News Release

November 30, 1999

ICICI has followed a proactive strategy to meet the competitive challenges in the financial services sector. The key elements of the strategy include business repositioning, technological up-gradation, enhancing capabilities and skills of the staff and proper deployment of staff.

ICICI proposes to introduce a Voluntary Retirement Scheme (VRS), for its employees and officers. The VRS would be open for a period of one month - from December 1 to December 31, 1999.

ICICI had earlier offered a VRS in 1996-97 and 117 employees and officers had availed the benefit of 1996-97 VRS.