Controversies

At the time of the reverse merger,rumors propped up that ICICI had a large proportion of Non Performing Loans (NPAs) in its books of accounts, primarily in the name of the steel industry. The circumstances that forced this belief was that since 2002, there had been a general revival in Indian industry (particularly in metal based industry).

Recently, ICICI Bank has been in news for providing poor customer service. The financial consultants and advisors associated with ICICI Bank have been reportedly giving false information (like exaggerated numbers) about the ICICI Prudential Life Insurance Policy. Moreover, the home loan facility provided by them is not up to their standards. The rapid growth of the bank is being held responsible for causing an inability to ensure goodwill amongst customers.