SBI vs. ICICI — What's the Difference?
Edited by Tayyaba Rehman — By Fiza Rafique — Published on November 12, 2023
SBI (State Bank of India) is a government-owned bank headquartered in Mumbai, India; ICICI (Industrial Credit and Investment Corporation of India) is a private sector bank with the same headquarters location.
Difference Between SBI and ICICI
Table of Contents
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Key Differences
SBI, short for State Bank of India, is the largest public sector bank in India and has a long history that dates back to the 19th century. On the other hand, ICICI, standing for Industrial Credit and Investment Corporation of India, began its journey much later, in the mid-20th century, and emerged as a major player in the private banking sector.
Being a public sector bank, SBI operates under the ownership and oversight of the Indian government. ICICI, however, is a private sector bank, meaning it's driven primarily by private shareholders and institutional investors.
One significant distinction between SBI and ICICI lies in their operational approach. As a government entity, SBI often takes the lead in implementing state-driven financial inclusion and welfare programs. ICICI, being in the private sector, tends to focus more on profitability, innovative solutions, and expansion.
In terms of international presence, both SBI and ICICI have made their mark. SBI, with its vast legacy, has branches and operations in multiple countries. ICICI, not to be left behind, has also established itself in several international locations, offering diverse financial products.
Both SBI and ICICI are significant players in the Indian financial landscape. While SBI serves as a pillar of governmental financial initiatives, ICICI is seen as a torchbearer for modern banking solutions in the private sector.
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Comparison Chart
Type of Institution
Public sector bank
Private sector bank
Ownership
Government of India
Private shareholders and institutional investors
Founding Era
19th century (as Bank of Calcutta)
Mid-20th century
Operational Focus
State-driven financial programs, broader financial inclusion
Profitability, innovation, customer-centric solutions
International Presence
Multiple countries with numerous branches
Present in various countries, offering a diverse range of financial products
Compare with Definitions
SBI
SBI is a government-owned bank in India.
SBI is one of the most trusted banks due to its government affiliation.
ICICI
ICICI has expanded its operations internationally.
During my stay in Singapore, I used ICICI's overseas banking facilities.
SBI
SBI stands for State Bank of India.
I have a savings account with SBI.
ICICI
ICICI offers a wide range of banking and financial services.
ICICI's wealth management services are highly recommended.
SBI
SBI often leads in implementing government-driven financial programs.
SBI played a crucial role in the government's financial inclusion campaign.
ICICI
ICICI stands for Industrial Credit and Investment Corporation of India.
My brother recently secured a loan from ICICI.
SBI
SBI is known for its international presence.
On my trip abroad, I was relieved to find an SBI branch.
ICICI
ICICI is a leading private sector bank in India.
For modern banking solutions, I prefer ICICI.
SBI
SBI has the largest number of branches across India.
Wherever you go in India, you're likely to find an SBI branch.
ICICI
ICICI focuses on innovative banking solutions.
The ICICI app made online banking so much easier for me.
Common Curiosities
Which bank has more branches in India: SBI or ICICI?
SBI has the largest number of branches in India.
Who owns ICICI Bank?
ICICI Bank is owned by private shareholders and institutional investors.
How is ICICI's approach to banking different from SBI?
ICICI, being a private sector bank, focuses more on profitability, innovation, and customer-centric solutions.
What does SBI stand for?
SBI stands for State Bank of India.
Is SBI older than ICICI?
Yes, SBI's roots trace back to the 19th century, while ICICI was established in the mid-20th century.
Who oversees SBI's operations?
Being a public sector bank, SBI operates under the ownership and oversight of the Indian government.
Can I find ICICI Bank outside of India?
Yes, ICICI has established itself in several international locations.
Is ICICI known for any specific banking products?
ICICI is known for a wide range of products, but especially for its innovative banking solutions.
What kind of bank is SBI?
SBI is a public sector bank, owned by the Government of India.
Can I expect similar services from SBI and ICICI?
While both banks offer comprehensive banking services, their products, offers, and customer experiences might differ based on their operational focuses.
Are both SBI and ICICI involved in retail banking?
Yes, both SBI and ICICI offer a wide range of retail banking services.
Which bank is larger in terms of assets: SBI or ICICI?
SBI, being the largest bank in India, has a higher asset base than ICICI.
Which bank was founded first: SBI or ICICI?
SBI was founded first, with its origins dating back to the 19th century.
How has ICICI contributed to digital banking in India?
ICICI has been a pioneer in introducing various digital banking solutions and platforms in India.
Are the services offered by SBI only limited to India?
No, SBI has a strong international presence with branches in multiple countries.
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Written by
Fiza RafiqueFiza Rafique is a skilled content writer at AskDifference.com, where she meticulously refines and enhances written pieces. Drawing from her vast editorial expertise, Fiza ensures clarity, accuracy, and precision in every article. Passionate about language, she continually seeks to elevate the quality of content for readers worldwide.
Edited by
Tayyaba RehmanTayyaba Rehman is a distinguished writer, currently serving as a primary contributor to askdifference.com. As a researcher in semantics and etymology, Tayyaba's passion for the complexity of languages and their distinctions has found a perfect home on the platform. Tayyaba delves into the intricacies of language, distinguishing between commonly confused words and phrases, thereby providing clarity for readers worldwide.
