Your Directors have pleasure in presenting the Thirty-First Annual Report of ICICI Bank Limited (ICICI Bank/the Bank)along with the audited financial statements for the year ended March 31, 2025.
The financial performance for fiscal 2025 is summarised in the following table:
' in billion, except percentages
Fiscal 2024
Fiscal 2025
% change
Net interest income and non-interest income
972.55
1,077.68
10.8%
Operating expenses
391.33
423.72
8.3%
Core operating profit
581.22
653.96
12.5%
Provisions and contingencies (excluding tax)
36.43
46.83
28.5%
Profit before tax excluding treasury gains
544.79
607.13
11.4%
Treasury gains
0.09
19.03
-
Profit before tax
544.88
626.16
14.9%
Tax
136.00
153.89
13.2%
Profit after tax
408.88
472.27
15.5%
Consolidated profit before tax and minority interest
615.08
730.04
18.7%
Consolidated profit after tax and minority interest
442.56
510.29
15.3%
Your Bank has a consistent dividend payment history. Your Bank’s Dividend Distribution Policy is based on the profitabilityand key financial metrics, capital position and requirements and the regulations pertaining to the payment of dividend.The Board of Directors has recommended a dividend of ' 11.00 per equity share for the year ended March 31, 2025.
The Bank has appropriated accumulated profit as follows:
' in billion
Profit brought forward
563.57
773.77
Accumulated profit (before appropriations)
972.45
1,246.04
Appropriations:
To Statutory Reserve
102.22
118.07
To Special Reserve created and maintained in terms of Section 36(1) (viii) ofthe Income Tax Act, 1961
30.21
31.00
To Capital Reserve
0.33
0.07
To Investment Fluctuation Reserve1
9.93
2.58
To Revenue and other reserves
Dividend paid on equity shares2
55.99
70.41
Balance carried over to balance sheet
1,023.91
1 Represents an amount transferred to Investment Fluctuation Reserve (IFR) on net profit on sale of available-for-sale (AFS) and Fairvalue through Profit and loss (FVTPL) including held-for-trading (HFT) investments during the period. The amount not less than thelower of net profit on sale of AFS and FVTPL (including HFT) category investments during the year or net profit for the year lessmandatory appropriations is required to be transferred to IFR, until the amount of IFR is at least 2% of the AFS and FVTPL (includingHFT) portfolio. The Bank can draw down balance available in IFR in excess of 2% of its AFS and FVTPL (including HFT) portfolio.
2 Represents dividend declared for previous financial year and paid in current financial year.
During the year under review, the Bank allotted 42,832,398equity shares of ' 2.00 each pursuant to exercise of stockoptions under the ICICI Bank Employees Stock optionScheme-2000 and 751,672 equity shares of ' 2.00 eachpursuant to exercise of stock units under the ICICI BankEmployees Stock Unit Scheme-2022.
On March 26, 2025, the Bank allotted 56,008,117 equityshares pursuant to the Scheme of Arrangement amongstICICI Bank, ICICI Securities Limited (ICICI Securities) andtheir respective shareholders for delisting of shares ofICICI Securities (Scheme of Arrangement).
For details refer to Schedule 1 of the financial statements.
Pursuant to Section 186(11) of the Companies Act,2013, the provisions of Section 186 of the CompaniesAct, 2013, except sub-section (1), do not apply to aloan made, guarantee given or security provided by abanking company in the ordinary course of business.The particulars of investments made by the Bank aredisclosed in Schedule 8 of the financial statements asper the applicable provisions of the Banking RegulationAct, 1949.
Effective March 24, 2025, ICICI Securities was delistedfrom stock exchanges and it became a wholly-ownedsubsidiary of the Bank. There were no entities whichbecame or ceased to be joint venture of the Bank duringfiscal 2025.
As at March 31, 2025, your Bank had following subsidiaries(including step down subsidiaries) (17) and associate (8)companies:
Name of the subsidiary company
% of shares held
ICICI Bank UK PLC
100
ICICI Bank Canada
ICICI Securities Limited
ICICI Securities Holdings, Inc.1
ICICI Securities, Inc.2
ICICI Securities Primary DealershipLimited
ICICI Venture Funds ManagementCompany Limited
ICICI Home Finance CompanyLimited
ICICI Trusteeship Services Limited
ICICI Investment ManagementCompany Limited
ICICI International Limited
ICICI Prudential Pension FundsManagement Company Limited3
i-Process Services (India) Limited(formerly known as i-ProcessServices (India) Private Limited)
ICICI Lombard General InsuranceCompany Limited
51.55
ICICI Prudential Life InsuranceCompany Limited
51.03
ICICI Prudential Asset ManagementCompany Limited45
51.00
ICICI Prudential Trust Limited4
50.80
1 ICICI Securities Holdings, Inc. is a wholly owned subsidiary ofICICI Securities Limited.
2 ICICI Securities, Inc. is a wholly owned subsidiary of ICICISecurities Holdings, Inc.
3 ICICI Prudential Pension Funds Management Company Limitedis a wholly owned subsidiary of ICICI Prudential Life InsuranceCompany Limited.
4 The entity is a joint venture company, however, it is consideredas a subsidiary company in accordance with the provisions ofthe Companies Act, 2013.
5 On June 27, 2025, the Bank approved purchase of up to2% additional shareholding in the ICICI Prudential AssetManagement Company Limited (Pru AMC). This purchasewill primarily be towards maintaining the Bank's majorityshareholding in the event of grant of stock-based compensationby Pru AMC, subject to receipt of requisite approvals.
Name of the associate company
India Infradebt Limited
42.33
Falcon Tyres Limited12
26.39
Fino Paytech Limited1
25.10
Rajasthan Asset ManagementCompany Private Limited1
24.30
OTC Exchange of India1
20.00
Arteria Technologies Private Limited
19.98
FISERV Merchant Solutions PrivateLimited (erstwhile ICICI MerchantServices Private Limited)3
19.01
NIIT Institute of Finance Banking andInsurance Training Limited4
18.79
1 These companies are not considered as associates in thefinancial statements, in accordance with the provisions ofAccounting Standard 23 on ‘Accounting for Investments inAssociates in Consolidated Financial Statements'.
2 Acquired pursuant to debt settlement.
3 The Bank executed a share purchase agreement for sale of itsentire shareholding in the equity shares of FISERV MerchantSolutions Private Limited on March 29, 2025. The share transferwas completed subsequently on April 17, 2025 and it ceased tobe an associate of the Bank effective that day.
4 On June 11, 2025, the Bank executed a share purchase agreementfor sale of its entire shareholding in the equity shares of NIITInstitute of Finance Banking and Insurance Training Limited,consequent to which the share transfer was completed and itceased to be an associate of the Bank effective the same day.
HIGHLIGHTS OF PERFORMANCE OFSUBSIDIARIES, ASSOCIATES AND JOINTVENTURE COMPANIES AND THEIRCONTRIBUTION TO THE OVERALLPERFORMANCE OF THE COMPANY
The performance of subsidiaries and associates andtheir contribution to the overall performance of the Bankas on March 31, 2025 is given in “Consolidated FinancialStatements of ICICI Bank Limited - Schedule 18 - Note 13- Additional information to consolidated accounts” of thisAnnual Report. A summary of key financials of the Bank’ssubsidiaries is also given in “Statement Pursuant to Section129 of the Companies Act, 2013” of this Annual Report.
The highlights of the performance of key subsidiaries aregiven as a part of Management’s Discussion & Analysisunder the Section “Consolidated financials as per IndianGAAP”.
The Bank will make available separate audited financialstatements of the subsidiaries to any Member uponrequest. These documents/details will be available on theBank's website at https://www.icicibank.com/about-us/annual and will also be available for inspection by anyMember or trustee of the holder of any debentures of theBank. As required by Accounting Standard 21 issued bythe Institute of Chartered Accountants of India, the Bank’sconsolidated financial statements included in this AnnualReport incorporate the accounts of its subsidiaries andother consolidating entities.
SIGNIFICANT AND MATERIAL ORDERSPASSED BY THE REGULATORS OR COURTSOR TRIBUNALS IMPACTING THE GOINGCONCERN STATUS OF THE COMPANY ANDITS FUTURE OPERATIONS
There are no significant and/or material orders passed bythe regulators or courts or tribunals impacting the goingconcern status or future operations of the Bank.
MATERIAL CHANGES AND COMMITMENTAFFECTING FINANCIAL POSITION OF THEBANK
There are no material changes and commitments affectingthe financial position of the Bank which have occurredbetween the end of the financial year of the Bank to whichthe financial statements relate and the date of this Report.
UPDATE ON SCHEME OF ARRANGEMENT
At March 31, 2024, the Bank held 74.73% of the equityshares of its broking subsidiary, ICICI Securities, andbalance 25.27% of the equity shares were held by thepublic shareholders. In June 2023, the Board of Directorsof the Bank and ICICI Securities approved a schemeof arrangement for delisting of equity shares of ICICISecurities (Scheme of Arrangement), subject to receipt ofrequisite approvals. The requisite majority of shareholdersof the Bank and ICICI Securities approved the Schemeof Arrangement on March 27, 2024. Subsequently, theHon’ble National Company Law Tribunals, Mumbai Benchand Ahmedabad Bench, vide orders dated August 21, 2024and October 9, 2024 respectively, approved the Schemeof Arrangement. The Board of Directors of ICICI Securitiesapproved March 24, 2025 as the ‘Record Date’ for thepurposes of the Scheme of Arrangement. Consequently,with effect from March 24, 2025, ICICI Securities wasdeemed to have been delisted from the stock exchangesand resultantly, it became a wholly owned subsidiary ofthe Bank. In accordance with the Scheme of Arrangement,the Bank had, on March 26, 2025, allotted 56,008,117equity shares of face value ' 2.00 each (including 51,723equity shares towards fractional entitlements) to the publicshareholders of ICICI Securities as on the Record Date, inthe approved Swap Ratio. The fractional shares were soldby the Trustee in the market and the net proceeds (afterdeduction of expenses incurred and applicable taxes)were distributed to the eligible public shareholders of ICICISecurities in the proportion of their fractional entitlements.
DIRECTORS AND OTHER KEY MANAGERIALPERSONNEL
The Members through Postal Ballot on May 14, 2024approved the appointment of Pradeep Kumar Sinha as anIndependent Director for a term of five consecutive yearscommencing February 17, 2024 to February 16, 2029. The
Reserve Bank of India (RBI) vide its letter dated May 24,2024, approved his appointment as Part-time Chairpersonof the Bank for a period of three years with effect fromJuly 1, 2024.
The Members through Postal Ballot on May 14, 2024approved the appointment of Ajay Kumar Gupta asa Director and Whole-time Director (designated asExecutive Director) with effect from March 15, 2024 tillNovember 26, 2026.
The Board at its meeting held on June 29, 2024 andMembers at the last Annual General Meeting (AGM) heldon August 29, 2024 approved the appointment of RohitBhasin as an Independent Director for a period of 5 years,with effect from July 26, 2024 till July 25, 2029.
The Board at its meeting held on June 29, 2024 andMembers through Postal Ballot on November 29,2024, approved the appointment of Punit Sood as anIndependent Director for a period of 5 years, with effectfrom October 1, 2024 till September 30, 2029.
Based on the recommendation of the Board Governance,Remuneration & Nomination Committee (BGRNC), theBoard at its meeting held on January 25, 2025, approvedthe filing of an application with RBI for the re-appointmentof Rakesh Jha as Executive Director of the Bank for a furtherperiod of two years effective from September 2, 2025 toSeptember 1, 2027 which was within the five years termas previously approved by the Board and the Members.RBI vide its letter dated June 12, 2025, communicated itsapproval for the re-appointment.
Based on the recommendation of BGRNC, the Boardat its meeting held on January 25, 2025, approved there-appointment of Sandeep Batra as Executive Directorof the Bank for a further period of two years with effectfrom December 23, 2025 to December 22, 2027, subjectto approval of the RBI and Members of the Bank. RBI videits letter dated June 16, 2025, communicated its approvalfor the re-appointment. The re-appointment is beingproposed in the Notice of the forthcoming AGM throughitem no. 11.
Pursuant to the completion of his second term of officeas an Independent Director, Girish Chandra Chaturvediretired as the Independent Director and Non-executivePart-time Chairperson of the Bank on close of businesshours of June 30, 2024, The Board acknowledges thestewardship and guidance provided by him in his role asChairperson.
Pursuant to completion of their second term of officeunder the Companies Act, 2013, Uday Chitale and HariL. Mundra retired as Independent Directors of the Bankon October 19, 2024 and October 25, 2024 respectively.The Board acknowledges the valuable contribution andguidance provided by them.
As on the date of this report, in terms of Section 203(1)of the Companies Act, 2013, Sandeep Bakhshi, ManagingDirector & CEO, Sandeep Batra, Executive Director, RakeshJha, Executive Director, Ajay Kumar Gupta, ExecutiveDirector, Anindya Banerjee, Group Chief Financial Officerand Prachiti Lalingkar, Company Secretary are the KeyManagerial Personnel of the Bank.
All Independent Directors have given declarations thatthey meet the criteria of independence as laid down underSection 149 of the Companies Act, 2013 as amended andRegulation 16 of the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended (SEBI Listing Regulations)which have been relied on by the Bank and were placed atthe Board Meeting held on April 19, 2025. The IndependentDirectors have also given declaration of compliance withRules 6(1) and 6(2) of the Companies (Appointment andQualification of Directors) Rules, 2014, with respect totheir name appearing in the data bank of IndependentDirectors maintained by the Indian Institute of CorporateAffairs. In the opinion of the Board, the IndependentDirectors possess the requisite integrity, experience,expertise and proficiency required under all applicablelaws and are independent of the Management.
In terms of Section 152 of the Companies Act, 2013,Sandeep Batra would retire by rotation at the forthcomingAGM and is eligible for re-appointment. Sandeep Batrahas offered himself for re-appointment.
At the AGM held on August 29, 2024, the shareholdershad approved the appointment of M/s. B S R & Co. LLP,Chartered Accountants (hereinafter referred to as B S R& Co. LLP) and M/s. C N K & Associates LLP, CharteredAccountants (hereinafter referred to as C N K & AssociatesLLP), as the joint statutory auditors to hold office from theconclusion of the Thirtieth AGM till the conclusion of theThirty-First AGM of the Bank.
As per the RBI guidelines, the joint statutory auditorsof the banking companies are allowed to continue for aperiod of three years, subject to fulfilling the prescribedeligibility norms. Accordingly, B S R & Co. LLP and C N K& Associates LLP, would be eligible for re-appointment atthe conclusion of the forthcoming AGM.
As recommended by the Audit Committee, the Board hasproposed the re-appointment of B S R & Co. LLP and CN K & Associates LLP, as the joint statutory auditors tohold office from the conclusion of Thirty-First AGM tillthe conclusion of the Thirty-Third AGM of the Bank,subject to the approval of the Members of the Bank andregulatory approvals as may be necessary or required.Their appointment has been approved by RBI on May 19,2025 for fiscal 2026.
The re-appointment of the joint statutory auditors isproposed to the Members in the Notice of the forthcomingAGM through item nos. 4 and 5.
There are no qualifications, reservation or adverse remarksmade by the joint statutory auditors in the audit report.
Pursuant to the provisions of Section 204 of the CompaniesAct, 2013 and the Companies (Appointment andRemuneration of Managerial Personnel) Rules, 2014, theBoard had, at its meeting held on June 29, 2024, appointedM/s. Alwyn Jay & Co., a firm of Company Secretaries inPractice to undertake the Secretarial Audit of the Bankfor fiscal 2025. The Secretarial Audit Report is annexedherewith as Annexure A. There are no qualifications,reservation or adverse remark or disclaimer made by theauditor in the report save and except disclaimer made bythem in discharge of their professional obligation.
The Annual Secretarial Compliance Report, signedby Secretarial Auditor, for fiscal 2025 is available onthe website of the Bank at https://www.icicibank.com/about-us/disdosures-to-stock-exchanges and on thewebsite of the stock exchanges i.e. BSE Limited (BSE) atwww.bseindia.com and National Stock Exchange of IndiaLimited (NSE) at www.nseindia.com.
Pursuant to amendments under Regulation 24A of theSEBI Listing Regulations, the Board has, at its meetingheld on June 27, 2025, based on the recommendationof Audit Committee, approved the appointment ofM/s. Parikh Parekh & Associates, Company Secretaries toundertake the Secretarial Audit of the Bank for a term offive consecutive financial years from FY2026 to FY2030,subject to approval of the Members at the ensuing AGM
through item no. 6. M/s. Parikh Parekh & Associates haveconfirmed that they are not disqualified to be appointedas a Secretarial Auditor and are eligible to hold office asSecretarial Auditor of the Bank.
Being a banking company, the Bank is not requiredto maintain cost records as specified by the CentralGovernment under Section 148(1) of the CompaniesAct, 2013.
During the year under review, there were no instances offraud reported by the statutory auditors and secretarialauditor under Section 143(12) of the Companies Act, 2013to the Audit Committee or the Board of Directors.
The statement containing particulars of employees asrequired under Section 197(12) of the Companies Act,2013 read with Rule 5(2) of the Companies (Appointmentand Remuneration of Managerial Personnel) Rules, 2014is given in an Annexure and forms part of this report. Interms of Section 136(1) of the Companies Act, 2013, theannual report and the financial statements are being sentto the Members excluding the aforesaid Annexure. TheAnnexure is available for inspection and any Memberinterested in obtaining a copy of the Annexure may writeto the Company Secretary of the Bank.
The Bank has adequate internal controls and processes inplace with respect to its financial statements which providereasonable assurance regarding the reliability of financialreporting and the preparation of financial statements.These controls and processes are driven through variouspolicies, procedures and certifications. The processesand controls are reviewed periodically. The Bank has amechanism of testing the controls at regular intervals fortheir design and operating effectiveness to ascertain thereliability and authenticity of financial information.
The Bank has obtained a certificate from its statutoryauditors that it is in compliance with the ForeignExchange Management Act, 1999 provisions with respectto investments made in its consolidated subsidiariesand associates and also for investments made by itssubsidiaries and associates during fiscal 2025.
The Bank has a Board-approved Group Arm’s Length Policywhich requires transactions with the group companies tobe at an arm’s length. All the related party transactionsbetween the Bank and its related parties, entered duringthe year ended March 31, 2025, were on arm’s lengthbasis and were in the ordinary course of business.
The details of material related party transactions at anaggregate level for the year ended March 31, 2025 aregiven in Annexure B.
Pursuant to the provisions of Regulation 23 of the SEBIListing Regulations, the Bank has filed half yearly reportsto the stock exchanges, for the related party transactions.
All related party transactions as required under AccountingStandard 18 are reported in note no. 47 of schedule 18- Notes to Accounts of standalone financial statementsand note no. 2 of schedule 18 - Notes to Accounts ofconsolidated financial statements of the Bank.
During the year, the Related Party Transactions Policy ofthe Bank was revised to align it with the amendmentsdated December 12, 2024 in the SEBI Listing Regulations.The Policy is hosted on the website of the Bank and canbe viewed at https://www.icicibank.com/about-us/other-policies.
Pursuant to the SEBI Listing Regulations, the resolutionsseeking approval of the Members on material related partytransactions forms part of the Notice of the forthcomingAGM.
The Annual Return in Form No. MGT-7 will be hosted onthe website of the Bank at https://www.icicibank.com/about-us/annual.
The Business Responsibility and Sustainability Report asstipulated under Regulation 34(2)(f) of the SEBI ListingRegulations will be hosted on the Bank’s website athttps://www.icicibank.com/about-us/annual. Any Memberinterested in obtaining a copy of the Report may write tothe Company Secretary of the Bank.
The Bank has been releasing the Environmental, Socialand Governance Report since fiscal 2020. The Reportfor fiscal 2025 will be hosted on the Bank’s website athttps://www.icicibank.com/about-us/annual.
The Bank has adopted the principles of the InternationalIntegrated Reporting Framework in its Annual Reportsince fiscal 2019. For accessing the Report for fiscal 2025,please refer to the Integrated Report section of the AnnualReport 2024-25.
The Bank’s risk management framework is based ona clear understanding of various risks, disciplined riskassessment and measurement procedures and continuousmonitoring. The Board of Directors has oversight on allthe risks assumed by the Bank. Specific committees havebeen constituted to facilitate focused oversight of variousrisks, as follows:
• The Risk Committee of the Board reviews, inter alia,risk management policies of the Bank pertainingto credit, market, liquidity, operational, model riskmanagement, framework for early warning signalsand red flagging of accounts, outsourcing risks andbusiness continuity management. The Committeealso reviews the Risk Appetite and Enterprise RiskManagement (ERM) frameworks, Internal CapitalAdequacy Assessment Process (ICAAP) and stresstesting. The stress testing framework includes a rangeof Bank-specific market (systemic) and combinedscenarios. The ICAAP exercise covers the domesticand overseas operations of the Bank, bankingsubsidiaries and non-banking subsidiaries. TheCommittee reviews setting up of limits on any industryor country, migration to the advanced approachesunder Basel framework, the proceedings of GroupRisk Management Committee and the activitiesof the Asset Liability Management Committee.The Committee reviews the level and direction ofmajor risks pertaining to credit, market, liquidity,operational, reputation, technology, informationsecurity, compliance, group and capital at risk as apart of the risk dashboard. The Risk Committee alsoreviews the Liquidity Contingency Plan for the Bankand the various thresholds set out in the Plan.
• The Credit Committee of the Board, apart fromsanctioning credit proposals based on the Bank’scredit approval authorisation framework, reviewsdevelopments in key industrial sectors (along withexposure to these sectors), the Bank’s exposure tolarge borrower accounts and borrower groups. TheCredit Committee also reviews major credit portfolios,
non-performing loans, accounts under watch,overdues, incremental sanctions etc.
• The Audit Committee of the Board, inter alia,provides direction to and monitors the quality ofthe internal audit function, oversees the financialreporting process and also monitors compliance withinspection and audit reports of RBI, other regulatorsand statutory auditors. The Audit Committee alsoexercises oversight on the regulatory compliancefunction of the Bank.
• The Asset Liability Management Committee providesguidance for management of liquidity of the overallBank and management of interest rate risk in thebanking book within the broad parameters laid downby the Board of Directors/Risk Committee.
• The Group Risk Management Committee (GRMC)oversees the group related risk managementactivities. GRMC inter alia, defines the frequency andframework for review of risk profile of group entities.
Summaries of reviews conducted by these committees arereported to the Board on a regular basis.
Policies approved from time to time by the Board ofDirectors/committees of the Board form the governingframework for each type of risk. The business activitiesare undertaken within this policy framework. Independentgroups and subgroups have been constituted across theBank to facilitate independent evaluation, monitoringand reporting of various risks. These groups functionindependently of the business groups/subgroups.
The Bank has dedicated groups, namely, the RiskManagement Group, Compliance Group, CorporateLegal Group, Internal Audit Group, Information SecurityGroup and the Financial Crime Prevention Group, with amandate to identify, assess and monitor all of the Bank’sprincipal risks in accordance with well-defined policiesand procedures. The Risk Management Group is furtherorganised into Credit Risk Management Group, MarketRisk Management Group, Operational Risk ManagementGroup, Incident Monitoring and Resolution Group, ModelValidation and Technology Risk Management Group.The Group Chief Risk Officer (GCRO) reports to the RiskCommittee constituted by the Board which reviewsrisk management policies of the Bank. The GCRO,for administrative purposes, reports to an ExecutiveDirector of the Bank. The abovementioned groups areindependent of all business operations and co-ordinate
with representatives of the business units to implementthe Bank’s risk management policies and methodologies.
The Internal Audit Group (IAG) acts independentlyand is responsible for evaluating and providingobjective assurance on the effectiveness of internalcontrols, risk management and governance processeswithin the Bank and suggest improvements. The IAGmaintains appropriately qualified personnel to fulfill itsresponsibilities. IAG acts as an independent entity andreports to the Audit Committee of the Board.
INFORMATION REQUIRED UNDER THESEXUAL HARASSMENT OF WOMEN ATWORKPLACE (PREVENTION, PROHIBITION& REDRESSAL) ACT, 2013
The Bank has a policy against sexual harassment and aformal process for dealing with complaints of harassmentor discrimination. The said policy is in line with therequirements of ‘The Sexual Harassment of Women atWorkplace (Prevention, Prohibition & Redressal) Act,2013’ (POSH Act) and rules made thereunder. The Bankhas complied with provisions relating to the constitution ofInternal Committee under the POSH Act.
The details pertaining to number of complaints during theyear has been provided below:
(a) number of complaints filed during the financial year: 117
(b) number of complaints disposed off during the financialyear: 117
(c) number of complaints pending1 at end of the financialyear: Nil
1 All complaints received during fiscal 2025 have been closedwithin the applicable turnaround time (90 days).
CORPORATE GOVERNANCE
The corporate governance framework at ICICI Bank isbased on an effective independent Board, the separationof the Board’s supervisory role from the executivemanagement and the constitution of Board committeesto oversee critical areas. At March 31, 2025, IndependentDirectors constituted a majority on most of the committeesand also chaired most of the committees.
At ICICI Bank, we are committed to maintain thehighest standards of governance in the conductof our business and continuously strive to create
lasting value for all our stakeholders. We focus onmaintaining comprehensive compliance with thelaws, rules and regulations that govern our businessand promote a culture of accountability, transparencyand ethical conduct across the Bank.
Group Code of Business Conduct and Ethics
The Group Code of Business Conduct and Ethics forDirectors and employees of the ICICI Group aims atensuring consistent standards of conduct and ethicalbusiness practices across the constituents of ICICIGroup. This Code is reviewed on an annual basis andthe latest Code is available on the website of the Bankat https://www.icicibank.com/content/dam/icicibank/india/managed-assets/docs/about-us/2021/group-code-of-business-conductandethics-2025-V1.pdf. Pursuant to the SEBI Listing Regulations, aconfirmation from the Managing Director & CEOregarding compliance with the Code by all theDirectors and senior management forms part of theAnnual Report.
Code of Conduct as prescribed under theSecurities and Exchange Board of India(Prohibition of Insider Trading) Regulations,2015
In accordance with the requirements of the Securitiesand Exchange Board of India (Prohibition of InsiderTrading) Regulations, 2015, the Bank has adoptedthe Code on Prohibition of Insider Trading.
Material Subsidiaries
In accordance with the requirements of the SEBIListing Regulations, the Bank has formulated aPolicy for determining Material Subsidiaries and thesame has been hosted on the website of the Bank athttps://www.icicibank.com/about-us/other-policies.
The Bank does not have any material unlistedsubsidiary. ICICI Prudential Life Insurance CompanyLimited (ICICI Life) is a material listed subsidiary ofthe Bank in terms of the provisions of the SEBI ListingRegulations. The additional details with regard toICICI Life are as follows:
Date ofincorporation
July 20, 2000
Place ofincorporation
Mumbai
Statutory
Walker Chandiok & Co. LLP
Auditors
Chartered Accountants
Firm Registration No. 001076N/
N500013
Date of Re-appointment: June 25, 2021
M. P. Chitale & Co.
Firm Registration No. 101851W
Date of Appointment: lune 28, 2024
Familiarisation Programme for IndependentDirectors
Independent Directors are familiarised with theirroles, rights and responsibilities in the Bank as wellas with the nature of the industry and the businessmodel of the Bank through induction programmesat the time of their appointment as Directors andthrough presentations on economy & industryoverview, key regulatory developments, strategy andperformance which are made to the Directors fromtime to time. The Directors also participate in variousprograms/meetings where subject matter expertsapprise the Directors on key global trends. The detailsof the familiarisation programmes have been hostedon the website of the Bank at https://www.icicibank.com/about-us/bod-1.
Dividend Distribution Policy
In accordance with Regulation 43A of the SEBIListing Regulations, the Dividend Distribution Policyis hosted on the website of the Bank and can beviewed at https://www.icicibank.com/about-us/other-policies.
Whistle Blower Policy
The Bank has formulated a Whistle BlowerPolicy, which is periodically reviewed. The policycomprehensively provides an opportunity forany employee (including directors), secondees orstakeholders of the Bank to raise any issue concerningbreaches of law, accounting policies or any actresulting in financial or reputation loss and misuse ofoffice or suspected or actual fraud. The policy providesfor a mechanism to report such concerns to the AuditCommittee through specified channels. The policy hasbeen periodically communicated to the employeesand also hosted on the Bank’s intranet. Issues raisedunder the Whistle Blower Policy are investigated for
appropriate action, including an assessment of theimpact on financial statements, if any. The WhistleBlower Policy complies with the requirements ofvigil mechanism as stipulated under Section 177 ofthe Companies Act, 2013 and other applicable laws,rules and regulations. The details of establishmentof the Whistle Blower Policy/vigil mechanismhave been disclosed on the website of the Bank athttps://www.icicibank.com/about-us/other-policies.
In terms of the SEBI Listing Regulations, thecertification by the Managing Director & CEO andChief Financial Officer on the financial statementsand internal controls relating to financial reportinghas been obtained.
During the year under review, the Bank has not raisedany funds through preferential allotment or QualifiedInstitutions Placement.
The Bank raised ' 30,000.00 million through issueof senior unsecured redeemable long term bonds inthe nature of debentures on private placement basisduring fiscal 2025. There is no deviation in utilisationof the funds.
The details of fees pertaining to services providedby the statutory auditors and entities in the networkfirm/network entity of which the statutory auditorsare a part, to ICICI Bank Limited and its subsidiariesduring the year ended March 31, 2025 are given inthe following table:
Nature of service
Amount in ?1,2
Audit
71,991,000
Certification and other audit
11,229,530
related services
Total
83,220,530
1 Excludes taxes and out of pocket expenses.
2 Includes payments made to previous joint statutoryauditors, M/s. M S K A & Associates, Chartered Accountantsand M/s. KKC & Associates LLP, Chartered Accountantsamounting to ' 14,455,000.
All the recommendations made by the committeesof the Board mandatorily required to be constitutedby the Bank under the Companies Act, 2013 and theSEBI Listing Regulations were accepted by the Board.
Foreign currency denominated instruments issued bythe Bank
Instrument type
Moody's
S&P
Senior unsecuredmedium term notes
Baa3
BBB-
Certificate of Deposits
P-3
Rupee denominated instruments issued by the Bank
CARE
ICRA
CRISIL
Tier II bonds (Basel III)
AAA
[ICRA]
Additional Tier 1 bonds(Basel III)
AA+
Unsecured redeemablebonds
Lower Tier II Bond
Long term bonds issuedby erstwhile ICICI Limited
Issuer rating (assignedon October 30, 2024)
A1+
Fixed deposits
Moody's: Moody's Investors ServicesS&P: S&P Global RatingsCARE: CARE Ratings Limited, IndiaICRA: ICRA Limited, IndiaCRISIL: CRISIL Limited, India
In terms of the SEBI Listing Regulations, the Bank hasobtained a Certificate from a Company Secretary inpractice that none of the Directors on the Board of theBank have been debarred or disqualified from being
appointed or continuing as directors of companies bythe Securities and Exchange Board of India/Ministryof Corporate Affairs or any such statutory authority.The Certificate of Company Secretary in practice isannexed herewith as Annexure C.
ICICI Bank has a broad-based Board of Directors,constituted in compliance with the Banking RegulationAct, 1949, the Companies Act, 2013 and the SEBIListing Regulations and in accordance with goodcorporate governance practices. The Board functions
either as a full Board or through various committeesconstituted to oversee specific operational areas.
The Board of the Bank at March 31, 2025 consisted oftwelve Directors, out of which eight were IndependentDirectors and four were Executive Directors.
There were nine Meetings of the Board during the year- April 27, May 22, June 29, July 27, September 11,October 26 and December 13 in 2024 and January 25and March 17-19 in 2025.
There were no inter-se relationships between any ofthe Directors.
The names of the Directors, their attendance at Board meetings during the year, attendance at the last AGM and detailsof other directorships and Board committee memberships held by them at March 31, 2025 are set out in the followingtable:
Board
Attendanceat last AGM(August 29,2024)
Number ofdirectorships
Number
Name of Director
Meetingsattendedduringthe year
of otherIndianpubliclimitedcompanies
of otherIndiancompanies
of othercommitteemember¬ships1
Directorships in other listed entityand category of directorship
Independent Directors
Girish ChandraChaturvedi,(Director andChairperson uptoJune 30, 2024)(DIN: 00110996)
3/3
Not
applicable
Pradeep Kumar Sinha(Chairperson w.e.f.July 1, 2024)
(DIN: 00145126)
9/9
Present
1
Glenmark Pharmaceuticals Limited (ID)
Neelam Dhawan(DIN: 00871445)
5
6(2)
• Hindustan Unilever Limited (ID)
• Tech Mahindra Limited (ID)
Uday Chitale(Director upto October19, 2024)
(DIN: 00043268)
5/5
Radhakrishnan Nair(DIN: 07225354)
4
8(4)
• ICICI Prudential Life InsuranceCompany Limited (ID)
• ICICI Securities Primary DealershipLimited (ID)
• Geojit Financial Services Limited (ID)
• Inditrade Capital Limited (ID)
Hari L. Mundra(Director upto October25, 2024)
(DIN: 00287029)
BoardMeetingsattendedduringthe year
Numberof othercommitteemember¬ships1
B. Sriram(DIN: 02993708)
2
4(1)
• Nippon Life India AssetManagement Limited (ID)
• TVS Motor Company Limited (ID)
• TVS Supply Chain Solutions Limited(ID)
S. Madhavan(DIN: 06451889)
3
6(4)
• Sterlite Technologies Limited (ID)
• Procter & Gamble Health Limited(ID)
• Eicher Motors Limited (ID)
• Welspun Enterprises Limited (ID)
Vibha Paul Rishi(DIN: 05180796)
3(2)
• Piramal Pharma Limited (ID)
Rohit Bhasin(Director w.e.f.July 26, 2024)(DIN: 02478962)
6/6
8(5)
• Yatra Online Limited (ID)
• Star Health and Allied InsuranceCompany Limited (ID)
• Dr Lal PathLabs Limited (ID)
Punit Sood(Director w.e.f.October 1, 2024)(DIN: 00033799)
4/4
1(0)
Executive Directors
Sandeep Bakhshi,Managing Director &Chief Executive Officer(DIN: 00109206)
Sandeep Batra(DIN: 03620913)
3(0)
• ICICI Lombard General InsuranceCompany Limited (NED)
• ICICI Prudential Life InsuranceCompany Limited (NED)
Rakesh Jha(DIN: 00042075)
1(1)
• ICICI Home Finance CompanyLimited (NED)
Ajay Kumar Gupta(DIN: 07580795)
Independent Director (ID)
Non-executive Director (NED)
1 Includes only chairpersonship/membership of Audit Committee and Stakeholders' Relationship Committee of other Indian public limitedcompanies. Figures in parentheses indicate committee chairpersonships.
The profiles of the Directors can be viewed on the website of the Bank at https://www.icicibank.com/about-us/bod-1.
The Bank has identified the core skills/expertise/competence of the Board of Directors as required under Section 10A(2)(a) of the Banking Regulation Act, 1949 in the context of its business(s) and the sectors(s) for it to function effectively andhas been in compliance with the same.
The details of the core skills/expertise/competence possessed by the directors of the Bank is detailed as under:
Areas of expertise
Pradeep Kumar Sinha
Agriculture and rural economy, Banking, Co-operation, Economics, Finance, Small ScaleIndustry, Payment and Settlement Systems, Human Resources, Risk Management,Business Management, Energy and Infrastructure, Urban Development
Neelam Dhawan
Banking, Information Technology, Human Resources, Business Management, CorporateGovernance, Business Strategy
Radhakrishnan Nair
Accountancy, Agriculture and Rural Economy, Banking, Co-operation, Economics, Finance,Law, Small Scale Industry, Payment and Settlement Systems, Human Resources, RiskManagement, Business Management, Insurance, Securities, Treasury Management,Foreign Exchange Management, Information Technology, Investor Protection
B. Sriram
Banking, Finance, Small Scale Industry, Information Technology, Payment and SettlementSystems, Credit and Risk, Treasury, Insolvency & Bankruptcy
S. Madhavan
Accountancy, Banking, Economics, Finance, Law, Information Technology, HumanResources, Risk Management, Business Management, Strategy, Business Operations,Governance, Taxation
Vibha Paul Rishi
Consumer Insight & Marketing, Strategy, Accountancy, Agriculture and rural economy,Economics, Finance, Information Technology, Human Resources, Risk Management,Business Management
Rohit Bhasin
Accountancy, Banking, Finance, Human Resources, Risk Management, BusinessManagement
Punit Sood
Banking, Finance, Information Technology, Human Resources, Business Management
Sandeep Bakhshi
Banking, Finance, Business Management, Insurance
Sandeep Batra
Accountancy, Banking, Finance, Law, Information Technology, Human Resources, RiskManagement, Business Management, Insurance, Securities, Governance, Economics
Rakesh Jha
Banking, Business Management, Risk Management, Finance, Accountancy, Economics,Information Technology
Ajay Kumar Gupta
Banking, Business Management, Risk Management, Finance, Accountancy, Small ScaleIndustry, Payment and Settlement System, Information Technology
The Board has constituted various committees, namely, Audit Committee, Board Governance, Remuneration & NominationCommittee, Corporate Social Responsibility Committee, Credit Committee, Customer Service Committee, Fraud MonitoringCommittee, Information Technology Strategy Committee, Risk Committee, Stakeholders Relationship Committee andReview Committee (Gross Principal Outstanding > Rs. 750.0 million) for identification & classification of wilful defaulters.
With effect from June 30, 2019, the quorum of the Board committees was increased from at least two members to atleast three members, to transact business at any Board committee meeting and in case where the committee comprisesof two members only or where two members are participating, then any Independent Director may attend the meeting tofulfil the requirement of three members.
Name
Governance,Remuneration& Nomination
Corporate
Social
Responsibility
Customer
Service
Credit
Fraud
Monitoring
Information
Technology
Strategy
Risk
Stakeholders
Relationship
Review1
M
C
C: ChairpersonM: Member
1 In respect of Review Committee (Gross Principal Outstanding > Rs. 750.0 million) for identification & classification of wilful defaulters,any two Independent Directors constitute the quorum along with the Managing Director & CEO.
The terms of reference of the Board committees asmentioned above, their composition and attendance of therespective Members at the various committee meetingsheld during fiscal 2025 are set out below:
The Audit Committee provides direction to the auditfunction and monitors the quality of internal andstatutory audit. The responsibilities of the AuditCommittee include examining the financial statementsand auditors’ report and overseeing the financialreporting process to ensure fairness, sufficiencyand credibility of financial statements, review of thequarterly and annual financial statements beforesubmission to the Board, review of management’sdiscussion & analysis, recommendation ofappointment, terms of appointment, remunerationand removal of statutory auditors and chief internalauditor, approval of payment to statutory auditors forother permitted services rendered by them, reviewingand monitoring with the management the auditor’sindependence and the performance and effectiveness
of the audit process, approval of transactions withrelated parties or any subsequent modifications andutilization of loans and/or advances from/investmentby the Bank in its subsidiaries. The Audit Committeealso reviews the functioning of the Whistle-BlowerMechanism, adequacy of internal control systems andthe internal audit function, compliance with inspectionand audit reports and reports of statutory auditors,findings of internal investigations, managementletters/letters on internal control weaknesses issuedby statutory auditors/internal auditors, investmentin shares and advances against shares. The AuditCommittee responsibilities also include reviewing withthe management the statement of uses/applicationof funds raised through an issue (public issue, rightsissue, preferential issue, etc.), the statement of fundsutilised for the purposes other than those stated inthe offer document/prospectus/notice and the reportsubmitted by the monitoring agency, monitoringthe utilization of proceeds of a public or rights issueand making appropriate recommendations to theBoard to take steps in this matter, discussion on thescope of audit with external auditors, examination of
reasons for substantial defaults, if any, in paymentto stakeholders, valuation of undertakings or assets,evaluation of risk management systems and scrutinyof inter-corporate loans and investments. The AuditCommittee is also empowered to appoint/overseethe work of any registered public accounting firm,establish procedures for receipt and treatment ofcomplaints received regarding accounting, internalaccounting controls and auditing matters andengage independent counsel as also provide forappropriate funding for compensation to be paid toany firm/advisors. In addition, the Audit Committeealso exercises oversight on the regulatory compliancefunction of the Bank. The Committee also considersand comments on rationale, cost-benefits andimpact of schemes involving merger/demerger/amalgamation etc., on the Bank and its shareholders.The Audit Committee is also empowered to approvethe appointment of the Chief Financial Officer(i.e., the whole-time Finance Director or any otherperson heading the finance function or dischargingthat function) after assessing the qualifications,experience and background, etc. of the candidate.
There were twelve meetings of the Committee duringthe year - April 24, April 27, June 29, July 15, July 25,July 26, October 24, October 25 and December 12 in2024 and January 23, January 24 and February 281 in2025. The details of the composition of the Committeeand attendance at its meetings held during the yearare set out in the following table:
Name of Member
Number ofmeetings attended
S. Madhavan, Chairperson(Chairperson w.e.f. October 1,2024)
12/12
Uday Chitale
(Member and Chairpersonupto September 30, 2024)
Radhakrishnan Nair(upto September 30, 2024)
Rohit Bhasin(w.e.f. July 27, 2024)
(w.e.f. October 1, 2024)
5/6
1 To fulfill the quorum requirement of three members, VibhaPaul Rishi attended the Committee meeting in place ofPunit Sood who was granted leave of absence.
The functions of the Committee include recommendingappointments of Directors to the Board, identifyingpersons who are qualified to become Directorsand who may be appointed in senior managementin accordance with the criteria laid down andrecommending to the Board their appointment andremoval, formulate a criteria for the evaluation of theperformance of the wholetime/Independent Directorsand the Board and to extend or continue the term ofappointment of Independent Directors on the basis ofthe report of performance evaluation of IndependentDirectors, recommending to the Board a policy relatingto the remuneration for the Directors, key managerialpersonnel and other employees, recommending tothe Board the remuneration (including performancebonus and perquisites) to wholetime Directors andsenior management personnel. The functions alsoinclude approving the policy for and quantum ofbonus payable to the members of the staff includingsenior management and key managerial personnel,formulating the criteria for determining qualifications,positive attributes and independence of a Director,framing policy on Board diversity, framing guidelinesfor the Employees Stock Option Scheme /EmployeesStock Unit Scheme and decide on the grant of options/units to employees and wholetime Directors of theBank and its subsidiary companies.
There were six meetings of the Committee during theyear - April 26, 2024, June 29, 2024, July 24, 2024,October 25, 2024, January 24, 2025 and March 26,2025. The details of the composition of the Committeeand attendance at its meetings held during the yearare set out in the following table:
Number of
meetings attended
Neelam Dhawan, Chairperson
Girish Chandra Chaturvedi(upto June 30, 2024)
2/2
The Bank with the approval of its BGRNC has putin place a policy on Directors’ appointment andremuneration including criteria for determiningqualifications, positive attributes and independenceof a Director as well as a policy on Board diversity. Thepolicy has been framed based on the broad principlesas outlined hereinafter. The Committee evaluates thecomposition of the Board and vacancies arising inthe Board from time to time. The Committee, whilerecommending candidature of a Director considersthe special knowledge or expertise possessed by thecandidate as required under the Banking RegulationAct, 1949. The Committee assesses the fit and propercredentials of the candidate and the companies/entities with which the candidate is associatedeither as a director or otherwise and as to whethersuch association is permissible under RBI guidelinesand the internal norms adopted by the Bank. For theabove assessment, the Committee is guided by theguidelines issued by RBI in this regard.
The Committee also evaluates the prospectivecandidate for the position of a Director fromthe perspective of the criteria for independenceprescribed under the Companies Act, 2013 as wellas the SEBI Listing Regulations. For a Non-executiveDirector to be classified as Independent he/she mustsatisfy the criteria of independence as prescribed andsign a declaration of independence. The Committeereviews the same and determines the independenceof a Director.
The Committee based on the above assessmentsmakes suitable recommendations on the appointmentof Directors to the Board.
The Compensation Policy of the Bank is in line with theRBI circulars and in compliance with the requirementsfor the Remuneration Policy as prescribed under theCompanies Act, 2013. The Policy is divided into thesegments, Part A, Part B and Part C where Part Acovers the requirements for wholetime Directors& employees pursuant to RBI guidelines, Part Brelates to compensation to Non-executive Directors(other than Government Nominee Director andNon-executive Part-time Chairperson) and Part Crelates to compensation to Non-executive Part-timeChairperson. The Compensation Policy is available
on the website of the Bank at https://www.icicibank.com/about-us/other-policies.
The remuneration payable to Non-executive/Independent Directors is governed by the provisionsof the Banking Regulation Act, 1949, RBI guidelinesissued from time to time and the provisions of theCompanies Act, 2013 and related rules to the extentthese are not inconsistent with the provisions of theBanking Regulation Act, 1949/RBI guidelines.
The remuneration for the Non-executive/IndependentDirectors (other than Government Nominee Directorand Non-executive Part-time Chairperson) consistsof sitting fee for attending each meeting of thecommittee/Board as approved by the Board.
In addition to sitting fee, Non-executive Directors(other than Non-executive Part-time Chairpersonand the Government Nominee Director) are alsoentitled to a fixed remuneration of ' 3,000,000 perannum with effect from February 10, 2024 which hasbeen approved by the Members through Postal Balloton May 14, 2024.
For the Non-executive Part-time Chairperson, theremuneration, in addition to sitting fee includes suchfixed payments as may be recommended by the Boardand approved by the Members and RBI, maintaininga Chairperson's office at the Bank’s expense, bearingexpenses for travel on official visits and participationin various forums (both in India and abroad) asChairperson of the Bank and bearing travel/halting/other expenses and allowance for attending to dutiesas Chairperson of the Bank and any other modes ofremuneration as may be permitted by RBI throughany circulars/guidelines as may be issued from timeto time.
For the Non-executive Part-time Chairperson, theMembers through Postal Ballot on May 14, 2024and RBI have approved the fixed remuneration of' 5,000,000 per annum with effect from April 1, 2024.
All the Non-executive/Independent Directors wouldbe entitled to reimbursement of expenses forattending Board/committee meetings, official visitsand participation in various forums on behalf ofthe Bank.
The Bank, on the recommendation of BGRNC andapproval of the Board, has put in place a framework
for evaluation of the Board, Directors, Chairpersonand Committees.
The evaluations for the Directors, the Board,Chairperson of the Board and the Board levelcommittees is carried out through circulation ofdifferent questionnaires. The performance of theBoard is assessed on select parameters related toroles, responsibilities and obligations of the Board,relevance of Board discussions, attention to strategicissues, performance on key areas, providing feedbackto executive management and assessing the quality,quantity and timeliness of flow of informationbetween the management and the Board that isnecessary for the Board to effectively and reasonablyperform their duties.
The evaluation criteria for the Directors is basedon their participation, contribution and offeringguidance to and understanding of the areas whichwere relevant to them in their capacity as membersof the Board.
The evaluation criteria for the Chairperson of theBoard besides the general criteria adopted forassessment of all Directors, focuses on leadershipabilities, effective management of meetings andpreservation of interest of stakeholders.
The evaluation of the committees is based onassessment of the clarity with which the mandateof the committee is defined, effective discharge ofterms of reference of the committees and assessmentof effectiveness of contribution of the committee’sdeliberation/recommendations to the functioning/decisions of the Board. The Bank has taken effectivesteps with regards to the action points arising out ofperformance evaluation process for fiscal 2024. Theperformance evaluation process for fiscal 2025 wasconducted through a comprehensive survey usingan electronic survey platform and was completed tothe satisfaction of the Board. The Board of Directorsalso identified specific action points arising out ofthe overall evaluation which would be executed asdirected by the Board.
The evaluation process for wholetime Directors isfurther detailed in note no. 52 of Schedule 18 of thefinancial statements.
The BGRNC determines and recommends to the Boardthe amount of remuneration, including performancebonus and perquisites, payable to Managing Director& CEO and Wholetime Directors.
The following table sets out the details of remuneration (including perquisites and retiral benefits) paid in fiscal 2025:
Sandeep
Bakhshi
Batra
Ajay KumarGupta
2024-25
Basic
3,46,47,600
2,96,69,760
Performance bonus paid in fiscal 20251
3,32,79,625
2,90,12,031
2,67,14,074
1,54,71,609
Allowances and perquisites1
2,95,54,170
2,65,72,054
2,72,09,251
2,85,25,635
Contribution to provident fund
41,57,712
35,60,376
Contribution to superannuation fund
Contribution to gratuity fund
28,86,145
24,71,491
Stock options2 (Number)
2,54,100
1,96,000
1,41,490
1 Bonus amounts earned for fiscal 2024 were subject to deferment policy of the Bank in-line with the regulatory stipulations. Theabove table represent payouts of the non-deferred portion of the bonus amount pertaining to fiscal 2024. The balance amountshall be equally deferred over a period of three years. The amounts also include the deferred portion of the bonus amountapproved in earlier years that was paid during fiscal 2025.
Perquisites (evaluated as per Income-tax rules,wherever applicable, and otherwise at actual cost tothe Bank in other cases) such as the benefit of the Bank’sfurnished accommodation, furnishings, club fees,group insurances (medical insurance, life insuranceand personal accident insurance), use of car, runningand maintenance of cars including drivers, telephone/IT assets at residence or reimbursement of expensesin lieu thereof, payment of income-tax on perquisitesby the Bank to the extent permissible under theIncome-tax Act, 1961 and rules framed thereunder,leave and leave travel concession, education andother benefits, provident fund, superannuation fund,gratuity and other retirement benefits, in accordancewith the scheme(s) and rule(s) applicable from timeto time to retired wholetime Directors of the Bank orthe members of the staff. In line with the staff loanpolicy applicable to specified grades of employeeswho fulfil prescribed eligibility criteria to avail loansfor purchase of residential property, the WholetimeDirectors are also eligible for housing loans. The stockoptions vest in a graded manner over a three-yearperiod, with 30%, 30% and 40% of the grant vestingin each year, commencing from the end of 12 monthsfrom the date of the grant. The options so vestedare to be exercised within 5 years from the date ofvesting.
The Bank does not pay any severance fees to itsManaging Director & CEO or to its WholetimeDirectors. The tenure of the office of Managing Director& CEO and the Wholetime Directors of the Bank isin the range of two to five years. The appointmentis subject to approval of RBI and the Members. Thenotice period for each of them is as specified in theirrespective terms of appointments is two months.
Neither the Managing Director & CEO nor theWholetime Directors received any remuneration orcommission from any of the subsidiary companies.During fiscal 2025, Sandeep Bakhshi exercisedcertain stock options of ICICI Life, subsidiary ofthe Bank which were granted to him during hisemployment with ICICI Life. The Bank does not haveany holding company.
The remuneration related disclosures as requiredunder the RBI Guidelines on Compensation of WholeTime Directors/Chief Executive Officers/Material Risk
Takers and Control Function staff are disclosed in noteno. 52 of Schedule 18 of the financial statements.
Information on the sitting fees and remuneration paidto each Non-executive Director during fiscal 2025 isset out in the following table:
Sitting Fees1
Remuneration2
Girish ChandraChaturvedi (Director& Chairperson uptoJune 30, 2024)
1,100,000
1,250,000
Pradeep KumarSinha (Chairpersonw.e.f. July 1, 2024)
2,700,000
4,620,879
3,000,000
3,140,110
Uday Chitale(Director uptoOctober 19, 2024)
1,400,000
1,640,110
3,500,000
Hari L. Mundra(Director uptoOctober 25, 2024)
2,500,000
5,100,000
3,700,000
2,800,000
Rohit Bhasin(Director w.e.f.July 26, 2024)
1,800,000
2,046,195
Punit Sood(Director w.e.f.October 1, 2024)
1,700,000
1,500,000
1 The Independent Directors of the Bank including Chairpersonreceive sitting fees of ' 100,000 for attending each meetingof the Board/committee as approved by the Board. Sittingfees for one committee meeting held in fiscal 2024 was paidin fiscal 2025.
2 The Board at its meeting held on February 15-17, 2024and the Members through Postal Ballot on May 14, 2024approved the increase in fixed remuneration payable toNon-executive Directors (excluding Part-time Chairpersonand Director nominated by Government of India) from' 2,000,000 per annum to ' 3,000,000 per annum with effectfrom February 10, 2024. The differential remuneration for theperiod with effect from February 10, 2024 till March 31, 2024has been paid to the Non-executive Directors (other thanPart-time Chairperson) on proportionate basis in fiscal 2025.
The ratio of the remuneration of each director to themedian employee’s remuneration and such other detailsin terms of Section 197(12) of the Companies Act, 2013read with Rule 5 of the Companies (Appointment andRemuneration of Managerial Personnel) Rules, 2014and as amended from time to time.
(i) The ratio of the remuneration of each directorto the median remuneration of the employeesof the company for the financial year;
Independent Directors1
Girish Chandra Chaturvedi(Director & Chairperson uptoJune 30, 2024)
3.79:1
Pradeep Kumar Sinha(Chairperson w.e.f. July 1, 2024)
11.82:1
9.92:1
(Director upto October 19, 2024)
4.91:1
10.72:1
Hari L. Mundra
(Director upto October 25, 2024)
6.69:1
13.31:1
11.05:1
9.59:1
(Director w.e.f. July 26, 2024)
6.21:1
Punit sood
(Director w.e.f. October 1, 2024)
5.17:1
115:1
100:1
1 The Independent Directors of the Bank includingChairperson receive sitting fees for attending eachMeeting of the Board/Committee as approved by theBoard. The ratio of remuneration as stated in point (i)above is calculated after considering sitting fees andfixed remuneration paid during fiscal 2025.
(ii) The percentage increase in remuneration ofeach director, Chief Financial Officer, ChiefExecutive Officer, Company Secretary orManager, if any, in the financial year;
Sandeep Bakhshi,
1%
Managing Director & CEO
Sandeep Batra, Executive Director
Rakesh Jha, Executive Director
Ajay Kumar Gupta, Executive Director
Anindya Banerjee,
2%
Group Chief Financial Officer
Prachiti Lalingkar, Company Secretary
16%
(iii) The percentage increase in the medianremuneration of employees in the financialyear;
The percentage increase in the medianremuneration of employees in the financial yearwas around 11.4%.
(iv) The number of permanent employees on therolls of company;
The number of employees, as mentioned inthe section on ‘Management’s Discussion &Analysis’ is 130,957. Out of this, the employeeson permanent rolls of the Bank are 129,177including employees in overseas locations.
(v) Average percentile increase already madein the salaries of employees other than themanagerial personnel in the last financialyear and its comparison with the percentileincrease in the managerial remuneration andjustification thereof and point out if there areany exceptional circumstances for increase inthe managerial remuneration;
The average percentage increase made inthe salaries of total employees other than theKey Managerial Personnel for fiscal 2025 wasaround 9.6%, while the average increase in theremuneration of the Key Managerial Personnelwas in the range of 1%-16%.
(vi) Affirmation that the remuneration is as perthe remuneration policy of the company.
Yes
(a) Changes in SMP during fiscal 2025
Prabhat Singh, Rajendra Khandelwal,Soumendra Mattagajasingh and Vipul Agarwalwere included in the list of senior managementbased on the eligibility criteria approved by theBoard. Atul Kumar, Bijith Bhaskar, Divyesh Shah,Manish Maheshwari, Partha Dey, Pramod Dubey,
Pranav Mishra, Pravendra Shah, Rajesh Iyer,Shamala Potnis, Sriram Hariharan, SwanandiPhalnikar, T K Srirang, Vikas Agarwal and VikasSinghvi were excluded from the list of seniormanagement either owing to their retirement/resignation from the Bank, movement toGroup company or changes in the organisationstructure.
(b) List of SMP as on March 31, 2025
Anindya Banerjee (Group Chief Financial Officer),Anish Madhavan (Head - Cards, PaymentSolutions, E-Commerce Ecosystem, MerchantEcosystem and Consumer Finance), AnubhutiSanghai (Head - Transaction Banking, SupplyChain Finance and Retail Trade Products), AnujBhargava (Head - Global Clients Group, MultiNational Clients, Public Sector Undertaking andAdvisory), Atul Arora (Head - Assets, BusinessBanking and Debt Service Management Group),Balaji V.V. (Chief Technology Officer), G Srinivas(Group Chief Risk Officer), Hitesh Sachdev(Head - Start Up Engagement and Investments),Nilanjan Sinha (General Counsel), Pankaj Kohli(Head - Business Banking Credit and ProcessManagement), Prabhat Singh (Head - RetailCredit & Process Management - Retail Banking,Mortgage Valuation Group), Prachiti Lalingkar(Company Secretary), Prasanna Balachander(Group Head - Global Markets - Sales, Tradingand Research), Rajendra Khandelwal (GroupChief Internal Auditor), Rajesh Rai (BusinessHead - Retail and Business Banking), RohitPoddar (Head - Operations Group), SanjaySinghvi (Head - Trust Association Societies& Clubs and Government Banking Group),Sidharatha Mishra (Head - Digital Channels &Partnerships and Customer Service), SoumendraMattagajasingh (Group Chief Human ResourcesOfficer and Head Infrastructure Management& Services Group), Subir Saha (Group ChiefCompliance Officer), Sujit Ganguli (Head -Corporate Brand and Communications), SumitSanghai (Head - Large Clients Group, CapitalMarkets, Construction Realty & Funding Group,Asset Evaluation & Monetization, Custody andFinancial Sponsors), Vipul Agarwal (Head -Data Science and Analytics), Vyom Upadhyay(Deputy Chief Technology Officer).
The functions of the Committee include reviewof corporate social responsibility (CSR) initiativesundertaken by the ICICI Group and the ICICIFoundation for Inclusive Growth, formulation andrecommendation to the Board of a CSR Policyindicating the activities to be undertaken by the Bankand recommendation of the amount of expenditureto be incurred on such activities, identifying the focus,from among the themes specified in Schedule VII of theCompanies Act, 2013, for initiatives to be undertakenby the Bank, reviewing and recommending the annualCSR plan to the Board with details of CSR initiativesand projects and schedule of implementation, makingrecommendations to the Board with respect to theCSR initiatives, policies and practices of the ICICIGroup, monitoring the CSR activities, implementationand compliance with the CSR Policy, reviewing thesubmissions to be made to the Board with respectto implementation of the annual CSR action planincluding the disbursement of funds for the purposesand manner as approved, implementation of on¬going projects as per approved timelines and year-wise allocation of funds, any modifications to besuggested to on-going projects, earmarking unspentCSR amount, if any, in subsequent periods asprescribed in the Companies Act, 2013 and suggestdeployment of any amount spent in excess of therequirement for set-off in subsequent years, reviewingimpact assessment of projects, and reviewing andimplementing, if required, any other matter related toCSR initiatives as recommended/suggested by RBI orany other body.
There were two meetings of the Committee during theyear - June 7, 2024 and January 23, 2025. The detailsof the composition of the Committee and attendanceat its meetings held during the year are set out in thefollowing table:
Pradeep Kumar Sinha,Chairperson (Chairpersonw.e.f. July 1, 2024)
Girish Chandra Chaturvedi(Member and Chairpersonupto June 30, 2024)
1/1
(upto September 30, 2024)
ICICI Bank has a long-standing commitment towardssocio-economic development through CSR initiatives.The CSR Policy sets the framework guiding the CSRactivities to be undertaken. The CSR activities areprimarily in the areas of healthcare and sanitation,environment and ecology, livelihoods and communitydevelopment including financial literacy, fraudawareness and other activities as may be permittedunder applicable law. The activities are implementedeither directly or through the ICICI Foundation forInclusive Growth.
The CSR policy was reviewed and updated inJune 2024 to facilitate the Bank’s endeavour to take upmulti-year CSR projects to make sustainable impact.The CSR policy was also reviewed and updated inJune 2025 to specify the frequency as annual forreview of the CSR Policy, and to include enablers for,as well as, to elaborate the list of CSR activities andinitiatives being and proposed to be undertaken bythe Bank across various thematic areas. The CSRpolicy has been hosted on the website of the Bankat https://www.icicibank.com/about-us/corporate-social-responsibility.
The Annual Report on the Bank’s CSR activities isannexed herewith as Annexure D.
The functions of the Committee, inter alia, includesreview of developments in key industrial sectors, majorcredit portfolios and approval of credit proposals as perthe authorisation approved by the Board.
There were twenty eight meetings of the Committeeduring the year - April 12, April 29, May 13,May 22, June 6, June 18, June 28, July 10, July 30,August 131 (two meetings), August 28, September 12,
September 19, September 27, October 19, October 30,November 8, November 29, December 10, December 19and December 27 in 2024 and January 18, January 29,February 13, March 7, March 15 and March 29 in2025. The details of the composition of the Committeeand attendance at its meetings held during the yearare set out in the following table:
Sandeep Bakhshi,Chairperson
28/28
14/15
Radhakrishnan Nair(w.e.f. October 1, 2024)
13/13
26/28
1 To fulfill the quorum requirement of three members, NeelamDhawan attended one meeting of the Committee in placeof Hari L. Mundra who was granted leave of absence.
The functions of this Committee include reviewof customer service initiatives, overseeing thefunctioning of the Standing Committee on CustomerService (Customer Service Council) and evolvinginnovative measures for enhancing the quality ofcustomer service and improvement in the overallsatisfaction level of customers.
There were six meetings of the Committee duringthe year - April 12, 2024, May 17, 2024, June 26,2024, September 27, 2024, December 12, 2024 andFebruary 14, 2025. The details of the composition ofthe Committee and attendance at its meetings heldduring the year are set out in the following table:
Vibha Paul Rishi, Chairperson
The Committee monitors and reviews all the fraudsinvolving an amount of ' 30.00 million and above withthe objective of identifying the systemic lacunae andsuggest mitigating measures for strengthening theinternal controls, risk management framework, if any.The functions of this Committee include identifyingthe reasons for delay in detection of fraud, if any inreporting to top management of the Bank and RBI.The status of filing of complaint with law enforcementagencies and recovery position is also monitored bythe Committee. The Committee also ensures that staffaccountability is examined at all levels in all the casesof frauds and staff side action, if required, is completedquickly without any delay. The role of the Committee isalso to review the efficacy of the remedial action takento prevent recurrence of frauds.
There were five meetings of the Committee duringthe year - April 20, 2024, June 5, 2024, July 24, 2024,October 25, 2024 and January 24, 2025. The detailsof the composition of the Committee and attendanceat its meetings held during the year are set out in thefollowing table:
Radhakrishnan Nair,Chairperson
Vibha Paul Rishi(w.e.f. October 1, 2024)
Sandeep Bakhshi(upto September 30, 2024)
The functions of the Committee are to approvestrategy for Information Technology (IT) and policydocuments, ensure that IT strategy is alignedwith business strategy, review performance withreference to IT & IS key risk indicators includingperiodic review of such risk indicators, ensure proper
balance of IT investments for sustaining the Bank'sgrowth, oversee the aggregate funding of IT at Bank-level, ascertain if the management has resources toensure the proper management of IT risks, reviewcontribution of IT to business, oversee the activitiesof Digital Council, review technology from a futurereadiness perspective, overseeing key projectsprogress & critical IT systems performance includingreview of IT capacity requirements and adequacy andeffectiveness of business continuity managementand disaster recovery, review of special IT initiatives,review cyber risk, consider the RBI inspection report/directives received from time to time by the Bank in theareas of information technology and cyber securityand to review the compliance of various actionablesarising out of such reports/directives as may bedeemed necessary from time to time and reviewdeployment of skilled resources within Technologyand Information Security function to ensure effectiveand efficient deliveries.
There were six meetings of the Committeeduring the year - July 5, 2024, August 29, 2024,November 27, 2024, January 13, 2025, January 18,2025 and March 15, 2025 (held jointly with RiskCommittee). The details of the composition of theCommittee and attendance at its meetings held duringthe year are set out in the following table:
B. Sriram, Chairperson
Rakesh Jha(upto July 26, 2024)
Ajay Kumar Gupta(w.e.f. July 27, 2024)
The functions of the Committee are to review ICICIBank’s risk management policies pertaining to credit,market, liquidity, operational, outsourcing, modelrisk management, framework for early warningsignals and red flagging of accounts, reputation
risks, business continuity plan and disaster recoveryplan and approve Broker Empanelment Policyand any amendments thereto. The functions ofthe Committee also include setting limits on anyindustry or country, review of the ERM framework,Risk Appetite for the Bank, stress testing framework,ICAAP and framework for capital allocation; reviewof the Basel framework, risk dashboard coveringvarious risks, outsourcing activities, the activitiesof the Asset Liability Management Committee andthe proceedings of the Group Risk ManagementCommittee. The Committee also carries out CyberSecurity risk assessment. The appointment, removaland terms of remuneration of the Chief Risk Officer issubject to review by the Committee. The Committeecoordinates its activities with other committees, ininstances where there is any overlap with activities ofsuch committees, as per the framework laid down bythe Board of Directors.
There were ten meetings of the Committee duringthe year - April 16, 2024, April 24, 2024, June 10,2024, June 20, 2024, July 25, 2024, October 25, 2024,January 24, 2025, February 28, 2025, March 10, 2025and March 15, 2025 (held jointly with InformationTechnology Strategy Committee).
The details of the composition of the Committee andattendance at its meetings held during the year areset out in the following table:
Rohit Bhasin, Chairperson(Member w.e.f. July 27,
2024 and Chairperson w.e.f.October 1, 2024)
S. Madhavan(Chairperson uptoSeptember 30, 2024)
10/10
The functions of the Committee include approvaland rejection of transmission of shares, bonds,debentures, issue of duplicate certificates, allotmentof securities from time to time, redressal and resolutionof grievances of security holders, delegation ofauthority for opening and operation of bank accountsfor payment of interest/dividend.
There were five meetings of the Committee during theyear - April 25, 2024, July 26, 2024, October 25, 2024,January 23, 2025 and March 26, 2025. The details ofthe composition of the Committee and attendance atits meetings held during the year are set out in thefollowing table:
Prachiti Lalingkar, Company Secretary of the Bankacts as the Compliance Officer in accordance withthe requirements of the SEBI Listing Regulations. 346investor complaints were received in fiscal 2025. AtMarch 31, 2025, twenty complaints were pending.The Bank has attended to all the complaints and ason date, three complaints are pending closure withthe statutory authority.
XI. Review Committee for Identification of WilfulDefaulters/Non-Co- operative Borrowers
The Managing Director & CEO was the Chairpersonof this Committee and any two independent Directorscomprised the remaining members. The Committeemet once during the year on October 28, 2024.The meeting was chaired by Sandeep Bakhshi
Vibha Paul Rishi,Chairperson
(Member and Chairpersonw.e.f. October 1, 2024)
Hari L. Mundra(Member and Chairpersonupto September 30, 2024)
Ajay Kumar Gupta(w.e.f. October 1, 2024)
and Neelam Dhawan and B. Sriram were also inattendance.
Pursuant to the revised Master Direction on treatmentof wilful defaulters and large defaulters issued by RBI,the said Committee has been subsequently dissolved.
Pursuant to the revised Master Direction on treatmentof wilful defaulters and large defaulters issued by RBI,the said Committee was constituted during fiscal 2025.
The function of the Committee is to review the orderof the Identification Committee (Gross PrincipalOutstanding > Rs. 750.0 million) for identification& classification of wilful defaulters and confirm thesame for the order to be considered final.
The Managing Director & CEO is the Chairperson ofthis Committee and any two independent Directorscomprise the remaining members. The Committeemet on February 14, 2025. The meeting was chairedby Sandeep Bakhshi and Neelam Dhawan andS. Madhavan were also in attendance.
I n accordance with Schedule IV of the CompaniesAct, 2013 and Regulation 25(3) of the SEBI ListingRegulations, Independent Directors should meet at
least once in a financial year. During the year, theIndependent Directors met on April 27, 2024 withoutthe presence of non-independent directors andmembers of the management, inter alia, to review thematters statutorily prescribed under the CompaniesAct, 2013 and the SEBI Listing Regulations.
I n addition to the above, the Board has, from timeto time, constituted various committees, namely,Committee of Executive Directors, ExecutiveInvestment Committee, Asset Liability ManagementCommittee, Review Committee (Gross PrincipalOutstanding <= Rs. 750.0 million) for identification& classification of wilful defaulters, IdentificationCommittee (Gross Principal outstanding > Rs. 750.0million) for identification & classification of wilfuldefaulters, Identification Committee (Gross Principaloutstanding <= Rs. 750.0 million) for identification &classification of wilful defaulters, Committee of SeniorManagement (comprising certain wholetime Directorsand Executives), Committee of Executives, ComplianceCommittee, Group Risk Management Committee,Process Approval Committee, Outsourcing Committee,Operational Risk Management Committee, VigilanceCommittee, Product Governance Forum and othercommittees. These committees are responsiblefor specific areas like asset liability management,approval/renewal of credit proposals, review of grouprisk management framework, approval of productsand processes and management of operational risk,etc., under authorisation/supervision of the Boardand its committees.
The details of Annual General meetings held in the last three years are given below:
General BodyMeeting
Day, Date & Time
Venue
Special Resolutions
Thirtieth AnnualGeneral Meeting
Thursday, August 29,2024 at 3:00 p.m.
VC/
OAVM*
• Appointment of Rohit Bhasin (DIN: 02478962) as anIndependent Director of the Bank
Twenty-NinthAnnual GeneralMeeting
Wednesday, August30, 2023 at 2:00 p.m.
• Re-appointment of Hari L. Mundra (DIN: 00287029) asan Independent Director of the Bank
• Re-appointment of B. Sriram (DIN: 02993708) as anIndependent Director of the Bank
• Re-appointment of S. Madhavan (DIN: 06451889) asan Independent Director of the Bank
Twenty-EighthAnnual GeneralMeeting
Tuesday, August 30,2022 at 3:00 p.m.
• Re-appointment of Neelam Dhawan (DIN: 00871445)as an Independent Director of the Bank
• Re-appointment of Uday Chitale (DIN: 00043268) as anIndependent Director of the Bank
• Re-appointment of Radhakrishnan Nair
(DIN: 07225354) as an Independent Director of the Bank
• Approval and adoption of ‘ICICI Bank Employees StockUnit Scheme - 2022’
• Approval of grant of Units to the eligible employees ofselect unlisted wholly owned subsidiaries under ‘ICICIBank Employees Stock Unit Scheme - 2022’
* Meeting held through Video Conferencing/Other Audio Visual Means
None of the businesses proposed to be transacted at the ensuing AGM require passing of resolution through postalballot.
Resolutions were passed through postal ballot during fiscal 2025 pursuant to the provisions of Section 110 andother applicable provisions of the Companies Act, 2013. In accordance with the General Circulars issued by theMinistry of Corporate Affairs, the approval of the Members of the Bank was obtained through Postal Ballot onlythrough the remote e-voting process.
The details of the resolutions and voting pattern are given below:
Resolution
Number ofvotes polled
% of votespolled on
outstanding
shares
Number ofvotes cast infavour of theResolution
Number ofvotes castagainst theResolution
% of votesin favouron votespolled
% of votesagainston votespolled
Appointment of Pradeep KumarSinha (DIN: 00145126) as anIndependent Director with effect fromFebruary 17, 2024(Special Resolution)
6,002,261,772
85.4654
5,984,653,128
17,608,644
99.7066
0.2934
Compensation payable to PradeepKumar Sinha (DIN: 00145126) asNon-Executive Part-time Chairmanwith effect from July 1, 2024 or thedate of approval from Reserve Bankof India, whichever is later(Ordinary Resolution)
5,999,076,311
85.4201
5,996,473,643
2,602,668
99.9566
0.0434
Revision in compensation in the formof fixed remuneration payable to theNon-Executive Directors (other thanpart-time Chairman and the Directornominated by the Government ofIndia) (Ordinary Resolution)
5,999,697,183
85.4289
5,994,605,996
5,091,187
99.9151
0.0849
% of votespolled onoutstandingshares
Revision in fixed remuneration ofGirish Chandra Chaturvedi(DIN: 00110996), Non-Executive(Part-time) Chairman(Ordinary Resolution)
5,999,697,176
5,999,342,389
354,787
99.9941
0.0059
Appointment of Ajay Kumar Gupta(DIN: 07580795) as a Director andWhole-time Director (designated asExecutive Director) with effect fromMarch 15, 2024 and payment ofremuneration to him(Ordinary Resolution)
5,999,435,519
85.4252
5,940,575,833
58,859,686
99.0189
0.9811
Vinita Nair of M/s. Vinod Kothari & Company, Practicing Company Secretaries, Scrutinizer submitted her report onMay 15, 2024. Basis the consolidated Scrutinizer’s report, all the above resolutions were passed with requisitemajority on May 14, 2024 (being the last date of remote e-voting).
The Scrutinizer Report and the Voting results are available on the website of the stock exchanges and the Bank.
The details of the resolution and voting pattern are given below:
Number of votescast in favour ofthe Resolution
% of votesin favour onvotes polled
% of votesagainst onvotes polled
Appointment of Punit Sood(DIN: 00033799) as anIndependent Director witheffect from October 1, 2024(Special Resolution)
6,039,889,951
85.6886
6,026,551,929
13,338,022
99.7792
0.2208
P. N. Parikh of M/s. Parikh Parekh & Associates, Practising Company Secretaries, Scrutinizer submitted his reporton November 29, 2024. Basis the consolidated Scrutinizer’s report, the above resolution was passed with requisitemajority on November 29, 2024 (being the last date of remote e-voting).
1. There are no materially significant transactionswith related parties i.e., directors, management,subsidiaries, or relatives conflicting with the Bank’sinterests. The Bank has no promoter.
2. Details of non-compliance by the Bank, penalties orstrictures imposed on the Bank by stock exchangesor SEBI or any statutory authority, on any matterrelating to capital markets, during the last three yearsare detailed as under:
(i) SEBI vide letter dated March 20, 2025, issuedan administrative warning cum advisory letter inrespect of the following observations identifiedduring the inspection of Custodian activities ofthe Bank:
• Failure to obtain instructions for settlementof equity trades from institutional clientsthrough STP modes in certain cases;
• Delay in distribution of dividends andinterests collected on behalf of clients incertain cases;
• Delay in blocking the accounts of twelveFPIs whose Legal Entity Identifier hadexpired; and
• Debt investment limit breach details of fourFPIs were not reported to SEBI.
The Bank has, vide its letter dated April 4, 2025,filed the action taken report with SEBI. Further,as advised by SEBI, the findings of inspection,reply thereto, warning letter and the action takenreport were placed before the Board of Directorsat its meeting held on April 19, 2025. The Boardnoted the steps taken by the Bank and advisedto ensure compliance of the instructions issuedby SEBI.
(ii) SEBI vide letter dated February 28, 2025, issuedan administrative warning cum advisory letter inrespect of the following observations identifiedduring the inspection of Designated DepositoryParticipant activities of the Bank:
• Delay in intimating the details of invalidFPIs to Depository;
• Failure to identify incomplete granulardisclosures made by three FPIs; and
• Omitted to include one FPI under AdhocReport for FPI exemption.
The Bank has, vide its letter dated March 13,2025, filed the action taken report with SEBI.Further, as advised by SEBI, the findings ofinspection, reply thereto, warning letter andthe action taken report were placed before theBoard of Directors at its meeting held on April 19,2025. The Board noted the steps taken by theBank and advised to ensure compliance of theinstructions issued by SEBI.
(iii) SEBI issued an advisory letter dated February 4,2025, whereby SEBI observed delay of one dayin filing the quarterly reports in three instanceson the SEBI intermediary (SI) portal of Custodianand has inter-alia advised to adhere to thetimelines of regulatory reporting. The Bank hastaken adequate steps to strengthened the non¬recurrence of such instance.
(iv) SEBI issued an advisory letter dated June 27,2024 whereby SEBI observed delay in updationon the SI portal of Merchant Banker, regardingappointment of Director. SEBI has advised
the Bank to be careful in future and improvecompliance standards to avoid recurrence ofsuch instances. The Bank has taken adequatesteps to strengthened the non-recurrence ofsuch instance.
(v) SEBI issued Administrative Warning Letterdated June 6, 2024 with respect to outreachprogramme undertaken by the Bank regardingthe Scheme of Arrangement for delisting of theequity shares of ICICI Securities. In terms of thedirections of Administrative Warning Letter, theBank filed a disclosure with the stock exchangeson June 6, 2024 and the letter was also placedbefore the Board of Directors of the Bank at itsmeeting held on June 29, 2024 along with actiontaken by the Bank in respect to the complaintsreceived from shareholders. Thereafter, the Bankalso submitted relevant extract of the Boarddiscussion to SEBI.
(vi) SEBI issued administrative warning letter datedMarch 30, 2024 in respect of the followingobservations identified during the inspection ofDepository Participant (DP) activities:
• In one instance, bank account was notupdated in back-office system.
• I n one instance of Delivery Instruction Slip(DIS) issuance, the Bank in its capacityas DP, had issued DIS booklet to client onApril 17, 2023 but same was not entered inDepository Participant Module system.
The Bank vide its letter dated April 6, 2024 toSEBI, has submitted action taken report onthe observations made by SEBI. Further, asadvised by SEBI, the aforementioned letter fromSEBI along with findings of inspection and thecorrective steps taken by the Bank were placedbefore the Board of Directors at its meetingheld on April 27, 2024. The Board noted thesteps taken by the Bank and advised to ensurecompliance with the instructions issued by SEBI.The same was informed to SEBI by the Bankvide letter dated May 30, 2024.
(vii) BSE and NSE had levied a fine of ' 11,800 eachfor delay in submitting the notice of record datein one instance under Regulation 60(2) of theSEBI Listing Regulations. The Bank paid fines to
both the stock exchanges and filed for waiver ofthe fine. BSE and NSE vide their communicationsdated March 31, 2023 and May 15, 2023respectively, waived the fine.
(viii) SEBI issued an administrative warning onMarch 2, 2023 for collection of registrationfees in advance before registration of CommonApplication Form and collection of balance feesin case of re-categorization of FPI categoryand non-updation of operational manual withspecific section to deal with specific entities. TheBank submitted its action taken report to SEBI.Further, the Board of Directors noted the stepstaken by the Bank and advised to ensure timelycompliance with the instruction issued by SEBI.The same was informed to SEBI.
(ix) SEBI issued an administrative warning onOctober 14, 2022 for failure to transfer amountspertaining to written off securities to the InvestorProtection and Education Fund within prescribedtimelines and delay in updation of OperationalManual after issuance of Regulations/Guidelines.The Bank placed the same along with correctivemeasures before the Board and also submittedthe responses to SEBI.
3. In terms of the Whistle Blower Policy of the Bank, noemployee of the Bank has been denied access to theAudit Committee.
4. Being a banking company, the disclosures relatingto deposits as required under Rule 8(5) (v) and (vi)of the Companies (Accounts) Rules, 2014, read withSections 73 and 74 of the Companies Act, 2013, arenot applicable to the Bank.
5. There is no application or proceeding pending againstthe Bank under the Insolvency and Bankruptcy Code,2016 during the year under review.
6. There was no instance of one-time settlement withany other bank or financial institution during the yearunder review.
It is ICICI Bank’s belief that all its stakeholders shouldhave access to information regarding its position toenable them to accurately assess its future potential.
ICICI Bank disseminates information on its operationsand initiatives on a regular basis. ICICI Bank‘s websitewww.icicibank.com serves as a key awarenessfacility for all its stakeholders, allowing them toaccess information at their convenience. It providescomprehensive information on ICICI Bank’s strategy,financial performance, operational performance andthe latest press releases.
ICICI Bank’s investor relations personnel respondto specific queries and play a proactive role indisseminating information to both analysts andinvestors. The information is disseminated tothe NSE, BSE, New York Stock Exchange (NYSE),SEC, Singapore Stock Exchange, Japan SecuritiesDealers Association and SIX Swiss Exchange Ltd.from time to time. In accordance with SEBI andSecurities Exchange Commission (SEC) guidelines,all information which could have a material bearingon ICICI Bank’s share price is also released throughleading domestic and global wire agencies.
The financial and other information and the variouscompliances as required/prescribed under the SEBIListing Regulations are filed electronically withNSE/BSE and are also available on their respectivewebsites in addition to the Bank’s website.
ICICI Bank’s quarterly financial results are publishedin Financial Express and Vadodara Samachar. Thefinancial results, official news releases, earnings calltranscripts, audio recording and presentations arealso available on the Bank’s website.
The Management’s Discussion & Analysis forms partof the Annual Report.
Annual General Meeting
Day, Date
Time
Thirty-first Annual GeneralMeeting through VideoConferencing/Other AudioVisual Means
Saturday,August 30,2025
11:00
a.m.
Financial Year : April 1, 2024 to March 31, 2025Record Date : August 12, 2025Dividend Payment Date : Will be paid/despatchedon or after September 3, 2025
Stock Exchange
Code forICICI Bank
BSE Limited (Equity),
532174
Phiroze Jeejeebhoy Towers,
&
Dalal Street, Mumbai 400 001
6321741
National Stock Exchange of IndiaLimited (Equity),
Exchange Plaza, Bandra-KurlaComplex, Mumbai 400 051
ICICIBANK
New York Stock Exchange (ADSs)2311, Wall Street, New York, NY 10005,United States of America
IBN
1 FII segment of BSE
2 Each ADS of ICICI Bank represents two underlying equityshares
3 On June 27, 2025, the Board has approved the amendmentto the ICICI Bank ADR Deposit Agreement, subject toapproval of RBI, to grant voting rights pertaining to theDeposited Securities to the registered ADS holders. Thevoting rights by the registered ADS holder would be subjectto it demonstrating that its holdings are in conformity withSection 12B of the Banking Regulation Act, 1949 readwith applicable Master Direction & Guidelines, as amendedfrom time to time.
The bonds issued in domestic market comprisedprivately placed bonds as well bonds issued viapublic issues which are listed on BSE/NSE.
ICICI Bank has paid annual listing fees for the relevantperiods to BSE and NSE where its equity shares/bonds are listed and NYSE where its ADSs are listed.
The bonds issued overseas are issued either inpublic or private placement format. As on date, thelisted bonds are traded on Singapore ExchangeSecurities Trading Limited, 2 Shenton Way, #02-02, SGX Centre 1, Singapore 068804 or IndiaInternational Exchange (IFSC) Limited (India INX), 1stFloor, Unit No. 101, The Signature, Building No. 13B,Road 1C, Zone 1, GIFT SEZ, GIFT City, Gandhinagar,Gujarat-382050 or NSE IFSC Limited, Unit No.1201,Brigade International Financial Centre, 12th floor,Block-14, Road 1C, Zone -1, GIFT SEZ, Gandhinagar,Gujarat - 382355.
As per the SEBI mandate, securities of listed companiescan be transferred/traded only in dematerialised form.In view of this and to eliminate all risks associated withphysical shares and for ease of portfolio management,Members holding shares in physical form are requestedto consider converting their holdings to dematerialisedform. The Bank’s equity shares are actively traded onthe stock exchanges.
In terms of Regulation 76 of the SEBI (Depositories andParticipants) Regulations, 2018 and SEBI Circular No.D&CC/FITTC/CIR-16/2002 dated December 31, 2002,as amended vide Circular No. CIR/MRD/DP/30/2010dated September 6, 2010 an audit is conductedon a quarterly basis, for the purpose of, inter alia,reconciliation of the total admitted equity share capitalwith the depositories and in the physical form with thetotal issued/paid up equity share capital of ICICI Bank.Audit Reports issued in this regard are placed beforethe Stakeholders Relationship Committee and filedwith BSE and NSE, where the equity shares of ICICIBank are listed.
KFin Technologies Limited is the Registrar & TransferAgent (R & T Agent) for equity shares of ICICI Bank.Investor services related queries/requests/grievancesfor equity shares may be directed to C Shobha Anandat the following address:
KFin Technologies Limited
Unit: ICICI Bank Limited
Selenium Building, Tower-B
Plot No. 31 & 32, Financial District
Nanakramguda, Serlingampally
Hyderabad 500 032, Rangareddy
Telangana, India
Tel. No.: +91-040-6716 2222
Fax No.: +91-040-2342 0814
Toll free No.: 18003094001
E-mail: einward.ris@kfintech.com
Website: https://ris.kfintech.com
Investor Support Centre: https://ris.kfintech.com/
clientservices/isc
Details of other Service Centers of KFin TechnologiesLimited, R & T Agent for equity shareholders canbe viewed at https://www.icicibank.com/about-us/investor-contact.
3i Infotech Limited is the R & T Agent for the bonds/debentures issued by ICICI Bank. Investor servicesrelated queries/requests/grievances for bonds/debentures may be directed to Vijay Singh Chauhanat the following address:
3i Infotech Limited
International Infotech Park, Tower # 5, 3rd Floor,
Vashi Railway Station Complex, VashiNavi Mumbai 400 703, Maharashtra, IndiaTel. No.: +91-22-7123 8034/35E-mail: ICICIbonds@3i-infotech.comWebsite: https: //www.3i-infotach.com/invastors/
Anindya Banerjee/Abhinek Bhargava
ICICI Bank Limited
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 051
Tel. No.: +91-22-4008 6173
E-mail: ir@icicibank.com
Pursuant to Regulation 53 of the SEBI Listing Regulations, the names and contact details of the debenture trusteesfor the public issue bonds and privately placed bonds of the Bank are given below:
Axis Trustee Services Limited IDBI Trusteeship Services Limited
The Ruby, 2nd Floor, SW 29 Universal Insurance Building
Senapati Bapat Marg Ground Floor, Sir P.M. Road
Dadar West, Mumbai 400 028 Fort, Mumbai 400 001
Tel. No.: +91-22-6230 0451 Tel. No.: +91-22-4080 7000
debenturetrustee@axistrustee.in itsl@idbitrustee.com
The details are available on the website of the Bank at https://www.icicibank.com/Personal-Banking/investments/icici-bank-bonds/index.page.
Dofm'/c nf cfinroc h&lrl in Dofiin# nnri Phtfdr'nl fnrm n+ hAnrr'h 11
Mode of holding
No. of Shares
%
Demat
7,111,741,731*
99.86
Physical
10,186,099
0.14
7,121,927,830
100.00
Distribution of shareholding of ICICI Bank at March 31, 2025
* Includes equity shares of ICICI Bank allotted on March 26, 2025 pursuant to the Scheme of Arrangement (corporate action waspending as on March 31, 2025).
Range - Shares
No. of Folios
1 - 5,000
1,975,821
98.85
242,217,543
3.40
5,001 - 10,000
11,453
0.57
39,622,453
0.56
10,001 - 20,000
4,933
0.25
34,303,225
0.48
20,001 - 30,000
1,566
0.08
19,178,404
0.27
30,001 - 40,000
751
0.04
13,077,740
0.18
40,001 - 50,000
470
0.02
10,565,778
0.15
50,001 - 100,000
1,008
0.05
35,898,593
0.50
100,001 & Above
2,889
6,727,064,094
94.46
1,998,891
Shareholding pattern of ICICI Bank at March 31. 2025
Shareholder Category
% holding
Deutsche Bank Trust Company Americas (Depositary for ADS holders)
1,324,805,129
18.60
FIIs/FPIs
2,656,490,601
37.30
Insurance Companies
652,339,663
9.16
Bodies Corporate (includes Government Companies, Clearing Members,Banks and Financial Institutions)
79,379,656
1.11
Mutual Funds
1,731,254,476
24.31
Individuals (includes HUF, Trusts, NRI)
454,052,744
6.39
NBFCs Registered with RBI
3,007,413
Provident Funds/Pension Funds
149,678,991
2.10
Alternate Investment Fund
55,069,068
0.77
Investor Education and Protection Fund
9,518,318
0.13
Others (includes Foreign Banks, Foreign Companies, Foreign Nationals etc.)
6,331,771
Shareholders of ICICI Bank with more than one percent holding (PAN based) at March 31. 2025
Name of the Shareholder
Deutsche Bank Trust Company Americas*
Life Insurance Corporation of India
394,047,798
5.53
SBI Mutual Fund
355,315,337
4.99
ICICI Prudential Mutual Fund
264,645,663
3.72
HDFC Mutual Fund
217,837,497
3.06
NPS Trust
UTI Mutual Fund
141,741,669
1.99
Government of Singapore
131,556,234
1.85
Nippon Life India Mutual Fund
130,670,670
1.83
Government Pension Fund Global
107,875,076
1.51
SBI Life Insurance Company Limited
90,577,502
1.27
Kotak Mutual Fund
86,581,792
1.22
Aditya Birla Sun Life Mutual Fund
76,784,495
1.08
Vanguard Total International Stock Index Fund
74,263,842
1.04
Axis Mutual Fund
72,389,992
1.02
* Deutsche Bank Trust Company Americas holds equity shares of ICICI Bank as depositary for ADS holders.
Details of shares/convertible instruments held byNon-executive Directors
As on March 31, 2025, S. Madhavan and Vibha PaulRishi (as joint holder) held 5,005* and 330 equityshares of ' 2.00 each respectively.
* Includes 1,005 equity shares of ICICI Bank allotted onMarch 26, 2025 in lieu of 1,500 equity shares held in ICICISecurities pursuant to the Scheme of Arrangement.
Disclosure with respect to shares lying insuspense account
The Bank had 93,202 equity shares held by 464shareholders lying in suspense account at thebeginning of the fiscal 2025. The Bank has beentransferring the shares lying unclaimed to the eligibleshareholders as and when the request for the samehas been received after proper verification. During theyear under review, the Bank had processed requestreceived from a shareholder holding 275 shares andaccordingly the said shares were transferred fromthe suspense account. As on March 31, 2025, 92,927shares held by 463 shareholders remained unclaimedin the suspense account.
The voting rights on the shares lying in suspenseaccount are frozen till the rightful owner of suchshares claims the shares.
Transfer of unclaimed dividend and shares toInvestor Education & Protection Fund (IEPF)
Pursuant to the provisions of Sections 124 and 125 ofthe Companies Act, 2013, during fiscal 2025, dividendamount of ' 40.09 million remaining unclaimed for aperiod of seven years from the date of its transfer tothe Unpaid Dividend Accounts of the Company hasbeen transferred to the IEPF.
Pursuant to Section 124(6) of the Companies Act,2013 read with the Investor Education & ProtectionFund Authority (Accounting, Audit, Transfer &Refund) Rules, 2016, during fiscal 2025, 680,892equity shares in respect of which the dividend has notbeen claimed for seven consecutive years have beentransferred to the designated demat account of theIEPF Authority.
The unclaimed dividend and the equity sharestransferred to IEPF can be claimed by making anapplication in the prescribed form to IEPF.
Members who have not yet encashed their dividendwarrant(s) for the financial year ended March 31, 2018
and/or subsequent years are requested to submittheir claims to KFin Technologies Limited without anydelay.
The details of Nodal Officer and Deputy NodaI Officersappointed under the provisions of IEPF are availableon the website of the Bank at https://www.icicibank.com/about-us/invest-relations/unpaid-unclaimed-dividend.
Outstanding GDRs/ADSs/Warrants or anyConvertible instruments, conversion date andlikely impact on equity
ICICI Bank has 662.40 million ADS (equivalent to1,324.80 million equity shares) outstanding, whichconstituted 18.60% of ICICI Bank’s total equity capitalat March 31, 2025. There are no other convertibleinstruments outstanding as on March 31, 2025.
Commodity price risk or foreign exchange riskand hedging activities
The foreign exchange risk position including bullionis managed within the net overnight open positionlimit approved by the Board of Directors. The foreigncurrency assets of the Bank are primarily floatingrate linked assets. Wholesale liability raising forforeign currencies takes place in USD or othercurrencies through bond issuances, bilateral loansand syndicated/club loans as well as refinance fromExport Credit Agencies which may be at a fixed rateor floating rate linked. In case of fixed rate long-termwholesale fund raising in USD, the interest rate risk isgenerally hedged through interest rate swaps whereinthe Bank effectively moves the interest paymentsto a floating rate index in order to match the assetprofile. In case of fund raising in non-USD currencies,the foreign exchange risk is hedged through foreignexchange swaps or currency interest rate swaps.
The extant RBI guidelines do not allow AD CategoryI Banks to take any market positions in commodityrelated activities. However, the extant guidelinesallows Bank to import gold and silver in line withthe RBI license and selling of imported gold/silver onoutright basis to domestic clients or providing goldmetal loan to jewellery manufacturers. ICICI Bankprovides pricing and hedging of Gold Metal Loan tojewellery customers and such exposures are coveredon a back-to-back basis with gold suppliers.
In view of the above, the disclosure pursuant to the SEBICircular No. SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141dated November 15, 2018 is not required to be given.
Plant Locations - Not applicable
Address for Correspondence
Prachiti Lalingkar
Company Secretary
Tel. No.: +91-22-4008 8900
E-mail: companysecretary@icicibank.com
The Bank is in compliance with requirements specified inRegulations 17 to 27 and clauses (b) to (i) of sub-regulation(2) of Regulation 46 of the SEBI Listing Regulations.
The Bank has also complied with the discretionaryrequirements such as maintaining a separate office forthe Chairperson at the Bank’s expense, ensuring financialstatements with unmodified audit opinion, separationof posts of Chairperson and Chief Executive Officer andreporting of internal auditor directly to the Audit Committee.
Bank’s Customer Service
The Bank enables customers to avail of services throughmultiple channels.
• Customer care: Single contact number and e-mail IDto connect with us for all your Banking related queries
• Phone number 1800 1080 and Email: customer.care@icicibank.com
• To know more, visit https://www.icicibank.com/customer-care
• Branch: Visit our branch for resolution. Alternative,drop queries/feedback in the drop box at branches.
• iMobile: Seek resolution using the iPAL chat bot.
• Website: Register a request on the Bank’s website.For details, https://www.icicibank.com/personal-banking/insta-banking/internet-banking/list-of-service-requests
The details required as per the RBI Circular No. CEPD.CO.PRD.Cir.No.01/13.01.013/2020-21 dated January 27,2021 are disclosed in note no. 55 of Schedule 18 of thefinancial statements.
ICICI Bank has annexed to this Report, a certificate obtainedfrom the Secretarial Auditor regarding compliance ofconditions of corporate governance as stipulated in theSEBI Listing Regulations.
I CICI Bank has an Employees Stock Option Scheme- 2000 (Scheme 2000) which was instituted in fiscal2000 to enable the employees and WholetimeDirectors of ICICI Bank and its subsidiaries toparticipate in future growth and financial success ofthe Bank. The Scheme 2000 aims at achieving thetwin objectives of aligning employee interest to thatof the shareholders and retention. Through employeestock option grants, the Bank seeks to foster aculture of long-term sustainable value creation. TheScheme 2000 is in compliance with the Securitiesand Exchange Board of India (Share Based EmployeeBenefits and Sweat Equity) Regulations, 2021(the SEBI SBEB & SE Regulations). The options aregranted by BGRNC and noted/approved by the Boardas the case maybe.
The Scheme 2000 was initially approved by theMembers at their meeting held on February 21, 2000and amended from time to time.
The Bank has upto March 31, 2025 granted (net oflapsed) 639.49 million stock options from time to timeaggregating to 8.98% of the issued equity capital ofthe Bank at March 31, 2025. As per the Scheme 2000,as amended from time to time, the maximum numberof options granted to any employee/Director in a yearis limited to 0.05% of ICICI Bank’s issued equity sharesat the time of the grant, and the aggregate of all suchoptions is limited to 10% of ICICI Bank’s issued equityshares on the date of the grant (equivalent to 712.19million shares of face value ' 2.00 each at March 31,2025).
Particulars of options granted by ICICI Bank as onMarch 31, 20251 are given below:
Number of options outstanding2at the beginning of the year
198,731,466
Number of options grantedduring the year
15,964,860
Number of options forfeited/lapsed during the year
1,997,001
Number of options vested duringthe year
21,345,542
Number of options exercisedduring the year
42,832,398
Number of shares arising as aresult of exercise of options
Money realised by exercise ofoptions during the year (?)
14,373,696,918
Number of options outstanding2at the end of the year
169,866,927
Number of options exercisable atthe end of the year
137,704,023
1 In March 2025, 2,960,270 options were granted to eligibleemployees of ICICI Securities including its subsidiariespursuant to the Scheme of Arrangement. The exerciseprice payable for the options granted by ICICI Bank hasbeen adjusted after taking into account the effect of theSwap Ratio.
2 Options granted less exercised less lapsed.
I CICI Bank has an Employees Stock Unit Scheme -2022 (Scheme 2022) which was instituted in fiscal2023. The key objectives of the Scheme 2022 are todeepen the co-ownership amongst the (i) mid leveland front-line managers, and (ii) employees of Bank’sselect unlisted wholly owned subsidiaries with thefollowing key considerations:
i. to enable employees’ participation in thebusiness as an active stakeholder to usher inan ‘Owner-Manager’ culture and to act as aretention mechanism;
ii. to enhance motivation of employees; and
iii. to enable employees to participate in the longterm growth and financial success of the Bank.
The Scheme 2022 is in compliance with the SEBISBEB & SE Regulations.
Maximum of 100,618,910* units, shall be granted inone or more tranches over a period of seven yearsfrom the date of approval of the Scheme 2022 bythe shareholders, which shall entitle the unit holderone fully paid-up equity share of face value of ' 2.00of the Bank (as adjusted for any changes in capitalstructure of the Bank) against each unit exercisedand accordingly, up to 100,618,910* equity sharesof face value of ' 2.00 each shall be allotted to alleligible employees taken together under the Scheme2022.
• increased from 100,000,000 to 100,618,910 pursuant tothe Scheme of Arrangement and in-principle approvalreceived from the stock exchanges on April 1, 2025.
Units granted under the Scheme 2022 shall vest notlater than the maximum vesting period of 4 years.Exercise price shall be the face value of equity sharesof the Bank i.e. ' 2.00 for each unit (as adjusted forany changes in capital structure of the Bank).
Units granted under the Unit Scheme 2022 vest in agraded manner over a three-year period with 30%,30% and 40% of the grant vesting in each year,commencing from the end of 13 months from thedate of grant. Exercise period will not exceed fiveyears from date of vesting of units or such shorterperiod as may be determined by the BGRNC for eachgrant.
Besides continuity of employment, vesting shall alsobe dependent on achievement of certain corporateperformance parameter(s) such as:
• Risk Calibrated Core Operating profit;
• Provision/asset quality;
• Other parameters, if any, as the Committee maydetermine
Particulars of units granted by ICICI Bank as onMarch 31, 20251 are given below:
Number of units outstanding2 atthe beginning of the year
4,190,810
Number of units granted duringthe year
4,964,420
Number of units forfeited/lapsedduring the year
371,263
Number of units vested duringthe year
1,313,006
Number of units exercised duringthe year
751,672
Number of shares arising as aresult of exercise of units
Money realised by exercise ofunits during the year (?)
1,503,344
Number of units outstanding2 atthe end of the year
8,032,295
Number of units exercisable at theend of the year
560,656
1 In March 2025, 618,910 units were granted to eligibleemployees of ICICI Securities including its subsidiariesat an exercise price of ' 2.00 pursuant to the Scheme ofArrangement.
2 Units granted less exercised less lapsed.
Till March 31, 2021, the Bank recognised cost ofstock options granted under Scheme 2000, usingintrinsic value method. Pursuant to RBI clarificationdated August 30, 2021, the cost of stock options/unitsgranted after March 31, 2021 is recognised based onfair value method. The cost of stock options grantedup to March 31, 2021 continues to be recognised onintrinsic value method. The Bank uses Black-Scholesmodel to fair value the options/units on the grant dateand the inputs used in the valuation model includeassumptions such as the expected life of the shareoption/units, volatility, risk free rate and dividend yield.The diluted earnings per share (EPS) pursuant toissue of shares on exercise of options/units calculatedin accordance with Accounting Standard 20 for theyear ended March 31, 2025 was ' 65.89 compared tobasic EPS of ' 67.01.
The following table sets forth, for the periodsindicated, the key assumptions used to estimate thefair value of options granted.
Particulars
Year endedMarch 31, 2024
Year endedMarch 31, 2025
Risk-freeinterest rate
6.88% to 7.32%
6.42% to 7.11%
Expected life
3.23 to 5.23
3.43 to 5.43
years
Expected
24.78% to
18.01% to
volatility
37.41%
33.27%
Expecteddividend yield
0.56% to 0.85%
0.65% to 0.83%
The following table sets forth, for the periodsindicated, the key assumptions used to estimate thefair value of units granted.
6.82% to 6.94%
6.42% to 7.09%
Expected term
1.58 to 3.58years
23.63% to36.56%
16.49% to24.72%
0.56%
0.72% to 0.74%
The weighted average fair value, based on Black-Scholes model, of options granted during the yearended March 31, 2025 was ' 444.76 (year endedMarch 31, 2024: ' 340.59) and of units granted duringthe year ended March 31, 2025 was ' 1,120.43 (yearended March 31, 2024: ' 879.43). The weightedaverage exercise price of options granted during theyear ended March 31, 2025 was ' 1,052.89 (yearended March 31, 2024: ' 894.95).
Risk free interest rates over the expected term of theoption/units are based on the government securitiesyield in effect at the time of the grant. The expectedterm of an option/units is estimated based on thevesting term as well as expected exercise behavior ofthe employees who receive the option/units. Expectedexercise behavior is estimated based on the historicalstock option exercise pattern of the Bank. Expectedvolatility during the estimated expected term ofthe option/units is based on historical volatilitydetermined based on observed market prices ofthe Bank's publicly traded equity shares. Expecteddividends during the estimated expected term of theoption/units are based on recent dividend activity.The key assumptions for the year ended March 31,2025 also includes the key assumptions used foroptions/units granted to employees of ICICI Securitiesin accordance with the Scheme of Arrangement.
The detailed disclosures as stipulated underRegulation 14 of the SEBI SBEB & SE Regulationswill be hosted on the website of the Bank athttps://www.icicibank.com/about-us/other-policiRs.
The Bank has undertaken various initiatives for energyconservation at its premises. A detailed write up is givenin the Environmental, Social and Governance Reportof fiscal 2025 which will be available on the website ofthe Bank at https://www.icicibank.com/about-us/annualand in the Environment and Sustainability chapter in theIntegrated Report section of the Annual Report 2024-25.The Bank has used information technology extensively inits operations; for details refer to the chapter Our BusinessStrategy in the Integrated Report section of the AnnualReport 2024-25. For fiscal 2025, net foreign exchangegain arising on all exchange/derivative transactions ofthe Bank was ' 40.25 billion and the foreign exchangeoutgo towards the operating and capital expenditure was' 5.71 billion.
Your Bank is in compliance with the Secretarial Standard onMeetings of the Board of Directors (SS-1) and SecretarialStandard on General Meetings (SS-2) for fiscal 2025.
The Directors confirm:
1. that in the preparation of the annual accounts, theapplicable accounting standards had been followed,along with proper explanation relating to materialdepartures;
2. that they have selected such accounting policies andapplied them consistently and made judgements andestimates that are reasonable and prudent, so as togive a true and fair view of the state of affairs of theBank at the end of the financial year and of the profitof the Bank for that period;
3. t hat they have taken proper and sufficient care forthe maintenance of adequate accounting records,in accordance with the provisions of the BankingRegulation Act, 1949 and the Companies Act,2013 for safeguarding the assets of the Bankand for preventing and detecting fraud and otherirregularities;
4. t hat they have prepared the annual accounts on agoing concern basis;
5. that they have laid down internal financial controlsto be followed by the Bank and that such internalfinancial controls are adequate and were operatingeffectively; and
6. that they have devised proper systems to ensurecompliance with the provisions of all applicable lawsand that such systems were adequate and operatingeffectively.
ICICI Bank is grateful to the Government of India, ReserveBank of India, Securities and Exchange Board of India,Insurance Regulatory and Development Authority of Indiaand overseas regulators for their continued co-operation,support and guidance. ICICI Bank wishes to thankits investors, the domestic and international bankingcommunity, rating agencies, depositories and stockexchanges for their support.
ICICI Bank would like to take this opportunity to expresssincere thanks to its valued clients and customers fortheir continued patronage. The Directors express theirdeep sense of appreciation to all the employees whoseoutstanding professionalism, commitment and initiativehave made the organisation’s growth and successpossible and continues to drive its progress. Finally, theDirectors wish to express their gratitude to the Membersfor their trust and support.
For and on behalf of the Board
Chairperson
June 27,2025 DIN:00145126
I confirm that all Directors and members of the seniormanagement have affirmed compliance with GroupCode of Business Conduct and Ethics for the year endedMarch 31, 2025.
Managing Director & CEOApril 19, 2025 DIN: 00109206
Allowances and perquisites exclude perquisites of previous years stock options exercised during fiscal 2025.
Represents options granted during fiscal 2025 pertaining to fiscal 2024.