ICICI the abbrevation is from Industrial Credit and Investment Corporation of India, which was an financial institution under special ordnance act of Parliament. ICICI Bank must have definitely been created with major share of ICICI (a corporation of Government of India, under a special act). According to 617 of Companies Act, as I know, a Government Company is a company in which not less than 51% of the shares of company is held by Central Government, or State Government, or Central andState Government, or a Government Company owned by Central Govt. or State Govt. or Central and State put together, or the holding company of which is a Central Govt. or State Govt. of Central and State put together................... If this is the case, how various economists and business magazines quotes the ICICI Bank, as a Private Sector Bank.
2006-08-02 00:40:00 · 4 answers · asked by chappani 2 in Business & Finance ➔ Corporations
Any Company or body controlled by the Central or State Government is considered to be a Company or Bank or a body in Public Sector. Then why not ICICI Bank.
2006-08-02 01:06:45 · update #1
It was a govt bank till the year it was not commercialized then it was privatized and introduced consumer banking still it is controlled by govt.
2006-08-02 00:45:15 · answer #1 · answered by Mr. Cool !!! 3 · 0⤊ 0⤋
because it is not in the direct control of the central government
2006-08-02 00:57:34 · answer #2 · answered by rakshaagro 3 · 0⤊ 0⤋
What is your problem man? The bank is doing well
If you want details, please log in to www.icicibank.com or write to M.O.F.--Govt of India Mr P. Chidamberam.
2006-08-02 00:58:20 · answer #3 · answered by Dilli Chor 2 · 0⤊ 0⤋
interesting......
2006-08-02 00:43:54 · answer #4 · answered by rose 1 · 0⤊ 0⤋