Sandeep Bakhshi, ICICI Bank’s MD & CEO, is a staunch believer in creating value for all stakeholders. ICICI Bank, under his leadership, has been following the guiding philosophy of ‘Fair to Customer, Fair to Bank’, emphasizing the need to deliver on the promise of fair customer value proposition while effectively increasing shareholder value. Under his leadership, ICICI Bank is poised to emerge even stronger as the trusted financial service provider to its valued customers. Know more about Mr. Sandeep Bakhshi here
ICICI Bank under Mr. Sandeep Bakhshi’s Leadership:
The Bank’s commitment to excellence is evident in its Q1-2021 results. During the period, it has reported a robust 15% Y-o-Y growth in core operating profit to ₹7,014 crores from ₹6,110 crores in Q1-2020 along with a strong deposit franchise and balance sheet. Know more ICICI Bank’s quarterly results here.
During fiscal 2020, ICICI Bank has continued to strengthen its banking franchise. In fact, the growth in core operating profit has been driven by the Bank’s deposit franchise along with the low cost of deposits. During Q1-2021, the total deposits have gone up by 21.3% Y-o-Y, the average savings account deposits have increased by 14.0% Y-o-Y, and the average current account deposits have seen a 19.8% Y-o-Y growth. “Our long-term strategic focus is to grow the core operating profit in a risk-calibrated and granular manner,”Mr. Sandeep Bakhshisaid in ICICI Bank’s 2019-20 Annual Report.
The ongoing COVID-19 pandemic has resulted in an unprecedented increase in risks in the finance industry’s operating environments. ICICI Bank has also made additional COVID-19 related provisions of ₹5,550 crores on a prudent basis in Q1-2021 to mitigate COVID-19 risks and cushion the balance sheet from the debilitating impact of the pandemic. With the total Bank-held COVID-19 related provisions amounting to ₹8,275 crores as of June 30, 2020, the provision held by the Bank is much higher than the prerequisite guideline-mandated by the RBI dated April 17, 2020. Lean more about ICICI Bank’s COVID-19 provisions here
As the world reels from the socio-economic fallouts of the COVID-19 pandemic, financial institutions will play a pivotal role in supporting customers with new products, services, and overall enhanced banking experiences that can help limit the impact of the slowdown.
Mr. Sandeep Bakhshi is leading ICICI Bank to commit to supporting all its stakeholders in these extraordinary times and participating in driving the nation’s economic growth. In the same spirit, the Bank’s employees have demonstrated exemplary commitment to customer service, with almost all branches and ATMs being functional during the lockdown period. Thanks to their resilience and willingness of its employees to work harder and collaborate better, the Bank is able to constantly deliver on the promise of creating value for stakeholders.
Technology adoption has enabled banking services to be more convenient, inclusive, and customer-centric. As technology democratizes banking and financial services, Mr. Sandeep Bakhshi led ICICI Bank prides itself on moving way beyond conventional banking processes and offering technology-enabled financial products and services to cater to an increasingly evolving, digitally-savvy customer base.
Mr. Sandeep Bakhshi’s take on ICICI Bank’s new digital initiatives
“We see our state-of-the-art digital platforms as a key strength and leverage these with the objective of delivering exceptional value to our customers”, said Mr. Sandeep Bakhshiin the 2019-20 Annual Report of the Bank.
With innovative digital solutions as a differentiator, the Bank leverages new-age technologies to deliver an exceptional banking experience to customers. Mr. Sandeep Bakhshi is leading the digital transformation efforts at the Bank, which has led to introducing an array of new offerings to ensure uninterrupted services to our customers, especially during the COVID-19 pandemic.
Sandeep Bakhshi led ICICI Bank’s best-in-class, tech-enabled, user-friendly products such as iMobile, ICICISTACK, InstaBiz, API banking portal, as well as the custom solutions for both corporate and institutional customers, have helped provide a seamless and secure banking experience, despite the challenges of lockdown and working remotely. The Bank has successfully onboarded new customers for savings accounts, personal loans, and Amazon Pay Credit Card through Video KYC facilities. It has also witnessed the rapid adoption of WhatsApp Banking by more than one million customers in only three months since its introduction.
With his vision of empowering all stakeholders including businesses, with the best in banking technologies, Mr. Sandeep Bakhshi is leading ICICI Bank to invest heavily in digital solutions during the first quarter of 2021. During Q1 of 2021, an online food delivery platform used ICICI Bank’s ‘Insta Wallet’ offering to launch its digital wallet. A significant increase in market share in UPI transactions in the acquiring segment, as well as the adoption of digital trade solutions by corporate and SME customers, is a testament to the increasing popularity of digital banking solutions driving growth for both the Bank and its various stakeholders.
In these challenging times, ICICI Bank remains committed to emerging stronger as an institution and participating in the nation’s economic development with the sole focus on nurturing a lasting relationship with customers and creating sustainable value for all stakeholders.
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