Is ICICI & HDFC banks a Govt bank or private who owns it?
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The Industrial credit &Investment coorp of India is one of the oldest banks dating way back frm 1950.At that time there was only govt banks. And the bank played an important role in the growth of industries through underwriting etc similar is the case of HDFC also.
But now for the fast 7-9 years we have been hearing a lot abt ICICI there loans and other things and many believe they are private banks.But i have my doubts.
Can someone satisfactorily explain to me
Is ICICI & HDFC banks a Govt bank or private who owns it?Hai Roshan A,
Both banks are Private Banks, just like HSBC, Citi, Standard Chartered, etc.
You are right in ICICI & HDFC were government of India Undertakings. But the situation is different now.
ICICI started ICICI Bank. At that point of time the government had indirect ownership through ICICI. Then the government disinvested from ICICI, and ICICI itself was merged in ICICI Bank!
The owners of the banks are its share holders.
The share holders comprise of Promoters and Public.
The Public shareholding comprise of Institutions & Non-institutions.
Institutions include both Indian(UTI, Mutual Funds, FInancial Institutions, Other Banks, Insurance companies - like LIC & GIC, even state & central governments) & Foreign(for instance Temasek of Singapore, Govt. of Singapore, etc).
Non-Institutions mean individuals like you & me, and bodies which do not come under the category of institutions, as exemplified above.
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