News Release

Mumbai, July 3, 2001

ICICI Bank and BPL Mobile to Launch Co-branded Credit Cards

ICICI Bank Limited (NYSE: IBN), one of India's leading new private sector banks and BPL Mobile Communications Limited, one of India's leading private cellular services provider, today announced a tie-up to launch co-branded credit cards. Under this initiative, all registered BPL Mobile members will be entitled to apply for a co-branded ICICI Bank-BPL Mobile credit card. This will be an Internet enabled card and will provide BPL mobile users various facilities such as zero deposit, automatic payment of mobile phone bills through the credit card, opportunity to earn reward points and all the other benefits of the regular ICICI Bank Card. The card is expected to be operational by end of August, 2001.

Speaking at the occasion, Ms Chanda Kochhar, Executive Director, ICICI Bank said, "the ICICI-BPL Mobile tie-up brings to Indian customers the benefits of the successful international concept of co-branded offerings. The facility to pay bills automatically through the card on a regular basis thereby ensuring continuous and trouble-free service becomes a unique differentiator. We see a lot of potential for this initiative going by the large numbers and high average spends of BPL Mobile customers."

Mr Girish Rangan, Executive Director and CEO, BPL Mobile said, "Providing value addition to our subscribers is of paramount importance to us. It is our desire and endeavour to provide best of services to our subscribers. Customer intimacy is the core of our value proposition and we are sure that with the co-branded card with ICICI Bank we have moved another step in this direction. We will be introducing many more such customer initiatives in the near future."

The ICICI Bank-BPL Mobile co-branded credit card would initially be launched in Mumbai followed by other cities. It will be jointly marketed by ICICI Bank & BPL Mobile to the latter's new and existing users.

An ICICI Bank-BPL Mobile Credit Card will have the following features:

Auto-Debit: allows the card member the convenience of paying his statement through the credit card by authorizing ICICI Bank to effect a direct debit on the card on the payment due date. By using this feature the customer gets a longer credit period for paying the mobile bills.

Zero Security Deposit: all new BPL Mobile customers who opt for the auto-debit feature on the ICICI-BPL Mobile Card will not have to pay any security deposits.

Reward Points: card-members have the opportunity to earn reward points from ICICI Bank for spending on the credit card.

Draft-On-Phone: the card-member can call the 24-hour customer call center and request for a draft up to his available cash limit, favoring any company or individual at places where credit cards are not accepted. The draft would be delivered at the card member's mailing address.

Mobile Alerts: card-members can opt for the mobile alert feature which can flash automatic reminders/ alerts on their mobile phones such as bill outstandings, payment due date and nearing credit limit.

Relationship Pricing: as cardholders, these customers will be eligible for special relationship price on the suite of ICICI Products such as Auto loans, personal loans etc.

Others: in addition, the customer will be entitled to all the other benefits of a ICICI Bank Card such as utility bill payment facility, insurance related benefits, 'infinity' web based access, special discounts on domestic and international travel fares, global customer assistance services.

"We welcome the BPL members to the ICICI fold and look forward to an enduring relationship with them spanning many more products and services." Ms. Kochhar added.

ICICI Bank, the banking arm of the ICICI Group is one of the largest private sector Banks in India with a deposit base of Rs. 16,378 crore as on March 31, 2001, net profits of Rs. 161.89 crore for Fiscal 2001 and a growing customer base of more than 3 million customer accounts. It offers an array of credit and liability products to individuals and companies and services customers through multiple channels including nearly 375 branches, 542 ATMs, Internet Banking and Call Centres. ICICI Bank listed its stock on the New York Stock Exchange through an issue of American Depositary Shares in March 2000, making it only the second financial services entity (first being ICICI Limited) to do so in India.

BPL Mobile is India's number one mobile phone service provider with over 7 Lacs subscribers spread across 192 cities in the circles of Mumbai, Maharashtra, Kerala, Tamil Nadu, Pondicherry and Goa. It has revolutionised the mobile telephony industry in India, with its state-of-the-art technology including its unique QualNet, Intelligent Network (IN) platform and a GPRS enabled network.

Except for the historical information contained herein, statements in this News Release which contain words or phrases such as 'will', 'would', "expect", "plan", "target" 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 Group's ability to obtain statutory and regulatory approvals and to successfully implement our strategy, the demand for co-branded credit cards, as well as other risks detailed in the reports filed by ICICI Bank with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

For further press queries please contact:
ICICI: Mr Charudatta Deshpande
Head Corporate Communications,
Tel: 022-26538208
Fax: 022 26531116
email: charudatta.deshpande@icicibank.com