ICICI Bank, India’s second largest private lender, is emphasizing a robust compliance culture to balance risk and reward, according to Managing Director and CEO Sandeep Bakhshi in his annual address to shareholders. His comments, featured in the annual report, highlight the bank’s focus on enhancing digital capabilities and operational resilience.
Commitment to Risk and Compliance
Bakhshi stated, “The Bank is committed to fostering a strong risk and compliance culture to ensure a balance of risk and rewards for delivering long-term sustainable outcomes.” He further emphasized the bank’s ongoing efforts to bolster digital capabilities and improve service delivery systems with a strong focus on operational resilience.
Opportunities and Principles
Bakhshi noted that the Indian economy and its global connections present exciting opportunities. ICICI Bank is dedicated to supporting this transformative journey with a commitment to the principles of ‘One Bank, One Team,’ ‘Fair to Customer, Fair to Bank,’ and ‘Return of Capital.’ He highlighted the bank’s approach to growth, stating, “Our focus will be growing in a prudent and responsible manner.” The bank remains dedicated to high standards of governance and aims to be a trusted financial partner while creating value for all stakeholders.
Fiscal 2024 Focus
In fiscal 2024, ICICI Bank concentrated on expanding its presence and seizing business opportunities across various ecosystems. Executive Director Rakesh Jha mentioned, “We have further empowered our frontline teams with enablers for enhancing customer engagement and providing seamless services.” The bank introduced new products on its iLens platform, improved the export-import process on Trade Online, and integrated technology with customers to support supply chain ecosystems.
Enhancing Delivery Systems
Executive Director Ajay Kumar Gupta discussed the bank’s focus on refining delivery systems and simplifying processes. “We have laid strong emphasis on continuously strengthening our operational resilience for seamless delivery of services to customers,” Gupta said. The bank is committed to enhancing its delivery systems and technology platforms to ensure scalability, security, and resilience.
Credit Policies and Digital Capabilities
Gupta also highlighted the bank’s ongoing review of credit policies and delivery mechanisms to provide optimal product propositions to customers. ICICI Bank is leveraging data analytics, public digital infrastructure, and advanced digital capabilities to deliver a top-tier banking experience.
