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KJR Nayak, PhD., Strategic Management, Xavier Institute of Management, Bhubaneswar, India
Journal of Case Research Vol. 1 Issue ii 101 How critical was technology in the global remittance business? What are its problems of delivery in India? What are the technological challenges that the company faces? Not only was the company faced with the challenge of competition from other established players in the industry but also from potential customers for international banking and remittance business. A few quotes below highlight this point. My family lives in Ernakulam. Who other than SBI will get money to my parents? --US respondent
Why should I choose a different bank when my family has been using SCB since 1990? --US respondent
India, Mexico and Philippines have been the top remittance receiving countries for over a decade now. China, Spain, and many others have also shown significant growth during the same period. Remittances received by India have grown from US$ 8,453 million to US$ 27,607 million during the period 2002-06 (see Exhibit 2). Why have been there such high growths in the developing countries? Is it the Diaspora of the developing countries in the industrially advanced countries? Is the differential in interest rates in the industrially advanced country the cause for the movement of foreign capital to the developing countries? The annual rate of interest in Japan is the lowest with around 1-2% for short term loans up to one year period. Similarly, the rate of interest in USA, Europe, and Great Britain ranges between 3-6% as compared to 10-18% in several developing countries like India (see Exhibit 3). Indian business through export and Import has also grown several times over during the last two decades. From a crisis of foreign exchange in 1991, India has moved far ahead from it. From US$ 5.63 billion foreign currency reserve in 1991, the amount stood at US$ 199.17 billion in March 2007. NRI deposit in India has also grown by over 300% during Journal of Case Research Vol. 1 Issue ii 103 the same period (see Exhibit 4 & 5). See also Exhibit 6 for the inflows, outflows and local withdrawal figures for the period 1999-2008. How have these factors contributed to the foreign remittance business?
(vi) 1971: Creation of credit guarantee corporation (vii) 1975: Creation of regional rural banks (viii) 1980: Nationalization of seven banks with deposits over INR 2000 million As the Indian economy opened up, several foreign banks came to India. ATM stations, phone banking and net banking were introduced in the country. Slowly the customers were introduced to foreign exchange. Indian banking industrys business has increased from US$ 469.4 billion in 2002 to US$ 1171.29 billion in 2007. The aggregate deposits Journal of Case Research Vol. 1 Issue ii 104 of Scheduled Commercial Bank have risen from 17.8 percent in 2005-06 to 25.2 percent as on January 4, 2008. With all these achievements Indian banks started aspiring to become global and have a global presence. Many Indian banks started to expand their branches in foreign countries. Setting up subsidiaries and investing in joint ventures were other modes for international expansion.
have been routed to India through various means like inward remittances, local withdrawals or redemptions from NRI deposits, gold and silver brought through Journal of Case Research Vol. 1 Issue ii 105 passenger baggage, personal gifts, donations to charitable/religious institutions in India, etc. There has been steady rise in all these various categories of private transfers (see Exhibit 8). The Indian remittance market comprises of multiple corridors, each with a distinct set of customer segments that have diverse remittance needs and behavior. Indian immigrants follow a varied profile across geographies providing cheap labour in the GCC countries and to meet the needs of specialized software developers, doctors, engineers, and nurses in US, Europe and Australia. This creates two distinct types of immigrant; blue-collar workers and white-collar workers. According to the World Bank the value of migrant remittance is increasing at a rate of 10% every year, which offers significant business opportunities for banks and income through three ways, viz., remittance charges, forex income & float income. What has been driving the growth of private transfers including the foreign remittances to India? Is it the huge Indian Diaspora spread across the world? Indians comprise about 58 % in Mauritius, 38% in Fiji, 37% in U.A.E, 19% in Bahrain, 10 % in Oman and 7% in Singapore. Over a million Indians live in several of the industrially developed countries like U.K. (2.2 million), Australia (1.9 million), U.S.A (1.68 million) and South Africa (1.1 million). Many people from this large Indian Diaspora look forward to remit some of their income back to India for various purposes. Indian banks are also well spread in many foreign countries; 22 branches in U.K., 11 branches in Hong Kong, 9 each in Fiji and Singapore (for details see Exhibit 9). There are a large number of banks in India with wide networks, large deposits and huge manpower to tap the opportunities in the foreign remittance business and other private transfer business. For the statistics of banks in India see Exhibit 10. Several Indian banks have branches in many foreign countries. Allahabad Bank has 40 foreign branches, State Bank of India has 33 foreign branches, and Bank of India has 21 foreign branches (see Exhibit 11). With rapid changes in the regulatory policies of the Government, India has turned out to be a hot spot of business activity in the world. The regulatory changes in the banking industry and the ever increasing demands of the global Indian compound the Journal of Case Research Vol. 1 Issue ii 106 dynamics of business for the banks in India (see Exhibit 12 for the challenges that the Indian banking industry have been facing). Competition among the Indian banks is also well poised. Different banks have different strengths and have different strategies on aspects like retail/product capability, customer base and delivery / technology platforms.
In the above context of worldwide banking, Indian banking industry, global Indians spread across the continents, and studying the internationalization process of ICICI Bank through the remittance business is exciting to analyze.
International Banking:
By June 2001, ICICI Bank with a total income of INR 14690 million and successful domestic operation with a short span of its inception, the company was looking for growth for the future. The top executives including K.V. Kamath, Bhargav Dasgupta and Lalita Gupte wondered if they should enter the world markets and whether they would be able to compete outside their domestic turf. If at all they entered the international banking, in which products they should begin. With many large banks with large network of branches in India and abroad, how should ICICI Bank invest to get a share of the
international banking business? Who should manage the international operations? Will the existing manpower in the bank be sufficient and be able to handle both the domestic and the international operations? In order to achieve growth, the Board of ICICI Bank decided to expand into international markets. The Board of ICICI Bank asked Lalita Gupte to lead the internationalization process. Subsequently, Bhargav Dasgupta was invited to join Gupte to build the international banking business of ICICI Bank. The management team of international business deliberated on the international strategy of the firm. First, it looked into the existing model, where the bank followed its customers, whether corporate or retail. Second, it looked into the alternative modes of servicing the customers based in different parts of the world. Third, it evaluated on how to leverage its banking and business network to expand in the international markets. Today, the International Business Group has grown significantly and the IB Group consists of over 3000 people. It is further supported by nearly 300 technical people and 150 operational people. However, how did the company realize the plans it set forth for itself. How did the managers succeed in implementing their plans and ideas? Journal of Case Research Vol. 1 Issue ii 108
and that there was possibly a good margin in the business, what were complexities that the company had to resolve in order to operate in the international remittance business? How could the technology be used seamlessly across the international borders? Journal of Case Research Vol. 1 Issue ii 109 Transactions had to be done across different regulatory frameworks of different countries, different time zones with different operating hours of people, different systems and processes in different banks based in different countries, international partners with different working styles. Further, with thousands of automated transactions in a day, the issues of reconciliation because of various differences in different countries and minor errors in data entry could block the whole transaction process. While banks are used to deal with all these issues through their manual transactions in the domestic business, the problems indeed were unlimited especially when technology was to be used to intermediate most of these international transactions. Views of a few senior executives from the International Business Division given below indicate the nature of complexities involved. We needed to understand the clearing system in India and in other countries, regulatory norms of different countries, understand the technological interfaces, adopt architectural changes in our technology and develop several expertise to service our international clients seamlessly. Given the anti-money laundering issue in international money transfers understanding the Know your Customer norms in different countries were crucial for us to operate safely in this business It was indeed very different experience to work with our foreign partners. While we in India followed a top-down approach for scaling up any of our business models, our partners in USA and Europe used the bottom-up approach for scaling up. We had some difficulties in the beginning and had to accept the different working styles in other countries. Anchal Kapoor, DGM, IB Division Our major concern in the international remittance business has been the reconciliation of accounts. With thousands of transactions every day registered from different countries, minor manual data entry errors or technical errors could lead to severe restrictions to overall transaction process. Often, problems of reconciliation has been like a nightmare in this business Girish Nayak, GM, IB Division Journal of Case Research Vol. 1 Issue ii 110
products internationally. ICICI Bank chalked out different strategies for different markets. In the traditional model, it offered partner bank based products and bank branch based products. In the Innovative Model, it offered the online Product web-based access and alliance partners. See Exhibit 19 for the details of each offer. The overall strategy of the Group can be put into an analogy of a beautiful building with solid foundation and strong pillars supporting the structures as illustrated in Exhibit 19 b. The top management of ICICI Bank seems to have had a clear reason for the expansion of its business world-wide as can be seen from the statement below. We believe that we have to serve our customers anywhere in the world K V Kamath, CEO However, how would a young bank from a developing country develop the network to challenge the existing well established highly networked international bank and exchange houses? How did the company plan to leverage with the correspondence banks and to leverage technology for its internationalization plans? With regard to these issues, the top management team responsible for the international business had the following thoughts. We cannot physically be everywhere our clients are, so we will leverage our correspondent relationship with other banks Lalita Gupte, First head of International Business Group (IBG) Adopting the alliances model, we have been able to garner presence and distribution reach as we set up operations globally. Our Unique Selling Proposition/Point (USP) has Journal of Case Research Vol. 1 Issue ii 111 been the use of technology as a differentiating factor to garner larger share of the NRI remittance business, Bhargav Dasgupta, Former Director & Core Team Member of the initial IBG The company had substantially used the alliances and partner model in the domestic market and it tried to replicate the same in the international markets. In the domestic market it had alliances with the airlines and travel houses. The objective was to target NRI when they were either visiting or leaving India. It also had a focused marketing approach in the domestic market, where it tied up with universities and companies from where students and employees were likely to migrate to foreign countries for different purposes. Exhibit 20 shows the details of the initiative that ICICI Bank had undertaken in the domestic front during 1996-2001. To tap the opportunities in the remittance market in India ICICI launched a remittance product in association with US based Wells Fargo to enable non resident Indians in the US to send money to India directly from their Wells Fargo account to their beneficiarys ICICI Bank account in India in just 24 hours. It also launched a partnership with Mees Pierson, Fortis private banking arm to provide a full range of high net worth products and services to ICICIs clients in India and abroad.
Technology Issues:
While the standard mode of collection and transfers of foreign remittances were through physical outlets of the banks or the exchange houses, ICICI Bank was very weak on this type of resource base to compete with the well established exchange houses and banks. The fixed cost of setting up a physical outlet and the variable cost of maintaining a setup have generally been very high both in India and more so in the industrially advanced countries. The company adopted technology as a solution to most of its business transaction, products and services. The company set up an internet portal for NRI to transfer money to India. In the above context, if the company adopted the technology route, what would be issues of implementing the technology for dealing with foreign remittance business? What were the initial costs of investments in technology? How did Journal of Case Research Vol. 1 Issue ii 112 the company target the customers? What kind of technology platforms would the company use? Did the company have a technology policy? What were methods of organization to introduce technology for various businesses? What were the major challenges in technical support? What would be the next technological challenge for the company? Did the company have an advantage of having no experience of foreign remittance business in the traditional mode? The company went in for using technology for carrying out its remittance business. It spent about 10 million USD toward the initial cost of technology investments in remittance business alone and today it spends about 30 - 40 million USD. When the company decided to enter the international market, it dedicated only about 100 million USD to expand to seven countries. Even though the company adopted the electronic route to transfer money, it needed the collaborations with several correspondents, viz., the exchange houses, foreign banks, and agents. How did they convince the foreign partners to agree to their mode of money transfer? How did the company tie-up with the banks for serving the beneficiaries of the remittances? While the people had no option but to send money in the traditional way, the software professionals with easy access to internet were early to adopt the technology solutions to money transfer that the company offered. Further the speed of delivery and tracking facility were additional advantages in the mode proposed by the company. Money could be delivered with in 3-7 days if correspondent was a foreign bank and within 2-3 days if the correspondent was an Indian bank. Setting up the technology platform was a critical issue. What would be the difficulty if the company used different systems? Would java based Windows operating system, Pramati layer as server, Oracle database management system and the Sun Solaris Platform be compatible to each other? How critical were the issues of memory capacity processing speed in the business? With technology as the mode of remittance transfer, the business became round the clock (24*7). How would the company handle this situation? Can the company work only on a
fire fighting basis or needed to root fix the technical problems? As per the NEFT routing Journal of Case Research Vol. 1 Issue ii 113 norms and IBRD regulations of punching time that is between 2PM-4PM, the pressures to carry out the transactions increased substantially. Further, ISB is yet another key issue in the whole system. The need for highly skilled manpower, lean teams operating round the clock, providing connectivity, session management, and parallel operations could have been some ways to handle the challenges posed. Views from a few senior executives from the Technology Group given below highlight various issues. Our challenge was to develop standard application programming interface (API) and standard messaging protocols, taking into account the know your customer regulations in different countries and incorporating fields for different types of data to capture all relevant information to meet regulatory norms in different countries from where the bank received remittance business. Indranil Ghosh, AGM, Technology Group With regard to the technology policy of the company: The policy of the technology group has been to spend judiciously, get the best deal from the vendors, and make full use of the servers to their optimal levels. Make full utilization of the memory and the CPU capacity. The top management identifies the technology edge and estimates the enterprise wide technology requirements. The technology policy is aligned to our business requirements. Based on the needs of business groups, annual budgetary proposals are made by the Technology Group. These proposals are then given to the Managing Director for approval. There are about 5-6 Group Heads of technology and each Group Head leads 3-4 team leaders. Each team of technical experts works on a specific problem. M.S. Seetharaman, DGM, Technology Group If the company were to move from anywhere to India route to anywhere to anywhere route in the remittance business, what would be the technological challenges? How does the company handle the issue of scalability? Today the average number of transaction is about 8000 per day in the India corridor, how would this change if the company were to go anywhere to anywhere transaction. Will the Unix system serve its future capacity requirement? Journal of Case Research Vol. 1 Issue ii 114
Operational Issues:
The company had two types of accounts viz., Vostro INR Account and Nostro Account. Further, three different types of Nostro Accounts were initially created that are for NRI Accounts, Credit Services, and Treasury. About 180 correspondents operate through the
Vostro Account and about 40 correspondents operate through the Nostro Account. For every transaction, a swift code is generated and that is then passed on to the Finacle Core Banking system of ICICI Bank. Instead of a one to one transaction, ICICI Bank accumulates all the remittances and carries out a bulk transaction at one go. The automatic process involves talking of different systems with each other. The SWIFT message with remittance details from the correspondents, the core banking system (Finacle) of ICICI Bank, foreign exchange rate system, and the NEFT system have to process and clear the data for completion of a transaction and receipt of money (INR) at ICICI Bank in Mumbai. On an average, the company today handles about 8000 remittance transactions a day and about 100,000 remittance transactions a year. The issue of concern in the operations is when there is non-straight through transaction resulting in non reconciliation of accounts. On an average there has been as much as 6065% non-straight through process (STP) transactions in the Nostro system in the beginning. Today, ICICI Bank still gets about 20% non-STPs in the Nostro system and about 8% non-STP occurs in the Vostro system. With a 24*7 hours operating system in the global remittance business, how will the operations be managed? While an appropriate design of the architect and platforms with largely compatible technology may be adopted to meet the memory capacity and processing speed, what would be the typical operational issues when dealing with foreign transactions that might originate in any of the foreign countries (with a set of banking rules and regulation) and need to be remitted in India? ICICI Bank can receive payments from different banks and the payments to the beneficiary of the remittance may be remitted in a different bank. How would the company deal with these complexities? The company deals with nearly 8000 transactions a day that come from different countries and from different banks and it gets about 2 hours to punch in the client and beneficiary details for routing transfers to Journal of Case Research Vol. 1 Issue ii 115 India through the NEFT. What kind of operational problems will the company face? A NRI could choose to transact through Money2India, the foreign remittance portal of the ICICI Bank (see Exhibit 21 for the steps to transaction). Would the operational issues be resolved through such portals for foreign remittance transactions? How much can the integration of the various systems of SWIFT, Finacle, Foreign Exchange Rate, and NEFT solve the problems of non STPs? What if other correspondent banks or agents are not using the same systems? How much of errors occur because of human error in data entry? The number of non ICICI Banks that used NEFT has risen from 13,000 a few years ago to 40,000 today. Name matching is also used to bypass syntax errors in data entry. Integrating systems within ICICI Bank is another issue. The basic Finacle Core Banking system has been developed by Infosys Technologies. However, this has been modified and upgraded to meet the needs of ICICI Bank. We have leveraged our good relationship with Infosys to develop the Finacle Core Banking system to meet our needs and to fully integrate our core banking system with the
SWIFT system. We are trying to integrate our Finacle Core Banking system with the other systems that we interact with. We are also trying to convert non electronic transaction like the transaction through demand draft to electronic transaction and we have been fairly successful in reducing the volume of demand draft transactions from 2530% to 13%. Jegannath Shreenivas, GM, Operations Group Why would a customer prefer demand draft (DD) to electronic fund transfer? With DD a beneficiary can credit the money to any of his or her accounts in India. Further, DD is easy to deliver to beneficiaries based in remote and rural India that are unconnected with the electronic systems. A strong team of about 150 operational professionals are dedicated to remittance business in the company. Eighty of them are based in Mumbai (in Western India) and seventy are based in Hyderabad (in Southern India). The operations team works closely with the remittance business group. When a new product is proposed by the Business Group, the Journal of Case Research Vol. 1 Issue ii 116 technology, operations and the legal teams meet to assess the support requirement. The product and process needs to be approved by the Product and Process Committee before any product is undertaken to the product launch stage. The operation group has periodic reviews with International Business group. The operations group has more intensive reviews and dialogues. In the initial years, the operations group and the technology group had Technology Forums every quarter. However, for the last three years, since 2006, Technology Forums are organized every month. The Finacle Customer Relationship Management system helps the operations group to lodge their requirements/complaints to the technology group and the daily Management Information System (MIS) further aids the dialogue process between operations and technology groups.
Scarborough, Toronto Downtown, Toronto East, Brampton, Vancouver, Surrey, Moscow and Kaluga. ICICI Bank, UK has received regulatory approvals for establishing a branch in Frankfurt, Germany. See Exhibit 23 for the companys global presence. The company has also had a huge growth and has had healthy financial position (see Exhibit 24). The company has been looking forward for engaging fully with the growth of the Indian economy. The future plans and strategy of the company can be read through the comments (given below) of the top management: Journal of Case Research Vol. 1 Issue ii 117 ICICI Bank is seeking to participate in Indias growth process by leveraging its strong competencies in various segments of the business. We are continuing our focus on retail banking. We are partnering Indian companies by providing the right product and advisory skills to aid their rising global aspirations. Rural India continues to be significantly untapped market and presents a major growth opportunity, which we are seeking to address through innovative products and delivery mechanisms. We seek to support this strategy with financial and human capital, as we move to the next level in terms of scale of operations. Looking ahead, we see ourselves as the premier provider of financial services in India and to Indian customers overseas, partnering our customers and the nation in achieving growth and prosperity. N. Vaghul, Chairman Looking ahead, we believe that India will sustain high growth rates for the foreseeable future, driven by the knowledge economy and industrial resurgence, to which rural growth could bring an additional new dimension. As an Indian financial services group, we seek to facilitate and participate in this growth process by making a wide range of financial products and services available on a large scale, accessing capital to support growth when necessary. Achieving size and scale aligned to the needs of a fast growing modern economy, with relevance in the global context, will be a key success factor as India grows and globalizes. The bank expects one-fourth of its balance sheet from the overseas business and also aiming to make a position among the top ten banks of the world within next five years. K.V. Kamath, Chief Executive Officer The last fiscal saw a significant scale-up of our international operations and expansion of our global footprint to 18 countries. We are now a preferred international bank, offering best-in-class products to Indian corporations going global and the Indian Diaspora by leveraging our international presence and strong technological capabilities. Our products and services for the NRIs were supplemented by offerings to the local customers, furthering our transformation into a global bank. Indian corporations are today undertaking large projects, big-ticket overseas acquisitions and rising huge capital from international markets. Our corporate banking strategy takes a unified global view Journal of Case Research Vol. 1 Issue ii 118 of our clients and offers them a comprehensive suite of commercial and investment banking products apart from the working capital loans and project finance. We are now Indias biggest bank in terms of overseas business is concerned and from
here we are aiming at a contribution of 25 per cent from international business in 2008. Chanda Kochhar, Joint MD and Chief Financial Officer2
2 The designations of executives given in the case were as when the case was being studied and written in the year 2008.
Source: Department of Banking Operations & Development, Reserve Bank of India. Journal of Case Research Vol. 1 Issue ii 129
greater autonomy, operational flexibility and decontrolled interest rate and liberalized norms for foreign exchange. Marketplace has been redefined with new rules. Banks need to access low cost funds and simultaneously improve the efficiency. Customers have become demanding and the loyalties are diffused. The competency gap needs to be addressed otherwise there will be missed opportunities. Investing in state of the art technology as the backbone to ensure reliable service delivery. Innovating products to capture customer mind share to begin with and later the wallet share. Implementing organization wide initiatives involving people, process and technology to reduce the fixed costs and the cost per transaction. The banks need some transformation initiatives in various fields for the emerging challenges. These initiatives includes areas like; Strategy, Brand, Organization Restructuring, Re-engineering of the key business processes, Cost efficiency, Right Sizing and matching of skills, Creating a high performing organization, Change management and creating a new mind set. ICICI Bank set-up an International Banking Group to implement a focused strategy for its international banking business. ICICI was the first Indian institution to be licensed by Qatar Financial Centre (QFC). As on December 31, 2006 ICICI Bank had an asset base of around US$ 67 billion. In 2006 ICICI Bank has shown a continuous growth in its profit. Source: RNCOS Report, ECS Limited, Authors research Journal of Case Research Vol. 1 Issue ii 130
2002 ICICI Ltd. merged with ICICI Bank 2003 ICICI Bank announced the setting up of its first ever offshore branch in Singapore The first offshore banking unit (OBU) at Seepz Special Economic Zone, Mumbai, launched ICICI Banks representative office inaugurated in Dubai Representative office set up in China ICICI Banks UK subsidiary launched ICICI Bank subsidiary set up in Canada 2004 Mobile Banking Service in India launched in association with Reliance Infocomm Indias first multi-branded credit card with HPCL and Airtel launched 2005 First Indian company to make a simultaneous equity offering of $ 1.8 billion in India, the United States and Japan Acquired Ivestitsionno Kreditny Bank of Russia ICICI Bank became the largest bank in India in terms of its market capitalization 2006 ICICI Bank subsidiary set up in Russia Representative offices opened in Thailand, Indonesia and Malaysia 2007 Sangli Bank amalgamated with ICICI Bank ICICI Bank signed a multi-tranche dual currency US$ 1.5 billion syndication loan agreement in Singapore ICICI Bank Eurasia LLC inaugurated its first branch at St Petersburg, Russia 2008 ICICI Bank enters US, launches its first branch in New York ICICI Bank enters Germany, opens its first branch in Frankfurt ICICI Bank announces in May 2008 to open 4 new offices in USA
Source: ICICI Bank Ltd. Journal of Case Research Vol. 1 Issue ii 131
accelerating the availability and affordability of retail finance and bringing world class technology to banking, and by this it became the first Indian bank to list on the New York Stock Exchange and emerged as a leading universal bank in India. Journal of Case Research Vol. 1 Issue ii 132
Domestic International 1. ICICI Securities Limited1 2. ICICI Securities Primary Dealership Limited2 3. ICICI Prudential Life Insurance Company Ltd. 4. ICICI Lombard General Insurance Co. Ltd. 5. ICICI Prudential Asset Management Co. Ltd.4 6. ICICI Prudential Trust Limited 6 7. ICICI Venture Funds Management Co. Ltd. 8. ICICI Home Finance Company Limited 9. ICICI Investment Management Company Ltd. 10. ICICI Trusteeship Services Limited 1. ICICI Bank UK Plc. 2. ICICI Bank Canada 3. ICICI Wealth Management Inc.3 4. ICICI Bank Eurasia Limited Liability Co. 5. ICICI Securities Holdings Inc.5 6. ICICI Securities Inc.7 7. ICICI International Limited
1. Formerly known as ICICI Brokerage Services Limited. 2. Formerly known as ICICI Securities Limited 3. ICICI Wealth Management Inc. was incorporated as a subsidiary of ICICI Canada in fiscal 2007. It has not yet been capitalized and is yet to commence operations. 4. Formerly known as Prudential ICICI Asset Management Company Limited. 5. Subsidiary of ICICI Securities Limited 6. Formerly known as Prudential ICICI Trust Limited 7. Subsidiary of ICICI Securities Holdings Inc.
UK
Australia
Fiji
GCC
Mauritius
Indian Indian Diaspora: >1,392,000 Diaspora: 336,829 Indian Diaspora: 714,718 Indian Diaspora: 1,678,765 Indian Diaspora: 2,200,000 Indian Diaspora: 190,000
Journal of Case Research Vol. 1 Issue ii 141 Journal of Case Research Vol. 1 Issue ii
142
Source: CMIE Data Base Journal of Case Research Vol. 1 Issue ii 143
References:
1. Company Annual Reports, http://www.icicibank.com 2. SANSCO Data Base, Xavier Institute of Management, Bhubaneswar 3. CMIE Data Base, Xavier Institute of Management, Bhubaneswar 4. ISI Emerging Markets, Xavier Institute of Management, Bhubaneswar 5. http://www.nriinternet.com 6. Business Line August 03, 2006 7. http://www.bis.org/review/r050321g.pdf
8. http://www.unescap.org/drpad/publication/fin_2206/part4.pdf 9. http://www.iupindia.org/books/GoingGlobal-Strategies_ovw.asp 10. ICICIs Global Expansion, Tarun Khanna & Ramana Nanda, 9-706-426, September 27, 2006, Harvard Business School 11. ICICI Bank, Path to Globalization, Boris Typsin & Ashok Som, 306-507-1, ESSEC Business School, ECCH