Which amidst the following banks was converted to a ‘Universal Bank’ recently? Options: A . &nbspICICI Bank B . &nbspPunjab National Bank C . &nbspUTI Bank D . &nbspIndus-Ind Bank

Which amidst the following banks was converted to a ‘Universal Bank’

Question

Which amidst the following banks was converted to a ‘Universal Bank’ recently?

Options:

A . ICICI Bank

B . Punjab National Bank

C . UTI Bank

D . Indus-Ind Bank

Answer: Option A
Answer: (a)
A universal bank participates in many kinds of banking activities and is both a commercial bank and an investment bank. Universal banks may offer credit, loans, deposits, asset management, investment advisory, payment processing, securities transactions, underwriting and financial analysis.
Fiscal 2002 marked a turning point in the history of the ICICI group, as it witnessed the culmination of the ICICI group’s strategy of becoming an integrated financial services provider – the merger of ICICI Limited (ICICI) with ICICI Bank. The merger was a path-breaking initiative, which created India’s first “universal bank” and the second-largest bank in the country.
As part of the reorganization, two of ICICI’s wholly-owned retail finance subsidiaries viz. ICICI Personal Financial Services Limited (ICICI PFS) and ICICI Capital Services Limited (ICICI Capital), were also merged with ICICI Bank, in order to integrate and consolidate the retail business.

Was this answer helpful ?

Next Question