The Indian Internet Banking Journey

About Internet Banking Contd...

The low transaction costs and the promising picture painted by analysts induced many banks in India to introduce Internet banking services during the late 1990s. However, only few of them succeeded in moving beyond the launch of the website. ICICI's Internet banking service 'Infinity' became the most recognized and popular service in the country, providing a wide range of products and services.

ICICI – Internet Banking Initiatives

ICICI bank was incorporated as a commercial banking company, by the Industrial Credit and Investment Corporation of India (ICICI)⁴, in May 1994. The first ICICI branch was started in June 1994 at Chennai. The bank provides an array of domestic and international banking services to enable national and international trade and business, investment and foreign exchange and treasury services.

Right from its inception the bank focused more on incorporating advanced technology. The bank operated the largest chain of ATMs in the country, which amounted to more than 450 in 2000.

All the bank's branches were fully computerized and networked through V-SAT⁵ technology. By 1999, the number of branches increased to 65 and the bank plans to have over 200 branches by the end of 2002.

In April 2000, ICICI became the first Indian bank to be listed on the New York Stock Exchange. ICICI was always regarded as one of the best private banks to foster advanced technologies in the banking sector.

As part of its technology drive, in 1997, ICICI launched 'Infinity,' the first Indian Internet banking service.

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4] ICICI is a leading financial services company, established by the Government of India, in 1955, to promote industrial development in the country.

5] Very Small Aperture Terminal (VSAT) refers to an earthbound station used in satellite communications of data, voice and video signals. A VSAT consisted of a transceiver that was placed outdoors in direct line of sight to the satellite and a device that was placed indoors to interface the transceiver with the end user's communications device such as a PC.

Case Details

Case Code : ITSY003
Themes: EVA Financial concepts
Case Length : 5 Pages
Period : 1997-2001
Organization : L&T
Pub Date : 2002
Teaching Note : Available
Countries : India
Industry : Construction - Building Materials & Equipment, Financial Services

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