The Hindu Business Line : ICICI Bank takes stake in NIIT banking institute

NEW INITIATIVE: Mr Rajendra S. Pawar (left), Chairman, NIIT, and Mr K.V. Kamath, Managing Director & CEO, ICICI Bank, at a press conference in Mumbai on Tuesday. - Shashi Ashiwal

Mumbai , Sept. 26

ICICI Bank Ltd will have a 19 per cent stake in the Institute of Finance, Banking and Insurance (IFBI) being set up with NIIT. The equity capital is put at Rs 5 crore while the total project cost is estimated at Rs 7 crore.

IFBI will offer a Post Graduate Diploma in Banking Operations (PGDBO) to groom entry-level professionals in banking and insurance. " The students will be given three months classroom training and three months internship. Initially, the institute will offer a course in banking and has plans to diversify into insurance, mutual funds, securities, and BPO," said Mr K.V. Kamath, Managing Director and CEO, ICICI Bank.

ICICI Bank has agreed to absorb the first batch of students as officers. "Students will be paid a stipend for the duration of the internship to recover part of the tuition fees. We are planning to open 75 more centres with an investment of Rs 25 crore in the near future," said Mr Rajendra S. Pawar, Chairman, NIIT.

IFBI will commence admissions in October 2006 with an intake of 1,500 students in Delhi, Mumbai, Chennai, Kolkatta, Bangalore and Hyderabad. Graduates in any discipline born after January 1,1980, are eligible for the programme. The course fee is Rs 48, 000 and ICICI bank will also grant educational loans for students selected for the PGDBO programme.

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