17; 11651.07

10000

8000

6000

4000

2000
Mar-21 Mar-20 Mar-19 Mar-18 Mar-17

SOURCES OF FUNDS: Share Capital

41
CHAPTER – 3 – PESTEL ANALYSIS

42
 POLITIC
AL
FACTOR
S
ECONO
LEGAL
MIC
FACTOR
FACTOR
S
S
PESTE
L
ANALY
SIS
ENVIRO
NMENT SOCIAL
AL - FACTOR
FACTOR S
S TECHNO
LOGICA
L-
FACTOR
S

ICICI Bank PESTEL Analysis:

PESTLE Analysis of ICICI Bank analyses the brand on its business tactics. ICICI Bank
PESTLE Analysis examines the various external factors like political, economic, social,
technological (PEST) which impacts its business along with legal & environmental factors.
The PESTLE Analysis highlights the different extrinsic scenarios which impact the business
of the brand.
PESTLE analysis is a framework which is imperative for companies such as ICICI Bank, as it
helps to understand market dynamics & improve its business continuously. PESTLE analysis
is also referred to as PESTEL analysis.
Let us start the ICICI Bank PESTLE Analysis:
POLITICAL FACTORS:
The political factors in the ICICI Bank PESTLE Analysis can be explained as follows:
ICICI Bank has its operations in India and has its subsidiaries in many countries. The bank is
one of the biggest banks in India. To get this position and to maintain the position it has to
maintain good political connections. The stability of the political governance also important
for them to operate in a big democratic Nation. Due to pandemic and the great recession, the
government has taken many policies to revitalise the banks. ICICI bank is mainly for the
industry purpose, so the government which have best policies to ease for doing business is a
crucial thing for the bank. The policies related to the foreign trade also important for the
bank. The bank should always observe the policies which improves the disposable income of
the people.

43
ECONOMIC FACTORS:
Below are the economic factors in the PESTLE Analysis of ICICI Bank:
ICICI Bank has several financial aspects which define its business. Due to pandemic, the
economy of the people has decreased a lot. The recovery of the loan has decreased due to
mortgage policies taken up by the government. The economy of the nation is important for
any bank to operate smoothly. The Indian GDP is decreasing from the past five years and this
year it went down to the least. The government of India has taken many policies to revitalise
the economy. The government also make policies which helps for the Indian entrepreneurs
and SMEs. These policies help for the industrial growth of the India which indeed impact on
the operations of the bank.
SOCIAL FACTORS:
Following are the social factors impacting ICICI Bank PESTLE Analysis:
Since saving money is an integral part of people’s behaviour, it also impacts ICICI Bank’s
operations. Due to uncertainty in the future, people are more conscious on the financial terms.
People become more conscious about their and their family future needs. The way of
purchasing has changed a lot. People have the mindset of that the cost of the products will
increase in the future. Due to increase in family expenditure and other needs people are keen
to take the loans to meet their needs. The Indians also change their mindset of working to
give employment. Due to better education, people are keen to make their own way of living
by establishing start-ups.
TECHNOLOGICAL FACTORS:
The technological factors in the PESTLE Analysis of ICICI Bank are mentioned below:
In the past it is very difficult to run the banks with heavy paper work. Due to introduction of
date warehouse and online solutions in the bank, it makes the job very smoothly. Then the
rise of internet makes the operations of ICICI Bank robust, fast & reliable. Banks provide
their services to the consumers remotely. This is due to improve in technology in the AI, IOT,
cloud-based technology. These new generation technologies make the consumers and the
bank employees flexible to do their works smoothly. Due to improvement of new
technologies, the bank should also design new offerings to the people.
LEGAL FACTORS:
Following are the legal factors in the ICICI Bank PESTLE Analysis:
ICICI bank focuses on the laws created by the RBI. It also should ensure that its employees
are abide to the rules and regulations of RBI. It also should ensure that it abide to the rules of
the state and central governments to establish the banks and operate its operations. It also
44
should follow the rules of the RBI to introduce any new services. The bank should also
ensure to follow the rules of the host nations and ensure to practice safe banking policies.
ENVIRONMENTAL FACTORS:
In the ICICI Bank PESTLE Analysis, the environmental elements affecting its business are as
below:
The ICICI bank usually use lots of non-renewable energy sources for its operations which
increases the carbon foot print. This is a crucial factor for the climate change. the climate
change has huge impact on the operations of the bank.

45
CHAPTER – 4 – SWOT Analysis

46
SWOT ANALYSIS
ICICI Bank Ltd (ICICI Bank) is a provider of retail and commercial banking, treasury, and
insurance solutions. The bank's adequate capital and liquidity, leading market position, and
improved non-interest income and asset quality are few of its major strengths; even as its
alleged quid pro quo with Videocon and decline in cost efficiency could be causes for
concern. Growing cards and payments channel, wealth management prospects, corporate tax
cuts and regulatory changes in India; technological innovation, and business growth
initiatives may provide ample growth opportunities to the bank. However, a prolonged low-
interest-rate environment, additional capital requirement, and the emergence of neo banks
may affect the bank’s performance.

Strength Weakness

Non-Interest Income Alleged quid pro quo with

Capital Adequacy Videocon Cost Efficiency
Adequate Liquidity
Market Leadership: India
Asset Quality
Opportunity Threat

Growing Cards and Payments Channel: India Growing Prolonged Low-Interest-Rate

Wealth Management Prospects: India Corporate Tax Cuts: Environment Emergence of Neo
India banks Additional Capital
Regulatory Changes: India Requirements
Business Growth Initiatives
Technological Innovation

Strength:
Non-Interest Income
ICICI Bank continued to report improvement in its non-interest income (NII) in FY2020,
which enhanced its revenue. During the year, the bank reported NII of INR593.2 billion, as
compared to INR568.1 billion in FY2019, reflecting an increase of 4.4%. The improvement
was mainly due to higher net earned premium and other operating income from exchange and
brokerage and insurance business and commission. NII is an important source of revenue for
entities providing banking and other financial solutions. In FY2020, it accounted for 45.2%
of the bank’s revenue, as compared to 47.7% in the previous year.
Capital Adequacy
ICICI Bank maintains capital adequacy and risk allowance, and aims at improving its overall
risk management capability for business development and innovation, and creating value
through risk management to effectively achieve its strategic goals. In FY2020, the bank’s
capital adequacy ratio, CET1 ratio, and tier 1 capital ratio stood at 16.89%, 13.63%, and
15.09%, respectively, as compared to 18.42%, 14.43%, and 15.92%, respectively in FY2019.
47
The deterioration could be attributable to an increase in risk-weighted assets by 8.3% and a
marginal decline in total capital by 0.8%. All of the ratios were well above the minimum
capital requirement of 11.03%, 7.53%, and 9.03%, respectively, under the guidelines of Basel
III and Reserve Bank of India. The Indian banking sector average of the total capital ratio
was 14.3%.
Adequate Liquidity
The bank continued to report adequate liquidity in FY2020, which enables it to carry out day-
to-day operations with ease, even during the stress period of one month. During the year, its
ratio of advances to deposits improved to 100.02% from 101.47% in the previous year. It was
also higher than the sector average of 77.7%. The bank’s gross advances grew 14.6% to
INR6,814.4 billion, while its deposits increased 16.3% to INR6,813.2 billion. In FY2020, the
bank’s loan portfolio comprised 52.5% of consumer loans, which reduces the risks of asset-
quality challenges and weak demand in the corporate lending sector. It could also benefit
from the underpenetrated market in India. Its liquidity coverage ratio for the fourth quarter
was 127.5%, which was above the minimum requirement of 100%.
Market Leadership: India
ICICI Bank holds a leading position in India, which provides it an edge over its peers. It is a
leading private sector bank in the country. In FY2020, the bank operated through 4,874
branches and 14,987 ATMs in the country, which is the largest service network among
private sector banks in the country. The bank covers rural and semi-urban locations with over
50.1% of its branch network. The bank has a market share of 34% and 65% market share in
IPO collection and retail and high net worth individual segments, respectively. As of March
31, 2020, its market share in domestic mutual fund business was 13.1%, followed by life
insurance (10.3%), and general insurance (8.5%).
Asset Quality
ICICI Bank reported improvement in its quality of assets in FY2020, which ensures interest
income from outstanding loans and leases. During the year under review, the bank’s gross
non-performing assets (NPAs) decreased 14.5% INR491.8 billion from INR575.3 billion in
FY2018. The improvement was mainly attributed substantial decline in non-performing
commercial loans, upgrade of non-performing commercial and consumer loans, as well as,
recoveries against non-performing commercial and consumer loans. Gross NPAs to gross
customer assets stood at 6.5%, as compared to 8.6% in the previous year. It was also better
than the sector average of 9.30%. Its net NPAs significantly declined 51.2% to INR143.3
billion from INR293.5 billion in FY2019. Net NPAs as a percentage of net customer assets
also improved to 2% from 4.6% in the previous year, which was also better than the sector
average of 2.80%. Its gross non-performing loans (GNPLs) decreased 14.3% to INR485.7
billion from INR567 billion, while GNPLs to gross loans improved to 7.13% from 9.54% in
the previous year. Its provision for loan losses (PLLs) increased 25% to INR344.8 billion
from INR275.7 billion. PLLs as a percentage of GNPLs improved to 70.98% from 48.62%, a
year ago. The sector average stood at 60.60%.
Weakness:
Alleged quid pro quo with Videocon

48
 The bank’s involvement in allegations could affect its reputation and financial performance.
In May 2018, the market regulator, SEBI, issued a show-cause notice to Ms. Kochhar, former
Chief executive Officer and Managing Direct of the bank; and to the bank related to the
allegation for quid pro quo and nepotism. Under the ongoing case, the bank was accused for
nepotism and conflict of interest charges by Mr. Arvind Gupta, who is an investor, in his
letter to the Prime Minister in 2016. Under the case, he accused the bank and its former
Managing Director and Chief Executive Officer Ms Chanda Kochhar for quid pro quo and
not adhering to the code of conduct. Mr. Arvind Gupta claimed that the bank and its Chief
Executive Officer favoured Videocon Group, a company led by Mr. Venugopal Dhoot, by
approving two loans of over INR4,000 crore, which was further invested in the company
owned by Ms Chanda Kochhar’s husband, Mr. Deepak Kochhar.
Cost Efficiency
The bank has been reporting deterioration in its cost efficiency for the past several years,
which has been affecting its profitability. In FY2020, its cost-to-income ratio deteriorated to
69.75% from 65.82% in the previous year. The ratio indicates non-interest expenses as a
percentage of net revenue. During the year, the bank’s non-interest expenses increased 15.3%
to INR642.6 billion from INR557.6 billion in FY2019, owing to higher expenses from the
insurance business, payments to and provision for employees, and other administrative
expenses. In FY2020, its net revenue grew 8.8% to INR921.3 billion from INR 847.1 billion
due to growth in net interest income and non-interest income by 17.6% and 4.4%.
Opportunity:
Growing Cards and Payments Channel: India
The growing market for payment channels in India may provide growth opportunities to the
bank. According to in-house report, the number of cards in circulation in the country is
projected to reach 1,487.9 million in 2022, including 1,410.6 million debit cards, 76.4 million
credit cards, and 0.9 million charge cards. The transaction value of the channels is forecast to
grow to INR82,145 billion in 2022, including INR67,816.1 billion for debit cards,
INR13,298.1 billion for credit cards, and INR1,030.8 billion for charge cards. The growth is
expected to be complemented by demonetization, large untapped market, digital revolution,
growth in alternative modes of payment, rise in e-commerce, and growing internet usage.
Growing Wealth Management Prospects: India
The growing affluent population in India may provide ample growth opportunities to private
banking/wealth management providers. According to in-house research, the affluent
population is projected to reach 12 million by 2022, including 0.3 million high net worth
individuals (HNWIs) and 11.7 million mass affluent. The retail liquid assets of the population
are forecast to reach US$3,104 billion, with US$1,250.4 billion and US$1,853.6 billion being
the wealth of HNWIs and mass affluent, respectively.
The growth is expected to be due to the increasing demand for investments in overseas
properties, improving business environment complemented by reforms such as unified GST
and a new Insolvency and Bankruptcy Code, recovery in economic growth, and increasing
retail investments in equity markets and mutual funds.
Corporate Tax Cuts: India

49
Corporations in India would benefit from the corporate tax cut, a new provision that was
included in the Income-Tax Act with effect from FY2019-20. As part of the Budget 2019, the
corporate tax was reduced to 25.17% for domestic companies with annual revenue of up to
INR4 billion. Banking and non-banking financial companies (NBFCs) sector is expected to
be among the biggest gainer as it pays tax at some of the highest rates in the country, which
will have a positive impact on its profitability and capital position. Banks and NBFCs could
benefit from an increase in borrowing by businesses. Along with increase in borrowing,
higher interest rates will increase the banks' profit margins further. It would also enable
potential transmission of tax rate benefits to borrowers
Regulatory Changes: India
The bank could benefit from favourable regulatory changes in the country. In 2016, the
government passed Insolvency and Bankruptcy Code Bill (IBC), and the subsequent
amendment in 2018 provided for a faster and decisive process of recovery of non-performing
loans of companies that are unable to meet their obligations to lenders. It bars unscrupulous
persons from misusing the provisions of the Code. These include disqualified directors, wilful
defaulters, and promoters or management of the company if it has an outstanding non-
performing debt for over a year, among others. The bill also bars the sale of property of a
defaulter to such persons during liquidation.
Business Growth Initiatives
The bank has been pursuing various business growth initiatives, which enables it to increase
its customer base and market presence. To this, end, in September 2019, it announced to
establish 450 branches, of which 320 branches are already set up and the next 130 branches
set would be completed by end of FY2020. The new branches are aligned with various
technological solutions such as Touch Banking, Insta Banking, and cash withdrawal and
deposit machines. In October 2019, it launched FD Health, a fixed deposit with critical illness
coverage. In January 2019, it launched M2I Rewards, a loyalty programme in its remittance
service - Money2India. During FY2019, it launched several offerings across various
categories: Insta products, accounts: savings and current, credit cards, corporate and MSME,
and international banking.
Technological Innovation
ICICI Bank's efforts towards technological innovation coupled with changing trends could
enhance operational efficiency and customers’ experience. It has been continuously investing
in emerging technologies to deliver more personalized, accessible, and easier service for
customers. To this end, in August 2018, the bank deployed robotic arms for note sorting at its
currency chests. In July 2019, the company launched InstaBIZ, a digital platform for MSMEs
to perform their banking transactions through the internet or mobile instantly
Threat
Prolonged Low-Interest-Rate Environment
A prolonged low-interest-rate environment could pose significant challenges to a banking
institution and result in the consolidation of smaller banks. According to an IMF research,
lower interest rates may increase the banks' earnings in the short-term. However, they affect
profitability in the steady state once they fall below a particular positive threshold. With

50
flattened yield curves, if bank deposit rates cannot fall below zero, profitability would
contract further. In such a scenario, regional and deposit-funded banks are likely to be the
most affected. In order to enhance yield, larger banks would increase their risk exposures in
other countries that offer higher returns and rely more on wholesale funding, whereas their
smaller counterparts would take more interest rate risk by increasing the duration of bond
portfolios.
Emergence of Neo banks
The emergence of Neo banks could hamper the operational and financial position of
conventional banks by seizing the market. Unlike a conventional bank, Neo bank does not
maintain branches, which allows it to maintain lower operational costs and bolster product
innovation. Its digital-only business model also widens the scope to offer competitive rates
and charge lower fees to the customers. Neo bank is capable to use advanced technologies
such as artificial intelligence to track customers’ spending pattern and provide personalized
solutions. It could provide real-time spending advisory and enable them to get instant
approvals for loan applications and deactivation of accounts. Despite less operational
experience, limited offerings, and low reliability; attributes such as lower costs and better
customer experience render Neo bank to be a better alternative a traditional bank, which
could allow it to gain customer base of the conventional banks.
Additional Capital Requirements
The challenge on bank solvency, as a result of highly leveraged balance sheets, prompted a
regulatory response, which recommended an increase in capital. Basel III norms by Basel
Committee on Banking Supervision are intended to protect the global banking industry from
financial meltdowns. The new norms require banks to hold more and better-quality capital,
carry more liquid assets, and limit leverage. The norms will ensure that banks hold more
capital on hand, which will limit the amount of money they can lend, and reduce the risk of
insolvency given many loan defaults.
Basel III increases the minimum Tier 1 common equity ratio to 4.5%, net of regulatory
deductions, and introduces a multi-year phase-in capital conservation buffer of another 2.5%
of common equity to risk weighted assets. The capital conservation buffer, once fully phased-
in, increases the target minimum Tier 1 common equity ratio to 7%, minimum Tier 1 capital
ratio from 6% to 8.5% and the minimum total capital ratio from 8% to 10.5%. The buffer
requirement began in January 2016 and the banks are required to fully phase-in the buffer by
January 2019 to avoid limitations on capital distributions and certain discretionary incentive
compensation payments. Basel III also introduces a counter cyclical capital buffer of up to
2.5% of common equity or other fully loss absorbing capital for periods of excess credit
growth. Basel III also introduces a non-risk adjusted Tier 1 leverage ratio of 3%, based on a
measure of total exposure rather than total assets, and new liquidity standards. Due to such
regulations, financial service companies will have to incur high costs, and exert increased
pressure on banks, which are already in the process of improving their own governance
processes.

51
CHAPTER – 5 – Major Latest News/ Announcements in last one
year

52
 LATEST NEWS
Date Heading
29-Nov-21 ICICI Bank, Avenue Supermarts and Reliance Industries to see some action today
29-Nov-21 IndusInd Bank informs about disclosure
27-Nov-21 ICICI Bank raises Rs 3595 crore through bonds
27-Nov-21 HDFC Bank informs about analyst meet
27-Nov-21 Fino Payments Bank informs about analyst meet
26-Nov-21 Axis Bank informs about analyst meet
26-Nov-21 Yes Bank informs about analyst meet
26-Nov-21 HDFC Bank informs about granting of options under ESOS- 37
24-Nov-21 ICICI Bank aims to grow market share in Exim Trade transaction
HDFC Bank, Equitas Small Finance Bank partner to launch new co-branded credit
24-Nov-21 cards
24-Nov-21 ICICI Bank gains on aiming to grow market share in Exim Trade transaction
24-Nov-21 HDFC Bank informs about analyst meet
HDFC Bank rises on partnering with Equitas Small Finance to launch new co-
24-Nov-21 branded credit cards
24-Nov-21 ICICI Bank launches online platform ‘Trade Emerge’
24-Nov-21 DCB Bank informs about conference call
23-Nov-21 IndusInd Bank informs about clarification
Equitas Small Finance Bank ties up with HDFC Bank to offer co-branded credit
23-Nov-21 cards
23-Nov-21 Axis Bank informs about allotment of equity shares under ESOP
23-Nov-21 Equitas Small Finance Bank informs about press release
22-Nov-21 Federal Bank informs about updates
20-Nov-21 The Federal Bank informs about analyst meet
HDFC Bank launches micro-credit facility for PM SVA Nidhi scheme with Common
20-Nov-21 Service Centres
20-Nov-21 RBL Bank informs about allotment of equity shares
19-Nov-21 Axis Bank informs about analyst meet
19-Nov-21 IDFC FIRST Bank partners with Hindustan Petroleum Corporation
19-Nov-21 Federal Bank informs about allotment of equity shares under ESOS
18-Nov-21 RBL Bank gets authority by RBI to collect Direct and Indirect Taxes
18-Nov-21 HDFC Bank informs about analyst meet
18-Nov-21 Suryoday Small Finance Bank informs about disclosure
18-Nov-21 Axis Bank informs about analyst meet
18-Nov-21 Federal Bank informs about disclosure
18-Nov-21 RBL Bank informs about press release
18-Nov-21 IndusInd Bank ties up with Toyota Kirloskar Motor
17-Nov-21 IndusInd Bank launches mobile application ‘Indus Merchant Solutions’
17-Nov-21 Karnataka Bank surges on introducing new current account scheme
17-Nov-21 IndusInd Bank surges on launching mobile application ‘Indus Merchant Solutions’
17-Nov-21 Axis Bank enters into partnership with GuarantCo
16-Nov-21 Apollo Tyres, Karnataka Bank and Ashok Leyland to see some action today
16-Nov-21 Karnataka Bank introduces new current account scheme
16-Nov-21 HDFC Bank organizes 2,000 workshops to prevent financial fraud
16-Nov-21 HDFC Bank informs about informs about analyst meet

53
16-Nov-21 Fino Payments Bank informs about investor presentation
16-Nov-21 Kotak Mahindra Bank partners with PVR to launch co-branded debit card
15-Nov-21 Fino Payments Bank reports 75% rise in Q2 net profit
15-Nov-21 HDFC Bank integrates with Government of India’s National Agriculture Market
15-Nov-21 HDFC Bank rises on the BSE
15-Nov-21 DCB Bank informs about investor meet
13-Nov-21 Yes Bank invokes pledge shares of Asian Hotels North
12-Nov-21 HDFC Bank signs MoU with Manipal Business Solutions
12-Nov-21 Fino Payments Bank lists with 5.03% discount on the BSE
12-Nov-21 HDFC Bank surges on signing MoU with Manipal Business Solutions
12-Nov-21 Axis Bank informs about analyst meet
Kotak Mahindra Bank, Power Grid Corporation of India and VST Tillers Tractors to
11-Nov-21 see some action today
11-Nov-21 Kotak Mahindra Bank completes acquisition of 10% stake in KFin Technologies
11-Nov-21 Moody's upgrades Yes Bank's rating to ‘B2’
11-Nov-21 Yes Bank jumps as Moody's upgrades rating to ‘B2’
11-Nov-21 The Karur Vysya Bank informs about newspaper publication
11-Nov-21 The Karur Vysya Bank informs about analyst meet
10-Nov-21 Axis Bank informs about schedule of analyst meet
09-Nov-21 Kotak Mahindra Bank hikes home loan rates
09-Nov-21 Karur Vysya Bank reports 44% rise in Q2 net profit
09-Nov-21 Ujjivan Small Finance Bank reports net loss of Rs 274 crore in Q2
09-Nov-21 Federal Bank informs about analyst meet
09-Nov-21 Karur Vysya Bank surges on reporting 44% rise in Q2 net profit
09-Nov-21 ICICI Bank informs about allotment of equity shares
09-Nov-21 Ujjivan Small Finance Bank falls on reporting net loss of Rs 274 crore in Q2
09-Nov-21 Kotak Mahindra Bank informs about loss of share certificates
08-Nov-21 Kotak Mahindra Bank informs about analyst meet
06-Nov-21 Dhan Laxmi Bank reports 74% fall in Q2 net profit
06-Nov-21 IDFC First Bank submits newspaper advertisement
06-Nov-21 IndusInd Bank informs about press release
02-Nov-21 Yes Bank completes transaction for sale of stake in YESAMC, YTL
02-Nov-21 Bandhan Bank gets empanelled by Reserve Bank of India to act as agency bank
Bandhan Bank jumps on getting empanelled by Reserve Bank of India to act as
02-Nov-21 agency bank
02-Nov-21 Yes Bank inches up on completes transaction for sale of stake in YESAMC, YTL
01-Nov-21 DLF, NTPC and ICICI Bank to see some action today
DCB Bank gets in-principle approval to invest up to Rs 2.04 crore in Svakarma
01-Nov-21 Finance
DCB Bank zooms on getting in-principle approval to invest up to Rs 2.04 crore in
01-Nov-21 Svakarma Finance
01-Nov-21 IDFC First Bank reports marginal rise in Q2 consolidated net profit
01-Nov-21 Bandhan Bank dips on reporting net loss of Rs 3009 crore in Q2
01-Nov-21 The South Indian Bank informs about retirement of director
01-Nov-21 Capital Small Finance Bank files DRHP with SEBI to raise funds via IPO

54
LATEST EVENTS

Latest Events

Date Events
25-Nov-21 Allotment of Equity shares under ESOP
22-Nov-21 Allotment of Equity shares under ESOP
15-Nov-21 Allotment of Equity shares under ESOP
12-Nov-21 Allotment of Equity shares under ESOP
09-Nov-21 Allotment of Equity shares under ESOP

55
 Chapter – 6 - Competitors Analysis:-

HDFC Bank:-

56
HDFC Bank Limited is an Indian banking and financial services company headquartered in
the city of Mumbai, India.
It is India's largest private sector bank by assets and world's 10th largest bank by market
capitalisation as of April 2021. It is the third largest company by market capitalisation of
$122.50 billion on the Indian stock exchanges. It is also the fifteenth largest employer in
India with nearly 120,000 employees.

History
HDFC Bank was incorporated in 1994 as a subsidiary of the Housing Development Finance
Corporation, with its registered office in Mumbai, Maharashtra, India. Its first corporate
office and a full-service branch at Sandoz House, Worli were inaugurated by the then Union
Finance Minister, Manmohan Singh.
As of 30 June 2019, the bank's distribution network was at 5,500 branches across 2,764 cities.
It has installed 430,000 POS terminals and issued 23,570,000 debit cards and 12 million
credit cards in FY 2017. It has a base of 1,16,971 permanent employees as of 21 March 2020.

Products and services

HDFC Bank provides a number of products and services including wholesale banking, retail
banking, treasury, auto loans, two-wheeler loans, personal loans, loans against property,
consumer durable loan, lifestyle loan and credit cards. Along with this various digital
products are Payz app and Smart BUY.

Investments

A HDFC Bank branch in Hyderabad

In March 2020, Housing Development Finance Corporation, parent company of HDFC Bank,
made an investment of ₹1,000 crores in Yes Bank. As per the scheme of reconstruction of
Yes Bank, 75% of the total investment by the corporation would be locked in for three years.
On 14 March, Yes Bank allotted 100 crore shares of the face value of ₹2 each for
consideration of ₹10 per share (including ₹8 premium) to the Corporation aggregating to
7.97 percent of the post issue equity share capital of Yes bank.

Listings and shareholding

The equity shares of HDFC Bank are listed on the Bombay Stock Exchange and the National
Stock Exchange of India. Its American depositary receipts are listed on the NYSE issued
through JP Morgan Chase Bank.
Its global depository receipts (GDRs) was listed on the Luxembourg Stock Exchange but was
terminated by board of directors following its low trading volume.

57
Shareholders (as of 30 September 2021)[27] Shareholding[citation needed]
Promoter group (HDFC) 25.88%
Foreign institutional investor(FII) 38.30%
Individual shareholders 13.25%
Qualified institutional buyer 4.74%
Insurance companies 2.94%
Unit Trust of India/mutual funds 14.57%
Financial institutions/banks 0.4%
Central government 0.6%

Controversies

A HDFC Bank ATM in West Bengal.

On 2 December 2020, the Reserve Bank of India (RBI) ordered HDFC Bank to temporarily
halt the issuance of new credit cards and all planned activities under the bank's Digital 2.0
program citing incidents of outages in the bank's internet banking, mobile banking and
payment utility services.
On 29 January 2020, RBI imposed a monetary penalty on HDFC Bank for failure to
undertake on-going due diligence in case of 39 current accounts opened for bidding in the
initial public offer.
A HDFC bank manager was arrested on charges of fraud, involving a sum of ₹59.41 lakh, in
Odisha.
Altico Capital and Dubai's Mashreq Bank have approached RBI, accusing HDFC Bank of
violating regulatory provisions by debiting part of the funds the company had raised through
external commercial borrowing (ECB) and parked at the bank. They claimed that HDFC
bank's decision to transfer money from the account may be a violation of the RBI's end-use
rule.
On 27 May 2021, RBI imposed a penalty of Rs 10 crore on HDFC Bank for deficiencies in
regulatory compliances with regard to its auto loan loan portfolio.The said penalty was
imposed in regards to the contraventions of certain provisions of the Banking Regulation Act,
1949.

58
Awards and recognition
2016
 Best Banking Performer, India in 2016 by Global Brands Magazine Award.
 Best Performing Branch in Microfinance among private sector banks by
NABARD, 2016, Award for Best Performance in Microfinance
 KPMG study of India's Best Banks, Bank of the year & best digital banking
initiative award 2016
 BrandZ Rankings, Most Valued brand in India for third successive year
 FinanceAsia poll on Asia's Best Companies 2015, Best managed public company
– India
 J. P. Morgan Quality Recognition Award, Best in class straight through
processing rates
2018
 Company of the year: The Economic Times Corporate Excellence Awards
 Best Performing Private Bank in Total Aadhaar Generation & Update: Aadhaar
Excellence Awards
 NCPI - National Payments Excellence Awards
2019
 Best Bank: New Private Sector – FE Best Bank awards
 Winner in Innovation and Inclusiveness in Priority Sector Lending – 11th
Inclusive Finance India Awards (IFI) 2019
 Ranked 1st in 2019 BrandZ Top 75 Most Valuable Indian Brands HDFC Bank
was featured for the 6th consecutive year.
 Among The Most Honored Company List, Institutional Investor All-Asia (ex-
Japan) Executive Team 2019 survey
 India’s Best Bank, Euromoney Awards for Excellence 2019
 Bank of the Year and Best Large Bank, Business Today – Money Today Financial
Awards 2019
 Best Bank in India 2019, by Global magazine FinanceAsia.
 Ranked 60th in 2019 BrandZ Top 100 Most Valuable Global Brands HDFC Bank
was featured BrandZ Top 100 Most Valuable Global Brands 2019 for the 5th
consecutive year. The Bank's brand value has gone up from $20.87 billion in 2018
to $22.70 billion in 2019.
 Best Large Bank & Fastest Growing Large Bank in 2019, by Business World
Magna Awards
 India's leading private sector bank: Dun & Bradstreet BFSI Awards
2020
 Best Bank in India: Euromoney Awards
 Best Bank in India: FinanceAsia Country Awards
2021
 Best bank in india: FinanceAsia Country Awards
 Best bank for SMEs: Asiamoney best bank awards
 Best bank in India: Euromoney the Euromoney awards for excellencet he
Euromoney Awards for Excellence
 Ranks No. 1 in Mass Affluent category: Euromoney Private Banking and Wealth
Management Survey

59
Marketing Mix of HDFC Bank 
 1. Product Strategy of HDFC Bank
One of India’s largest banks is HDFC Bank. In its marketing mix strategy, HDFC offers a
wide range of products, in particular for individuals and businesses. The following are
summarised in the numerous services provided by HDFC Bank. Savings accounts and
deposits, salary and current accounts, deposits, safe deposit lockers, rural accounts, and
pension accounts. accounts and deposits HDFC Bank provides loans to satisfy the various
demands and covers personal loans, automobile loans, company loans, etc. HDFC offers
credit cards, debit cards, prepayment cards, credit card award programs, and credit card loans.
Insurance for many alternatives such as life, health insurance, motor insurance, travel, house,
two-wheelers, and trips to students – Suraksha. Forex covers travel solutions, transfer items,
other assistance, and purchasing forex services. HDFC Bank gives solutions for online
payment, for instance, payment payments, online bills and shops, transfers, bills, and tax
payments. Direct equities, common funds, fixed income products, insurance, private equity
funds, structured products, and estate planning are the main possibilities
 
2. Pricing Strategy of HDFC Bank
HDFC has a reputation for its substantial market shares in the Indian banking sector, which is
justified in the degree that every company needs to survive inflation and face market
difficulties, due to its fair yet profit-inducing price structure for its services. Bank HDFC is
priced competitively at premium prices. The price is an insurance premium in comparison to
the national and PSU bank, as the minimum amount needed to create an account is large. 
At the same time, however, there are various laws, such as home load, which are competitive
by RBI recommendations. Prices for these products are therefore controlled by the market
rather than the company. It offers acceptable credits to both old and new clients for maximum
payment terms and at an equivalent rate. In addition to standard fees, nothing for different or
linked tasks, including replacement of checks, advance repayment of loans, takeover, etc.
deserves a great deal. HDFC is hence pricey in certain regions, while in others it is priced
equally according to the competition.
 
2. Place & Distribution Strategy of HDFC Bank

Mumbai, India is the HDFC headquarters. However, through its banking locations and
ATMs, financial services companies have maintained and maintained a considerable presence
across India. In India, especially in rural areas, it is constantly growing its network. At the
most recent fiscal period, 5,103 banks and 13,168 ATMs in 2748 cities and towns were on
the physical network of the HDFC (Annual Report 2018-19). More than half of the
company’s banking centers are in rural and semi-urban areas. In the 25th year of its
inception, HDFC serves directly or indirectly over 4,9 crore consumers. The firm added 316
banking outlets over the last fiscal period. 
 

60
4. Promotion & Advertising Strategy of HDFC Bank

HDFC also employs digital technology and other modern tools and ways to promote its brand
and services, in addition to traditional marketing and promotion channels. The enterprise
promotes its services via its website, including credit cards, credit, and other services. As a
significant financial services organization, it has achieved a large market share in India
throughout time. HDFC has strong brand shareholdings, which are based on a continual focus
on client comfort. It was able, through service, to gain the trust of clients.
HDFC is one of India’s most advanced digital suppliers of banking services. In addition to
banking on your mobile device, you can expect highly secure transactions and more
innovative services in comparison with other suppliers. It has always focused on greater
customer comfort and more security of financial information from clients, which has led to a
stronger word of mouth and competition in comparison with its top competitors including
government banks. Digital services, particularly the mobile app, are far more advanced and
allow it to smoothly deliver services to different types of clients.
 
Marketing Strategy of HDFC Bank
What is a strategy for marketing? This is a long-term plan of what should be done to build a
market-wishing and competitive product/service. We will discuss their different marketing
techniques in this section of the HDFC Bank case study.
HSFC BANK aspires to become a World Class Indian bank, benchmarking itself in the fields
of product offerings, technology, service levels, risk management, and audit & conformity in
line with international standards and best practices. It is aimed at building solid client
franchises throughout the various companies to be a preferred banking provider for target
retail and wholesale client groups and at achieving a healthy profitability growth that is in
line with the Bank’s risk appetite. The Bank is devoted to that while ensuring the highest
standards of ethical quality, professional integrity, governance, and compliance with
regulations. The Bank’s major business goal is to continue developing new products and
technologies. The fundamental and primary purpose of the bank is to maintain excellent
relations with clients.
 
Brand Ambassador of HDFC
Not only business offers but the creation of brand awareness. In the simplest words, brand
identity and knowledge are part of the company. Without that, another company would
survive in an overloaded market. A company would not. Brand ambassadors are the friends
here who can help a brand reach the next level with a healthy awareness of the brand and its
consumer engagements.
HDFC’s brand ambassador is Nawazuddin Siddiqui
 
Competitive Analysis of HDFC
With the support of technological media such as smartphones and tabs, the HDFC Bank
offers an extensive range of financial products including personal banking, SME loans, Agri
loans, NRI services, and wholesale banking, which not only helps consumers to consume
services more conveniently, it als o lowers the distribution costs of the bank. To contact the

61
thousand-year-old client bank, the HDFC Bank OnChat has been used to carry out e-
commerce transactions via the FB messenger backed by the Techbins solutions company,
Pvt. Ltd.
Banks are competitive with banks and banks like ICICI Bank, Axis Banks, PSU Banks like
PNB, SBI, Canara Bank, NBFC such as Indiabulls, Murugappa Group, etc.
 
Marketing & Advertising Campaigns of HDFC
 
1. “Mooh Bandh Rakho”
This March, HDFC Bank has successfully held the 1.000th Workshop on the “Mooh Bandh
Rakho” campaign about secure banking practices. In November 2020, the bank initiated a
360-level effort to educate individuals on cyber fraud and safe banking to fight online fraud.
In addition to 7 crore individuals, it is used for print and internet media. The general public
loved the campaign’s internet leg, allowing them to preach the message through the bank’s
filters of false reality.
 
2. “Summer Treats”
The private sector HDFC Bank started “Summer Treats.” The bank launched a specific
campaign to ease lock-out limitations to provide both traders and salaried and self-employed
customers with offers. The bank will not give an EMI fee and no down payment on major
appliances under the Summer Treats campaign. It also offers discounts and cashback on
several brands, together with an additional 50% online reward points on the credit card.
 
3. “Bonus Back”
HDFC Life introduces its ‘Bounce Back’ brand campaign to show how financially protecting
the future facilitates the development of a new successful path. The campaign highlights the
spirit of the human race “never giving up” which arose amid the pandemic crisis more than
ever before.

62
 Chapter-7-Financial Analysis:-

KEY FINANCIAL MAR 21 MAR 20 MAR 19 MAR 18 MAR 17  

RATIOS OF HDFC
BANK (in Rs. Cr.)

PER SHARE  

63
RATIOS

Basic EPS (Rs.) 56.58 48.01 78.65 67.76 57.18  

Diluted EPS (Rs.) 56.32 47.66 77.87 66.84 56.43  

Cash EPS (Rs.) 58.81 50.07 81.59 70.88 60.03  

Book Value [Excl. 369.54 311.83 547.89 409.60 349.12  

Reval
Reserve]/Share (Rs.)

Book Value [Incl. 369.54 311.83 547.89 409.60 349.12  

Reval
Reserve]/Share (Rs.)

Dividend/Share (Rs.) 6.50 2.50 15.00 13.00 11.00  

Operating Revenue / 219.23 209.39 363.43 309.20 270.46  

Share (Rs.)

Net Profit/Share 56.44 47.89 77.40 67.38 56.78  

(Rs.)

PER EMPLOYEE  
RATIOS

Interest Income/ 10,063,7 9,815,47 10,092,906. 9,092,195.7 8,218,909.9  

Employee (Rs.) 19.49 9.98 51 3 1

Net Profit/ Employee 2,591,03 2,244,77 2,149,495.2 1,981,431.6 1,725,424.3  

(Rs.) 5.71 1.35 4 0 9

Business/ Employee 205,498, 183,054, 177,699,81 163,972,185 142,094,024  

(Rs.) 809.40 361.58 3.90 .69 .12

PER BRANCH  
RATIOS

Interest Income/ 215,510, 211,987, 193,948,75 167,623,469 146,990,366  

Branch (Rs.) 389.62 907.87 6.61 .81 .49

Net Profit/ Branches 55,485,9 48,481,0 41,305,438. 36,529,618. 30,858,199.  

64
(Rs.) 57.92 09.97 57 34 79

Business/ Branches 4,400,67 3,953,48 3,414,740,6 3,022,986,6 2,541,267,9  

(Rs.) 1,989.48 0,747.42 33.16 93.96 92.36

KEY  
PERFORMANCE
RATIOS

ROCE (%) 3.42 3.33 3.34 3.20 3.18  

CASA (%) 46.11 42.23 42.37 43.49 48.03  

Net Profit Margin 25.74 22.86 21.29 21.79 20.99  

(%)

Operating Profit 4.89 2.60 3.48 2.82 3.25  

Margin (%)

Return on Assets 1.78 1.71 1.69 1.64 1.68  

(%)

Return on Equity / 15.27 15.35 14.12 16.45 16.26  

Networth (%)

Net Interest Margin 3.71 3.67 3.87 3.76 3.83  

(X)

Cost to Income (%) 40.37 38.52 38.41 39.62 37.84  

Interest 6.91 7.50 7.95 7.54 8.02  

Income/Total Assets
(%)

Non-Interest 1.44 1.51 1.41 1.43 1.42  

Income/Total Assets
(%)

Operating 0.33 0.19 0.27 0.21 0.26  

Profit/Total Assets
(%)

Operating 1.87 2.00 2.09 2.13 2.28  

Expenses/Total

65
Assets (%)

Interest 3.20 3.83 4.07 3.77 4.18  

Expenses/Total
Assets (%)

VALUATION  
RATIOS

Enterprise Value 2,196,56 1,692,58 1,624,316.3 1,298,053.5 1,049,367.5  

(Rs. Cr) 7.47 4.96 8 3 8

EV Per Net Sales 18.17 14.74 16.41 16.18 15.14  

(X)

Price To Book Value 4.04 2.76 4.23 4.62 4.13  

(X)

Price To Sales (X) 6.81 4.12 6.37 6.12 5.33  

Retention Ratios (%) 100.00 75.09 80.77 100.00 100.00  

Earnings Yield (X) 0.04 0.06 0.03 0.04 0.04

Financial performance is the

process of measuring how
effectively a company utilizes
its assets
from primary mode of
business to raise incomes it

66
also measures organizations
whole financial
health over a particular period
of time. Financial performance
of the organization deals with
the
financial strength and
weaknesses of bank
accurately establishing a
relationship between the
balance sheet and income
statement. This process used to
clearly understand the growth
of long-
term and short-term of bank.
There are several ways to
67
analyze data the researcher
used ratio
analysis in this research. This
analysis also helpful
determines the credit
worthiness of the bank
to evaluate the market position
among the competitors.
Financial performance is the
process of measuring how
effectively a company utilizes
its assets
from primary mode of
business to raise incomes it
also measures organizations
whole financial
68
health over a particular period
of time. Financial performance
of the organization deals with
the
financial strength and
weaknesses of bank
accurately establishing a
relationship between the
balance sheet and income
statement. This process used to
clearly understand the growth
of long-
term and short-term of bank.
There are several ways to
analyze data the researcher
used ratio
69
analysis in this research. This
analysis also helpful
determines the credit
worthiness of the bank
to evaluate the market position
among the competitors.
Financial performance is the
process of measuring how
effectively a company utilizes
its assets
from primary mode of
business to raise incomes it
also measures organizations
whole financial
health over a particular period
of time. Financial performance
70
of the organization deals with
the
financial strength and
weaknesses of bank
accurately establishing a
relationship between the
balance sheet and income
statement. This process used to
clearly understand the growth
of long-
term and short-term of bank.
There are several ways to
analyze data the researcher
used ratio
analysis in this research. This
analysis also helpful
71
determines the credit
worthiness of the bank
to evaluate the market position
among the competitors.
Financial performance is the
process of measuring how
effectively a company utilizes
its assets
from primary mode of
business to raise incomes it
also measures organizations
whole financial
health over a particular period
of time. Financial performance
of the organization deals with
the
72
financial strength and
weaknesses of bank
accurately establishing a
relationship between the
balance sheet and income
statement. This process used to
clearly understand the growth
of long-
term and short-term of bank.
There are several ways to
analyze data the researcher
used ratio
analysis in this research. This
analysis also helpful
determines the credit
worthiness of the bank
73
to evaluate the market position
among the competitors.
Financial performance is the process of measuring how effectively a company utilizes its
assets
from primary mode of business to raise incomes it also measures organizations whole
financial
health over a particular period of time. Financial performance of the organization deals with
the
financial strength and weaknesses of bank accurately establishing a relationship
between the
balance sheet and income statement. This process used to clearly understand the growth of
long-
term and short-term of bank. There are several ways to analyze data the researcher used
ratio
analysis in this research. This analysis also helpful determines the credit worthiness of the
bank
to evaluate the market position among the competitors.
HDFC Bank Limited (Housing Development Finance Corporation) was incorporated in
August
1994 with its regi
HDFC Bank Limited (Housing Development Finance Corporation) was incorporated in
August
1994 with its regi
HDFC Bank Limited (Housing Development Finance Corporation) was incorporated in
August
1994 with its regi
HDFC Bank Limited (Housing Development Finance Corporation) was incorporated in
August
1994 with its regi
HDFC Bank Limited (Housing Development Finance Corporation) was incorporated in
August
1994 with its regi
HDFC Bank Limited (Housing Development Finance Corporation) was incorporated in
August
1994 with its regi
Financial performance is the process of measuring how effectively a company utilizes its
assets from primary mode of business to raise incomes it also measures organizations whole
financial health over a particular period of time. Financial performance of the organization
deals with the financial strength and weaknesses of bank accurately establishing a
relationship between the balance sheet and income statement. This process used to clearly
understand the growth of long-term and short-term of bank. There are several ways to
analyze data the researcher used ratio analysis in this research. This analysis also helpful
determines the credit worthiness of the bank to evaluate the market position among the
competitors.

74
Financial performance is the
process of measuring how
effectively a company utilizes
its assets
from primary mode of
business to raise incomes it
also measures organizations
whole financial
health over a particular period
of time. Financial performance
of the organization deals with
the
financial strength and
weaknesses of bank
accurately establishing a
relationship between the
75
balance sheet and income
statement. This process used to
clearly understand the growth
of long-
term and short-term of bank.
There are several ways to
analyze data the researcher
used ratio
analysis in this research. This
analysis also helpful
determines the credit
worthiness of the bank
to evaluate the market position
among the competitors.
Financial performance is the
process of measuring how
76
effectively a company utilizes
its assets
from primary mode of
business to raise incomes it
also measures organizations
whole financial
health over a particular period
of time. Financial performance
of the organization deals with
the
financial strength and
weaknesses of bank
accurately establishing a
relationship between the
balance sheet and income
statement. This process used to
77
clearly understand the growth
of long-
term and short-term of bank.
There are several ways to
analyze data the researcher
used ratio
analysis in this research. This
analysis also helpful
determines the credit
worthiness of the bank
to evaluate the market position
among the competitors.

78
 CHAPTER – 8 – REFERENCE:

1
1.1 httpsweb.p.ebscohost.comehostpdfviewerpdfviewervid=42&sid=854d0bdb-3b9e-45cc-
aa4c-86b2f55d535f@redis.pdf

79
1.1.1 httpsweb.p.ebscohost.comehostpdfviewerpdfviewervid=42&sid=854d0bdb-3b9e-45cc-
aa4c-86b2f55d535f@redis.pdf
https://www.business-standard.com/company/icici-bank-5418/info
1.1.2 httpsweb.p.ebscohost.comehostpdfviewerpdfviewervid=42&sid=854d0bdb-3b9e-45cc-
aa4c-86b2f55d535f@redis.pdf
1.1.3 https://www.icicibank.com/aboutus/awards.page
1.1.4 https://www.icicicareers.com/website/academia/probationary-officer-programme/
2017/Jul/selection-process-and-fees-of-the-training-programme.html
1.1.5 https://www.icicicareers.com/website/Opportunities-With-Us.aspx
1.1.6 https://www.icicicareers.com/Website/careers/recruitment-process/2016/Nov/
recruitment-process.html
1.1.7 https://www.icicicareers.com/website/careers/campus-recruitment/2017/May/campus-
recruitment-at-icici-bank.html
1.1.8 https://www.icicicareers.com/Website/academia/probationary-officer-programme/
2021/Feb/icici-manipal-probationary-officers-programme-post-graduate-diploma-in-banking-
for-sales-and-relationship-management.html
1.2 https://xdocs.tips/doc/group-kicici-bankmcs-report-987jv7jekw8z
1.3 https://www.icicibank.com/aboutus/Annual-Reports/2019-20/AR/strategic-focus-areas-
for-business.html
1.4 https://xdocs.tips/doc/group-kicici-bankmcs-report-987jv7jekw8z
2
2.1
https://www.icicibank.com/wealth-management/personal/bankingproductandservices.page
Source: Ace Equity
2.2 httpsweb.p.ebscohost.comehostpdfviewerpdfviewervid=42&sid=854d0bdb-3b9e-45cc-
aa4c-86b2f55d535f@redis.pdf
Ace Analyser
2.3
Source: Ace Equity
3 https://www.mbaskool.com/pestle-analysis/companies/18172-icici-bank.html
4 httpsweb.p.ebscohost.comehostpdfviewerpdfviewervid=42&sid=854d0bdb-3b9e-45cc-
aa4c-86b2f55d535f@redis.pdf
5 http://www.aceanalyser.com/Analyser.aspx?MenuCode=C3
Ace Analyser

80
6 https://en.wikipedia.org/wiki/HDFC_Bank
7 https://www.moneycontrol.com/financials/hdfcbank/ratiosVI/HDF01

81