ICICI Bank 2003 Annual Report Download - page 4
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2
Message from the Chairman
N. Vaghul Chairman
The Indian banking system has seen sweeping changes over the years. During the course of my
association with the sector, I have witnessed the nationalisation of the banking system and, after
over two decades of virtual government monopoly, the new beginning made in the wake of
liberalisation, by allowing private participation in the sector. While nationalisation was aimed at
fostering developmental objectives determined by national policy, the primary aim of the
liberalisation initiative was to bring in much-needed private capital and entrepreneurial spirit into
the banking sector, improving its efficiency and giving an impetus to its growth on the lines seen
in developed markets. In the short span of time that they have been in existence, the leading new
private sector banks have truly revolutionised banking in India. Their focus on technology and
customer convenience has brought about a paradigm shift in the banking business. Indeed, this
has now led to a significant change in the orientation of the public sector banks as well, as they
too begin to focus on shareholder value creation and customer satisfaction.
We at ICICI Bank have been at the forefront of this change down the years. Our strategic initiatives
over the years have led to our position today as the second largest bank in India and a leading