ICICI: From Development Finance to Global Banking Giant Established in 1955 as the Industrial Credit and Investment Corporation of India, ICICI initially functioned as a government institution, spearheaded by Sir Arcot Ramasamy Mudaliar. A joint venture involving the World Bank and Indian public sector entities, its focus was project financing for Indian industries. In 1994, ICICI established ICICI Bank as a wholly-owned subsidiary. The 1990s witnessed ICICI's transformation from a development finance institution to a diversified financial services conglomerate. This evolution involved expanding its product and service offerings, both directly and through subsidiaries. ICICI Bank's launch of internet banking in 1998 marked a significant step in its digital evolution. A series of strategic moves followed, including public share offerings in India (1998) and the US (2000), reducing ICICI's stake in ICICI Bank to 46%. The acquisition of Bank of Madura Limited in 2001 further broadened its reach. In 1999, ICICI achieved a landmark listing on the New York Stock Exchange, becoming the first Indian company and the first non-Japanese Asian bank to do so. A 2002 merger consolidated ICICI, ICICI Bank, and its subsidiaries, marking a key stage in its privatization. Despite navigating challenges such as the 2007-08 financial crisis, which saw temporary customer anxieties addressed by the Reserve Bank of India, ICICI continued its growth trajectory. Recent initiatives include the launch of the Money2World remittance platform (2015) and a strategic investment in Yes Bank (2020). ICICI's journey reflects a significant chapter in India's financial sector development.