26-08-2017, 04:23 PM
Key Difference: SBI is the largest and oldest bank in India. ICICI is fairly new. The SBI is state-owned and operated, ICICI is privately owned.
The State Bank of India (SBI) and ICICI Bank are the two largest largest banks in India, respectively. They are followed by their competitors, the National Bank of Punjab and the HDFC Bank. SBI is the largest and oldest bank, dating back centuries, whereas, ICICI is comparatively fairly new.
SBI dates back to British India. Its ancestry goes back to Bank of Calcutta, that was founded in 1806, as well as Bank of Bombay (1840) and Bank of Madras (1843). In 1921, these three were amalgamated in the Imperial Bank of India. In 1955, the Imperial Bank of India became the State Bank of India.
In addition, the Indian Industrial Credit and Investment Corporation (ICICI), a financial institution was formed in 1955 as a joint venture of the World Bank, the Government of India and representatives of Indian industry. In 1994, ICICI Limited promoted ICICI Bank as its wholly-owned subsidiary. The main objective was to create a development finance institution to provide medium and long-term financing to Indian companies. This was done in order to create a diversified group of financial services offering a wide variety of products and services.
In 1999, ICICI became the first Indian company and the first bank or financial institution in Asia other than Japan to be listed on the NYSE. In 2002, ICICI merged with ICICI Bank and two of its own retail financial subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited. ICICI Bank is now India's second largest bank by assets and third by market capitalization.
However, not to be outdone, SBI is considered as one of the largest financial institutions in the world. According to Forbes, SBI is the 29th most reputed company in the world. In India, it has a 20% market share among Indian commercial banks in deposits and loans. Compared to ICICI Bank, SBI pays a higher saving interest rate and a lower loan rate. He also put a lot of emphasis on personal relationships. However, an account with ICICI Bank has become something of a status symbol. It is believed that ICICI Bank provides better quality services but is known to be strict in cases of minimum balances and returns the check if the minimum balance requirements are not met. You need a very professional approach to your customers; Some criticize this, claiming that employees appear cold.
However, being the first public sector bank in India, SBI had become somewhat accommodating, but SBI has been modernizing over the last decade and is offering services on a par with ICICI. However, ICICI is progressing at a rapid pace, and may exceed SBI in the near future. In 2012, ICICI deposits increased 200%, five times more than SBI, and revenues grew seven times more than SBI's 30% revenue growth.
The State Bank of India (SBI) and ICICI Bank are the two largest largest banks in India, respectively. They are followed by their competitors, the National Bank of Punjab and the HDFC Bank. SBI is the largest and oldest bank, dating back centuries, whereas, ICICI is comparatively fairly new.
SBI dates back to British India. Its ancestry goes back to Bank of Calcutta, that was founded in 1806, as well as Bank of Bombay (1840) and Bank of Madras (1843). In 1921, these three were amalgamated in the Imperial Bank of India. In 1955, the Imperial Bank of India became the State Bank of India.
In addition, the Indian Industrial Credit and Investment Corporation (ICICI), a financial institution was formed in 1955 as a joint venture of the World Bank, the Government of India and representatives of Indian industry. In 1994, ICICI Limited promoted ICICI Bank as its wholly-owned subsidiary. The main objective was to create a development finance institution to provide medium and long-term financing to Indian companies. This was done in order to create a diversified group of financial services offering a wide variety of products and services.
In 1999, ICICI became the first Indian company and the first bank or financial institution in Asia other than Japan to be listed on the NYSE. In 2002, ICICI merged with ICICI Bank and two of its own retail financial subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited. ICICI Bank is now India's second largest bank by assets and third by market capitalization.
However, not to be outdone, SBI is considered as one of the largest financial institutions in the world. According to Forbes, SBI is the 29th most reputed company in the world. In India, it has a 20% market share among Indian commercial banks in deposits and loans. Compared to ICICI Bank, SBI pays a higher saving interest rate and a lower loan rate. He also put a lot of emphasis on personal relationships. However, an account with ICICI Bank has become something of a status symbol. It is believed that ICICI Bank provides better quality services but is known to be strict in cases of minimum balances and returns the check if the minimum balance requirements are not met. You need a very professional approach to your customers; Some criticize this, claiming that employees appear cold.
However, being the first public sector bank in India, SBI had become somewhat accommodating, but SBI has been modernizing over the last decade and is offering services on a par with ICICI. However, ICICI is progressing at a rapid pace, and may exceed SBI in the near future. In 2012, ICICI deposits increased 200%, five times more than SBI, and revenues grew seven times more than SBI's 30% revenue growth.