General Knowledge - Indian Economy - Discussion

ICICI is the name of bank as per my knowledge.

Can we called it as financial institution?

Then what's difference between financial institution and bank?

It is a corporation.

Anyone can tell me why is it a financial institution?

Well the expansion of ICICI goes Industrial Credit and Investment Corporation of India. It clearly states that it is a financial institution as well as banking corporation.

Yes ICICI is the both financial institution as well as bank because of, the firm which is deals with the procurement of money in the form of saving and giving the loans to public is called the bank.

And financial institution deals with not only a procurement of money and giving loans and also other financial operations like.

Investing instead of public, discounting bills, issuing commercial papers, and other functions.

Indian Financial System consist of commercial banks and various other financial institutions. Financial institutions includ Development Banks like Icici, Idbi, Ifci etc. , Lending is the most important function of financial institutes. For such lending they don't create deposits. They are assisted by Central Government or RBI for the same. They provide long and midium term loans but however Commercial Banks provide short term loans max upto 7 years. DEVELOPMENT BANKS/FINANCIALINSTITUTIONS to a large extent participate in underwriting and direct investments in shares. Financial Institutions/Development Banks usally do not perticipate in the deposit market like com. Banks.

Its provide the loan and helpful in economy development.

It is a private sector bank, which has 2533 branches and6601 atms at present. It is indias second largest bank in terms of assets value.

Chanda Kochhar (born November 17, 1961) is currently the Managing Director (MD) of ICICI Bank and Chief Executive Officer (CEO) as of now 17th Dec 2011.

What is the full form of ICICI ?

Industrial Credit Investment Corporation of India.