Development Of The Icici Bank

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Abstract
To promote Industrial development in India, the ICICI bank was established as a public limited by the Government of India. In May, 1996 ICICI bank felt the need for major change management process, in order to extend into new markets and to compete with other private banks. The organization change was from a development bank to a market-driven financial conglomerate. Employees were finding changes unacceptable because they had to learn new skills and adapting new techniques was tough. These enormous changes caused lot of confusions among the employees. Using ADKAR model of change management, we intend to bring the changes without creating any chaos in the organization. In this scenario, ADKAR model works best because it starts
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In the mid 1980’s, ICICI expanded into merchant banking and retailing. In May 1996, K.V.Kamath was made the CEO of India’s leading financial services company ICICI. It was the period when a number of private financing institutions emerged as support to growing industrial development in India. At this time, ICICI had to change from development bank to market-driven financing institution. The CEO of ICICI, Mr.Kamath, introduced many changes to the organization to compete with the growing economy. The major change was to create flexibility in the organization to increase its ability to respond to new markets. Moreover, the organization aimed at becoming a financial powerhouse of India. The employees had difficulty in accepting these sudden changes. The first step in the change is the creation of different groups in the organization based on their different lending practices: Infrastructure group (IIG), Oil & Gas group (O&G), Planning and Treasury department (PTD), Structured Products group (SPG). The management picked skilled workers from each department to work in these groups. The employees who worked in these groups were important to the company, while the other employees felt their importance was diminished. Many employees had difficulty in adapting to the new changes. This resulted in employee
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