ICICI Bank commits Rs. 10 crore to the Indian Armed Forces

October 09, 2017

• The contribution will be utilised towards the welfare needs of the widows and children of ex-servicemen, who have lost their lives guarding the nation

New Delhi: ICICI Bank, India’s largest private sector bank by consolidated assets, today committed a financial assistance of Rs. 10 crore to the Indian Armed Forces. The contribution, payable in two equal tranches this year and next year, will be utilised towards welfare activities and betterment of the families of ex-servicemen who have lost their lives guarding the nation. Ms. Chanda Kochhar, MD & CEO, ICICI Bank today handed over a cheque worth Rs. 5 crore to the Honourable Minister of Defence Smt. Nirmala Sitharaman at a function in the Raksha Mantralaya.

Speaking on the occasion, Ms. Chanda Kochhar, MD & CEO, ICICI Bank, said, “Our Indian Armed Forces bravely guard our borders and protect us. Many of these men have valiantly fought and made the ultimate sacrifice of laying down their lives for our country. While no amount of assistance is enough to fill the loss for the families, this gesture is our humble endeavour to contribute towards their betterment.

Through the various skilling initiatives which have been undertaken by ICICI Bank in the past, we have seen that the maximum impact on an individual’s life can be made by equipping him or her with skills and knowledge which enables him or her to participate in the economic opportunities in the country. Our assistance will aid the young children and widows of the soldiers to get an education thereby enabling them to gain knowledge, get a job and earn a sustainable livelihood. This is our small contribution to these daughters of the nation and our thoughts and best wishes will always remain with the families”.

This fund will be used for two programmes to support the daughters of the armed forces. The first will be towards the post-graduation education of the widows of ex-servicemen and also to support education for their wards. The second scheme will be to provide financial assistance towards marriages of the daughters of the ex-servicemen. This donation is aligned to ICICI Bank’s commitment towards nation building through various initiatives that promote inclusive and sustainable growth.

The Kendriya Sainik Board, an apex body of the Government of India, which formulates policies for resettlement and welfare of ex-servicemen and their dependents, will undertake the administration of the programme. This body will be responsible for the allocation of funds, identification of the recipients and overall functioning of the programme.

ICICI Bank has a legacy of partnering India in its economic growth and development. Promoting inclusive growth has been a priority area for the bank from both social and business perspectives. ICICI Bank has been focused on promoting education and employment enhancing vocation skills especially among women thereby empowering them to lead better economically independent lives.

About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 153.0 billion at June 30, 2017. ICICI Bank's subsidiaries include India's largest private sector insurance, asset management and securities brokerage company, and among the country’s leading fixed income players. It is present across 17 countries, including India.

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