News Release

Mumbai, September 11, 2000

ICICI Launches Social Development Portal

ICICI Limited, India's leading financial services provider, today announced the launch of a comprehensive social development portal, www.ICICIcommunities.org - its attempt to bring its domain expertise in finance and e-Commerce to the world of charity. The portal - a non commercial venture for ICICI - will create a platform for those who have always wanted to contribute to social causes, but have been restricted by the lack of opportunities to do so. The portal will be managed by the newly set-up Social Initiatives Group in ICICI.

ICICIcommunities.org will be a meeting space for individuals, NGOs, corporates and research institutions and will allow them to contribute to the social sector in several ways. ICICI believes that the provision of adequate information about NGOs and social projects, the promise of seamless transaction services on the portal and the credibility of an ICICI supported platform will encourage many more people to come forward and support social causes.

The portal provides detailed information about projects being undertaken by selected NGOs. All the NGOs have been chosen after due diligence on their credibility and backgrounds. As of now, ICICI has arranged for Jaipur Foot, Seva Mandir, Pratham, PRADAN, National Association for the Blind, , Eklavya - Bhopal, Indian Institute of Cerebral Palsy and Udavum Karangal to be accessible on the portal. The major features of the portal are as follow:

GIVE ONLINE
An important plank of the portal, the GIVE online channel allows individuals and corporates to donate directly to social development organisations listed on the portal. The donor will have the option to choose a particular NGO and a particular project for his/her donation. The funds will go directly to Give Foundation, an NGO appointed by ICICI to route funds to the NGOs selected by the donor. The accounts of Give Foundation will be subject to audit by independent auditors to ensure full accountability of the funds donated. Under this arrangement, 'Give Online' will be audited by BSR & Company, an internationally reputed audit firm.

The portal will also ensure that the donor is appraised regularly about the progress in the project he/she has contributed to.

The 100% formula: While ICICI will not handle the funds coming by way of charity, it will be providing all the transaction services free of charge to the portal. This will ensure that 100 per cent of the amount donated goes directly to the specified NGO. All the transactional charges - payment gateway charges, fees, commission on cheques etc. will be borne by ICICI.

Several payment options: The portal will offer several online and off-line payment options to the prospective donor. Online payments will be routed through Payseal - the secure Internet payment gateway launched recently by ICICI. All transactional costs will be borne by ICICI. ICICI Bank account holders will be able to make their donations online through Infinity - the bank's Internet banking facility. This again will be free of charge and all transaction expenses will be borne by ICICI.

Portfolio management option: GIVE Online also offers a portfolio management option, which helps the registered member keep track of the donations made or planned for the future. All the donations made are exempt from taxes.

RESOURCE CENTRES
The portal will also house special resource centres - focussed on infant mortality rate, primary education and micro-finance - the core areas of ICICI's social initiatives. The Resource Centres will carry information, toolkits and research papers on the subject. The Centres will also have discussion forums to generate awareness and dialogue on such critical issues.

Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "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 ability to successfully implement www.icicicommunities.org, our strategy, future levels of non-performing loans, our growth and expansion, the adequacy of our allowance for credit losses, technological changes, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited with the Securities and Exchange Commission of the United States. ICICI 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