Company Directory - ICICI Bank
Company Details - ICICI Bank
ICICI Bank
WebsiteMumbai, India
ISIN: INE181A01020
5000 Locations
A leading private sector bank in India, providing various banking and financial services including retail banking, corporate banking, investment banking, asset management, and insurance.
CCI Score
CCI Score: ICICI Bank
-50.69
Latest Event
Allegations of Unlawful Terminations and Unfair Labor Practices
Multiple ex-employees of ICICI Bank have come forward with allegations of unlawful terminations, forced resignations, and retaliation for whistleblowing while on medical leave. These practices have allegedly led to financial hardship for workers and raised serious questions about the bank's adherence to fair labor practices and natural justice, as confirmed by hearings at the Office of the Chief Labour Commissioner.
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QUISLING
ICICI Bank is currently rated as a Quisling.
Latest Events
- APR072025
Multiple ex-employees of ICICI Bank have come forward with allegations of unlawful terminations, forced resignations, and retaliation for whistleblowing while on medical leave. These practices have allegedly led to financial hardship for workers and raised serious questions about the bank's adherence to fair labor practices and natural justice, as confirmed by hearings at the Office of the Chief Labour Commissioner.
-80
Labor Relations and Human Rights Practices
April 19
ICICI Bank is accused of engaging in unethical labor practices, including terminating employees on medical leave, retaliating against whistleblowers, and forcing resignations under distress. These allegations, bolstered by findings from labour commission hearings that highlighted failure to adhere to the principle of natural justice, demonstrate a clear disregard for worker rights and human dignity, aligning with problematic business practices from a labor rights perspective.
ICICI ex-employees challenge unlawful terminations - The News Minute
- MAR272025
ICICI Bank issued a detailed response refuting allegations that it terminated 782 employees without due process, instead classifying the separations as cases of 'voluntary abandonment of services'. The bank defended its actions by stating that terminations occurred only in instances of misconduct, despite serious concerns raised by ex‐employees—including reports of suicides—and political figures regarding its labor practices.
-40
Labor Relations and Human Rights Practices
April 19
The bank's framing of mass terminations as cases of voluntary abandonment, despite allegations that include claims of wrongful termination and employee suicides, invokes significant concerns about its commitment to fair labor practices and employee rights. This response, aimed more at protecting corporate image than addressing underlying worker grievances, is viewed negatively from an anti-fascist perspective that prioritizes robust labor rights and accountability.
- FEB042025
Multiple former ICICI Bank employees have filed complaints with regional labor authorities across several cities alleging illegal termination, prompting conciliation proceedings between the bank and its workers.
-70
Labor Relations and Human Rights Practices
April 19
The article details multiple complaints by former employees alleging illegal termination from various regions, which highlights potential systemic issues in worker treatment and labor rights at ICICI Bank. Such allegations, if substantiated, reflect poorly on the bank's commitment to ethical labor practices and worker rights, undermining its responsibility in upholding fair employment standards.
- NOV012024
A former ICICI Bank employee has alleged that she was subjected to mental harassment and coercion to resign, particularly during a critical family health crisis. The employee detailed that despite multiple challenges in the workplace, her request for flexible work arrangements was denied, and insensitive remarks were made by management regarding her family circumstances.
-80
Labor Relations and Human Rights Practices
April 19
The allegations of mental harassment, forced resignation, and insensitive management practices, especially during a personal crisis, indicate significant labor rights violations. This reflects poor labor relations and human rights practices within the organization.
Former ICICI employee alleges harassment and forced resignation
- SEP032024
Congress has questioned ICICI Bank's explanation of retirement benefits paid to former SEBI chief Madhabi Puri Buch. The party highlighted inconsistencies in the benefit amounts, ESOP exercise timing, and the bank's handling of TDS payments, suggesting that Buch received preferential treatment and raising concerns over corporate transparency and ethical practices.
-40
Business Practices and Ethical Responsibility
April 19
The article details how ICICI Bank's clarification on retirement payments for former SEBI chief Buch has been met with criticism by Congress. The alleged inconsistent and potentially preferential practices—such as unusually high 'retiral benefits' exceeding the employee's regular salary, extended ESOP exercise periods, and atypical handling of TDS—raise significant questions about the bank's ethical business practices. Such actions undermine corporate accountability, prompting a negative rating in terms of ethical responsibility.
- SEP022024
ICICI Bank stated that it did not pay a salary or grant ESOP benefits to retired SEBI chair Madhabi Buch, countering Congress allegations that Buch received excessive income and held a conflict of interest. The bank clarified that all benefits paid post-retirement had accrued during her active employment period.
-15
Public and Political Behavior
April 19
The controversy raises concerns about potential conflicts of interest and the undermining of public trust in regulatory practices. Allegations that a former regulatory head received disproportionate benefits point to problematic public and political behavior that can erode democratic accountability.
Not paid salary, ESOPs to Madhabi Buch post-retirement, says ICICI Bank after Congress allegations
-10
Business Practices and Ethical Responsibility
April 19
The structure of compensation and benefits, even though described as contractual, has sparked allegations of ethical impropriety and conflicts of interest. This situation underscores potential shortcomings in corporate governance and ethical responsibility.
Not paid salary, ESOPs to Madhabi Buch post-retirement, says ICICI Bank after Congress allegations
- JUN282024
ICICI Bank's top management, including CEO Sandeep Bakshi, has been summoned by Labour Ministry officials in New Delhi on June 28, 2024, to address allegations of illegal termination of employees. The summons follows emails and social media claims by former staff asserting that termination procedures were not properly followed.
-80
Labor Relations and Human Rights Practices
April 19
The allegations of illegal termination indicate a serious breach of ethical labor practices and workers' rights. Failure to follow proper termination procedures undermines labor protections, raising concerns over corporate complicity in undermining fair labor practices, and contributing to broader authoritarian business practices.
ICICI Bank Head Summoned By Labour Ministry Over Alleged Illegal Termination Of Staff
- JUN242024
ICICI Bank's head was summoned by the Labour Ministry following allegations of illegal and unjust termination of employees, raising concerns over the bank's adherence to labor rights and fair employment practices.
-70
Labor Relations and Human Rights Practices
April 19
The allegations of illegal termination indicate a serious breach of employee rights and fair labor practices. This violation, which prompted the Labour Ministry to summon the bank's head, reflects a disregard for ethical business practices and fair treatment of workers. Such actions are particularly concerning from a progressive, anti-fascist perspective, as they undermine the protection and dignity of vulnerable workers.
ICICI Bank Head Summoned by Labour Ministry Over Alleged Illegal Termination of Staff
- JUN062024
On June 6, 2024, India's markets regulator SEBI issued an administrative warning to ICICI Bank after an investigation found that bank officials engaged in an excessively aggressive outreach programme, repeatedly contacting shareholders and requesting voting screenshots to favor the delisting of ICICI Securities. The actions raised concerns about conflict of interest given the bank's significant shareholding in I-Sec.
-70
Political Contributions and Lobbying Efforts
April 19
ICICI Bank's officials pursued a persistent and aggressive lobbying strategy by repeatedly urging shareholders to favor the delisting of ICICI Securities, which represents a clear conflict of interest given their majority stake. This action was significant enough to prompt a regulatory intervention by SEBI, highlighting a problematic use of corporate influence in political processes.
- JUN062024
The Securities and Exchange Board of India issued an administrative warning to ICICI Bank for attempting to influence shareholder votes in favor of delisting ICICI Securities. The bank's officials made multiple calls and messages to shareholders, which raised ethical concerns and highlighted a conflict of interest given the bank's significant stake in its subsidiary.
-80
Political Contributions and Lobbying Efforts
April 19
ICICI Bank engaged in repeated direct outreach to shareholders to influence their vote in favor of delisting its subsidiary, ICICI Securities, an action that represents unethical lobbying and conflicts of interest. This behavior, which led to a formal administrative warning from SEBI, is indicative of problematic political influence practices.
- JUN062024
On 6 June 2024, SEBI issued an administrative warning to ICICI Bank over its aggressive outreach tactics during the delisting vote of ICICI Securities. The bank was reported to have contacted retail investors directly—including calls and home visits—and solicited screenshots as proof of voting, raising concerns over the misuse of confidential shareholder information and compromising the democratic integrity of the voting process.
-50
Public and Political Behavior
April 19
ICICI Bank's direct and coercive outreach, including repeated calls and even home visits to influence shareholder votes, undermines democratic processes within the corporation. This aggressive tactic compromises investor independence and reflects a troubling disregard for fair public engagement.
-40
Business Practices and Ethical Responsibility
April 19
The bank's utilization of confidential shareholder information for coercive vote solicitation—evidenced by demands for voting confirmation and calls made beyond acceptable corporate communication—demonstrates a breach of ethical business practices. Such actions, flagged by SEBI, reflect a disregard for corporate responsibility and transparency.
- MAR282024
Shareholders allege that employees of ICICI Bank used targeted communication, including a PowerPoint presentation, to influence retail shareholders in favor of a delisting proposal for ICICI Securities. This maneuver, reported during the last week of March 2024 and highlighted in a Moneylife report, raises concerns about corporate overreach and the undermining of transparent, independent decision-making.
-50
Public and Political Behavior
April 19
The reported actions of ICICI Bank employees directly influencing shareholder votes compromise the integrity of the shareholder approval process. Such undue corporate influence can be seen as a threat to democratic transparency and shareholder autonomy, aligning with concerns over authoritarian practices in corporate political behavior.
ICICI Securities Shareholders Allege ICICI Bank Influence in Delisting Process: Report
-30
Business Practices and Ethical Responsibility
April 19
The use of a persuasive PowerPoint presentation aimed at shareholders, particularly targeting those with limited technological insight, constitutes an unethical business practice. This behavior prioritizes corporate interests and compromises transparent communication, indicating a problematic approach within business ethical responsibilities.
ICICI Securities Shareholders Allege ICICI Bank Influence in Delisting Process: Report
- SEP032023
ICICI Bank clarified in its communication to stock exchanges that the sum paid to former executive Madhabi Puri Buch was attributable to accrued retirement benefits. However, the explanation has sparked further questions over potential conflicts of interest and ambiguity in the bank's ESOP policy, as highlighted by Congress Party allegations.
-10
Public and Political Behavior
April 19
The bank’s statement, aimed at clarifying its payout as standard retirement benefits, falls short in addressing public concerns regarding transparency and conflict-of-interest issues, potentially undermining public trust in its political accountability.
Transparency on Trial: SEBI Chairperson's Ongoing ICICI Earnings Raise Conflict-of-interest Alarm
-25
Business Practices and Ethical Responsibility
April 19
By attributing the high payouts solely to retirement benefits while discrepancies in ESOP policy disclosures persist, ICICI Bank's response reflects an inadequate commitment to ethical transparency and rigorous disclosure standards, thereby raising ethical concerns about its internal governance.
Transparency on Trial: SEBI Chairperson's Ongoing ICICI Earnings Raise Conflict-of-interest Alarm
- AUG102023
Amid a merger process between ICICI Bank and its subsidiary ICICI Securities, serious allegations have surfaced regarding the bank’s request for an exemption from standard bidding rules and the sharing of minority investor data. These actions have led to an administrative warning by SEBI and triggered a class action suit, raising concerns of regulatory capture and unethical corporate practices.
-30
Business Practices and Ethical Responsibility
April 19
The bank’s handling of the merger process, including sharing minority investor data to boost e-voting participation, points to questionable business practices. Such actions undermine transparent, fair corporate governance and ethical responsibility.
Not paid salary, ESOPs to Madhabi Buch post-retirement, says ICICI Bank after Congress allegations
-35
Regulatory Capture
April 19
The court-mandated disclosure of the exemption letter and subsequent administrative warning by SEBI highlight potential regulatory capture. This incident illustrates how corporate influence may compromise regulatory integrity by bypassing competitive bidding processes.
Not paid salary, ESOPs to Madhabi Buch post-retirement, says ICICI Bank after Congress allegations
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Corporate Financials
- Revenue
- 2024
- $16.00B
- Total Assets
- 2024
- $200.00B
- Operating Income
- 2024
- $2.50B
- Total Equity
- 2024
- $19.00B
Employees: 100,000
Industries
- 522110
- Commercial Banking
- 522210
- Credit Card Issuing
- 523110
- Investment Banking and Securities Dealing
- 523120
- Securities Brokerage