ICICI Bank Press Release

Mumbai, April 13, 2000

MEETING OF BOARD OF DIRECTORS

The Board of Directors of ICICI Bank Limited will consider the audited financial results for the year ended March 31, 2000 at its Meeting to be held on Monday, April 24, 2000, in Mumbai, India.

The Board of Directors of ICICI Bank Limited at its meeting to be held on Monday, April 24, 2000, in Mumbai, India, will consider recommending to the shareholders for their approval a dividend payment for the year ended March 31, 2000 to holders of 1,650,007,000 equity shares of the company. Holders of American Depositary Shares allotted on March 31, 2000 are not entitled to receive dividend, if any to be approved by shareholders, for the year ended March 31, 2000 in terms of the Prospectus dated March 28, 2000.

Further Press enquiries

P. H. Ravikumar   : Tel +91 22 653 8413
M. N. Gopinath    : Tel +91 22 653 8416
Alladi Ashok        : Tel +91 22 653 8417

Further Investor Relations enquiries

Bhashyam Seshan : Tel +91 22 653 8420 or email at bhashyams@icicibank.com

Except for the historical information contained herein, statements in this Release which contain words or phrases such as 'will', 'would', 'aim', 'will likely result', 'believe', 'expected', 'will continue', 'anticipate', 'estimate', 'enable', 'enabling', 'intend', 'plan', 'contemplate', 'seek to', 'future', 'objective', 'goal', 'project', 'should', 'will pursue' and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our and ICICI's Group's ability to obtain statutory and regulatory approvals and to successfully implement the integration of various systems in respect of the on-line brokering and other initiatives. In addition there would be certain uncertainties arising from the ability to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for Internet Banking and on-line brokering products, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us and the ICICI Limited (promoter and holding company of the Bank) with the Securities and Exchange Commission of the United States of America. The Bank and ICICI undertake no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.