ICICI Bank : crosses milestone of 1 lakh Virtual Payment Addresses (VPA) on UPI

Press Release September 27, 2016

For Immediate Release

ICICI Bank crosses milestone of 1 lakh Virtual Payment Addresses (VPA) on UPI

• First bank to achieve it

Mumbai: ICICI Bank, India's largest private sector bank, today announced that it has crossed the milestone of 1 lakhVirtual Payment Addresses (VPA) on 'Unified Payments Interface' (UPI) within three weeks of its launch. The bank is the first to do so.

In a bid to further enhance the usage of UPI, the bank has also announced partnership with Aditya Birla Fashion and Retail Limited(ABFRL) and Hindustan Petroleum Corporation Limited(HPCL) to offer UPI based payments at its retail outlets, making it the largest forthcoming deployment of in-store payments using UPI.

With this, customers of any bank who have created their VPA on 'Pockets'as well as ICICI Bank customers using 'iMobile'can soon pay using their smartphone at over 6,500 HPCL petrol pumps and more than 2,000 stores of ABFRL across the country. The latter's networkincludes brands like Louis Philippe, Peter England, Van Heusen, Allen Solly, Planet Fashion and Linen Club among others.

Ms. Chanda Kochhar, MD & CEO, ICICI Bank said, "UPI is a path-breaking concept which will enable convenient person-to-person and merchant payments using mobile phones. It is the first time in the world that a project of such a scale is being introduced to customers.

I'm delighted to share that ICICI Bank has crossed the milestone of creating 1 lakh VPAsfor enabling UPI based payments, within three weeks of its launch. We have received encouraging response from users including non-ICICI Bank customers for creating their VPAusing 'Pockets'. To add to this positive momentum and widen our reach across sectors, we have also collaborated with Aditya Birla Fashion and Retail Limited & Hindustan Petroleum Corporation Limited to enable users to make payments at retail outlets from their mobile phones using UPI. We intend to continue exploring more such potential partnerships which will go a long way in popularising the usage of UPI. I believe that UPI will revolutionise the landscape of electronic payments in India and go a long way in reducing the usage of cashin the economy."

Mr. A. P. Hota, MD & CEO, NPCI said,"ICICI Bank was among the front runners to launch our product UPI through app and we are glad to see such impressive acceptance in such a short span of time. Transactions on a real-time basis via mobile app has not been made possible anywhere else in the world. Considering the ease of transactions offered byUPI, in the days to come more customers will get accustomed to UPI based transactions."

UPI is available on two of the bank's customer facing mobile banking applications- 'Pockets' and 'iMobile'. Anyone, including non-ICICI Bank customers can access UPI by creating their VPA on 'Pockets'. They can also link their bank accounts with other banks (who are also on UPI) and make payments from that account as well

using their VPA on 'Pockets'.Additionally, ICICI Bank's customers can access UPI on'iMobile'.

The VPA acts as a financial address for a user in lieu of their 16 digit bank account number and the 11 digit IFSC code. Once registered for VPA, bank account holders (of banks participating in UPI) can send and receive money from their smartphones without the need to enter bank account information or net banking user id and password. Users can make payments using UPI 24x7 on all days including bank holidays. They can also make payments to merchants from their mobile phones where UPI is accepted as a payment mode.

The upgraded 'iMobile' application comprising UPI services is available on the smartphones with Android and iOS operating systems. UPI services on 'Pockets' is available on Android and will soon be available on the iOS operating system as well.

To know more on UPI enabled payments visit www.icicibank.com/upi

ICICI Bank is the most comprehensive player in the Indian mobile banking industry. It is the numero uno bank in FY'16 with close to Rs one trillion worth of transactions in mobile banking. It was the first bank to launch a mobile banking application in India, iMobile in 2008. The application today offers over 165 services, the most in the Indian mobile banking industry. It includes an array of industry first features including the recently launched 'iMobile SmartKeys' - Asia's first payment service using a smartphone keyboard, advance tax for individuals, Positive Pay for cheque protection, rail- ticket booking from within the app on IRCTC as well purchase of mutual funds, travel & motor insurance.

ICICI Bank's mobile banking foray extendsto 'Pockets', largest wallet by a bank. This comprehensive application allows anyone, even those who are not customers of ICICI Bank to instantly download, fund the wallet from any bank account and use it. 'In a short span of time,'Pockets' has over four million downloads; over 75% of these users are new to the Bank. ICICI Bank recently unveiled'Touch & Pay' on 'Pockets', the country's firstcontactless mobile payment solution. It leverages theHost Card Emulation (HCE) technology to create 'virtual' cards for 'physical' credit or debit cards of the Bank, thusenabling customers to make electronic payments in-stores from NFC enabled smartphones by just waving his/her phone near a contactless merchant terminal.

ICICI Bank services its large customer base through a multi-channel delivery network of 4,451 branches, 14,073 ATMs, call center, internet banking (www.icicibank.com), mobile banking, banking on Facebook & Twitter and 'Pockets by ICICIBank' the country's first digitalwallet. (Figures as on June 30, 2016)

For latest information on the Bank, visit www.icicibank.comand follow us on Twitter atwww.twitter.com/ICICIBank

About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bankwith consolidated total assets of US$ 139.14 billion at June 30, 2016. ICICI Bank's subsidiaries include India's leading private sector insurance companies, securities brokerage firms, mutual funds and private equity firms. Its presence currently spans 17 countries, including India.

For media queries on ICICI Bank, write in to : corporate.communications@icicibank.com

About NPCI:National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various retail payment systems in India and was envisaged by the Reserve Bank of India as the payment utility for all banks in the country. NPCI is a not-for- profit organisation. During the last six years, the organisation has grown multi-fold from 2 million transactions a day to 25 million transactions now. From a single service of switching of inter-bank ATM transactions, the range of services has grown to Cheque Clearing, Immediate Payment Service money transfer (24X7), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named 'RuPay' to provide analternative to international card schemes. Currently, there are over 290 Million RuPay Cards in circulation.

NPCI media contact: corporate.communications@npci.org.in

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.