The Covid-19 pandemic resulted in countries announcing lockdown and quarantine measures that sharply stalled economic activity. The Government of India initiated a nation-wide lockdown from March 25, 2020 for three weeks which was extended to May 31, 2020. This created significant challenges for employees, customers, communities and businesses. The lockdown measures were gradually eased from June 2020 leading to economic activities progressively improving towards the later part of fiscal 2021. However, a second wave of the Covid-19 pandemic emerged in India since March 2021, where the number of new cases has increased significantly and has resulted in re-imposition of localised/regional lockdown measures in various parts of the country.


India’s Gross Domestic Product (GDP) declined during fiscal 2021, with contraction in industrial and services output. A strong agricultural output along with limited spread of the pandemic led to resilience in the rural economy. The banking system was impacted by lower lending opportunities and revenues, and an increase in credit costs. While rapid improvement in economic activity was seen towards the later part of the year, the second wave of Covid-19 since March 2021 saw the re-emergence of uncertainties towards the end of fiscal 2021.


Low interest rates, provision of ample systemic liquidity, moratorium on loan repayments for specific borrower segments, asset classification standstill benefit to overdue accounts where a moratorium was granted, resolution framework for stressed assets and relaxation in liquidity coverage requirement were some of the measures announced by the Reserve Bank of India. The Government announced direct benefit transfers to vulnerable economic segments and credit guarantee schemes for micro, small and medium enterprises, among others.


We were responsive to the evolving pandemic situation. We rolled out digital solutions, enabled remote working and ensured banking services were offered seamlessly during the lockdown period. We are committed to supporting our stakeholders through the challenging environment.

  • Employee safety and well-being was of utmost priority, and we took care to provide a safe and healthy work environment, along with extending support to employees.
  • The Bank acted rapidly to establish remote working solutions, and putting in place measures to enable smooth functioning from any location; nearly 40% of the employees were enabled to work from home at the onset of the pandemic.
  • We upgraded the Universe on the Move mobile application for employees, facilitating functions like access to emergency numbers, a wellness hub, scheduled meetings and approvals to be carried out remotely and for the management to communicate with employees.
  • The Bank supported Covid-affected employees and their families through measures such as enabling medical e-consultation, assisting in quarantine and hospitalisation. We have also started a programme to vaccinate, as well as reimburse the cost of vaccination against Covid-19 for our employees and their dependents.

Transparent plexiglass partition provided across branches for safety of employees and customers.

  • Innovative digital solutions were launched and features enhanced in existing products, while encouraging customers to use digital channels for their banking requirements.
  • We launched ICICI STACK in March 2020 to enable banking on a digital platform for all types of customers.
  • We ensured uninterrupted access to services and kept our branches accessible at most locations.
  • Our employees continued to guide customers through the pandemic.
  • The ICICI Group committed ₹1.00 billion towards Covid-19 relief efforts. The Bank contributed ₹500.0 million to PM CARES Fund and undertook direct spends of about ₹210.0 million.
  • The Bank and ICICI Foundation supported efforts on the ground to provide essential materials during the lockdown period covering over 550 districts, and also undertook initiatives to support migrant workers returning to their homes in rural areas.

Trainees at ICICI RSETI in Udaipur stitching PPE Kits for distribution to local authorities.


Despite the challenging environment, the Bank’s financial position remained strong and we continued to make progress on our strategic objectives.

  • We continued to focus on risk-calibrated growth in core operating profit; which grew by 16.9% year-on-year to ₹313.51 billion.
  • We continued to strengthen our deposit franchise; average current account deposits increased by 25.5% and average savings account deposits by 16.7% during fiscal 2021. Total deposits grew by 21%.
  • We grew our loan portfolio with a focus on diversification and granularity; the proportion of retail loans to total loans, including non-fund outstanding, was 55% at March 31, 2021.
  • Our focus on leveraging digital across our businesses saw significant results. The ICICI STACK, our upgraded mobile banking app iMobile Pay and our InstaBIZ platform for small business customers saw significant adoption and contributed to the growth in our business.
  • We focussed on protecting the balance sheet from potential risks. We were proactive in provisioning and also made the provisioning policy more conservative in fiscal 2021. Our provisioning coverage ratio on NPAs was 77.7% at March 31, 2021. This excludes the Covid-19 related provisions of about 1% of loans, held by the Bank.
  • We maintained a strong capital position and our capital adequacy ratios were well above the minimum regulatory requirements. We raised ₹150.00 billion of capital through Qualified Institutions Placement with the objective of further strengthening our capital adequacy and improving our competitive position.