The Industrial Credit and Investment Corporation of India (ICICI) was established as a government agency on January 5, 1994, with Sir Arcot Ramasamy Mudaliar selected as its initial chairman. A cooperative venture between the World Bank, public-sector banks in India, and public-sector insurance companies were established to offer project finance to the Indian industry. In 1994, ICICI created ICICI Bank in Vadodara as a wholly-owned subsidiary.
