Current Affairs - Banking - Discussion

The ICICI Bank was originally established by ICICI Limited as a wholly owned subsidiary in 1994. Though, Industrial Credit and Investment Corporation of India (ICICI) was formed in 1955 as a joint-venture of the World Bank, the Government of India (GoI) and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. Recently, it is in news because the Reserve Bank of India (RBI) has approved appointment of Sandeep Bakshi as Managing Director and CEO of the private sector lender ICICI Bank for 3 years.