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Last updated: 10 Oct, 2017  

ICICI Bank Commits Rs. 10 Crore to the Indian Armed Forces

NewsVoir | 09 Oct, 2017
ICICI Bank, India’s largest private sector bank by consolidated assets, today committed a financial assistance of Rs. 10 crore to the Indian Armed Forces. The contribution, payable in two equal tranches this year and next year, will be utilised towards welfare activities and betterment of the families of ex-servicemen who have lost their lives guarding the nation. Ms. Chanda Kochhar, MD & CEO, ICICI Bank today handed over a cheque worth Rs. 5 crore to the Honourable Minister of Defence Smt. Nirmala Sitharaman at a function in the Raksha Mantralaya.

 

 

Ms. Chanda Kochhar, MD & CEO, ICICI Bank today committed to Hon’ble Minister of Defence, Smt. Nirmala Sitharaman, a financial assistance of Rs. 10 crore for the Indian Armed Forces

 

Speaking on the occasion, Ms. Chanda Kochhar, MD & CEO, ICICI Bank, said, “Our Indian Armed Forces bravely guard our borders and protect us. Many of these men have valiantly fought and made the ultimate sacrifice of laying down their lives for our country. While no amount of assistance is enough to fill the loss for the families, this gesture is our humble endeavor to contribute towards their betterment.

 

Through the various skilling initiatives which have been undertaken by ICICI Bank in the past, we have seen that the maximum impact on an individual’s life can be made by equipping him or her with skills and knowledge which enables him or her to participate in the economic opportunities in the country. Our assistance will aid the young children and widows of the soldiers to get an education thereby enabling them to gain knowledge, get a job and earn a sustainable livelihood. This is our small contribution to these daughters of the nation and our thoughts and best wishes will always remain with the families.”

 

This fund will be used for two programmes to support the daughters of the armed forces. The first will be towards the post-graduation education of the widows of ex-servicemen and also to support education for their wards. The second scheme will be to provide financial assistance towards marriages of the daughters of the ex-servicemen. This donation is aligned to ICICI Bank’s commitment towards nation building through various initiatives that promote inclusive and sustainable growth. 

 

The Kendriya Sainik Board, an apex body of the Government of India, which formulates policies for resettlement and welfare of ex-servicemen and their dependents, will undertake the administration of the programme. This body will be responsible for the allocation of funds, identification of the recipients and overall functioning of the programme.

 

ICICI Bank has a legacy of partnering India in its economic growth and development. Promoting inclusive growth has been a priority area for the bank from both social and business perspectives. ICICI Bank has been focused on promoting education and employment enhancing vocation skills especially among women thereby empowering them to lead better economically independent lives.

 

About ICICI Bank Ltd.

ICICI Bank Ltd. (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 153.0 billion at June 30, 2017. ICICI Bank's subsidiaries include India's largest private sector insurance, asset management and securities brokerage company, and among the country’s leading fixed income players. It is present across 17 countries, including India.

 

For media queries, write to: corporate.communications@icicibank.com

 

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

 
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