Role of ICICI Limited in Foreign Investment
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Abstract:
ICICI plays a significant role in foreign investment carried out in various industrial units or sectors in the Indian market. Various services provided by ICICI Limited are conductive to foreign investments to India. Moreover ICICI Bank, a wholly owned subsidiary of ICICI Limited provides a range of services to NRIs who are a major source of foreign investment in India.An Overview of ICICI Limited-
ICICI Limited offers a wide spectrum of services and innovative products to its customers incessantly and on a continuous basis. ICICI Limited promoted its wholly owned subsidiary, ICICI Bank in the year 1994.ICICI Bank is claimed to be one of the best financial institution in India and the second largest bank in India with an aggregate capital of about Rs.112,024 crores. It has about 450 branches and offices as well as about 1750 ATMs set up all across the country. The bank offers a wide array of banking products and financial services to corporate and retail customers through various delivery channels, specialized subsidiaries and affiliated firms, venture capital units, non-life insurance sectors, and so on.
Advantages Provided by ICICI Limited-
Various activities and services of ICICI Limited that are conductive to foreign investments are -- Low cost money transfer to India
- More exchange of rates in Indian currency
- State of the art technology in processing of transactions
- Wide coverage in India
- Round the clock customer service
- Internet banking, phone banking as well as door-step banking
Services Offered to NRIs by ICICI Bank
NRIs are an important source of foreign investments in India. ICICI bank offers a wide range of services to NRIs -- Non-Resident Ordinary Account (NRO)
- Non-Resident External Rupee Account (NRE)
- Non-Resident Foreign Currency Account (FCNR)
Recent Updates of ICICI Bank in terms of Foreign Investment-
- Raise on interest rates on NRI deposits
- Increase of Non-Resident External Rupee Account (NRE) deposits
- High returns on US dollars from Foreign Currency Non Resident (FCNR) deposits.
- Floating and fixed loans of high value at reasonable interest rates.
- Establish ICICI Prudential Real Estate Fund in order to invest in the private companies exclusively.
- Investors are allowed to buy units worth Rs.10 each, with a minimum purchase of 500 units under the retail option.
- 70 percent of the Fund's assets to be invested in debt options and equity matters.
