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NIIT Partners with ICICI Bank to enter Financial Services Training

Launches IFBI, Institute of Finance, Banking & Insurance to provide trained manpower for the Financial Services secto
Mumbai, September 26, 2006: NIIT, Asia’s largest IT trainer, today announced its entry into training for the financial services sector, with the launch of the IFBI, Institute of Finance, Banking and Insurance. NIIT has set up the Institute in partnership with the ICICI Bank, India’s second-largest bank, to cater to the needs of the exponentially-growing Banking, Insurance and Financial Services sectors in India and overseas markets. 

The Institute was jointly launched by Mr. K.V. Kamath, Managing Director and CEO, ICICI Bank, and Mr. Rajendra S. Pawar, Chairman, NIIT, at a press conference in the city today.
Speaking on the occasion, Mr. K.V. Kamath, Managing Director and CEO, ICICI Bank said, “The explosive growth of the Indian Banking and Financial Services sectors will be hampered by shortage of qualified people, unless we invest in educating and training professionals who can join the field.”
“As an industry leader, ICICI Bank felt the need for an Institute that could service the Financial Services industry as a whole. We are happy that NIIT has responded with the setting up of the IFBI, and we will contribute to this initiative through equity participation as well as inputs on course design. We hope IFBI will replicate NIIT’s achievements in creating skilled professionals in the IT area”, he added.                                                                                                                               
IFBI will commence admissions in October 2006 and its first offering, a 6-month full-time programme, the Post Graduate Diploma in Banking Operations (PGDBO), will focus on grooming entry-level professionals for the banking industry. The ICICI Bank has offered to recruit all the students of the first batch as Officers upon successful completion of the programme.
Speaking on the occasion, NIIT Chairman, Rajendra S. Pawar said, “The launch of IFBI utilises our reach and expertise in distributed non-formal education and harnesses the domain expertise of ICICI Bank, to move into growing areas of the knowledge economy.”
“We are delighted to work together with ICICI Bank, a leader across the financial services spectrum, to set-up this institute. This will serve the manpower needs of the Banking and Financial Services industries,” Mr. Pawar added
Also present at the launch event were Mr. Vijay Thadani, CEO, NIIT, Dr Smarajit Dey, President Strategic Initiatives and Mr. S. Venkatesh, Head, IFBI.
The Banking industry currently employs nine lakh people and is expected to grow this number to 15 lakhs over the next 5-years (Source: Business Today, July 2, 2006 issue). This translates into an additional requirement of 6 lakh professionals with skillsets in this segment.
To start with, IFBI will offer training programmes for the entry-level professionals in the Banking sector. The training programmes will be offered from IFBI education centres set up in Delhi, Mumbai Chennai, Bangalore, Hyderabad and Calcutta.
ICICI Bank has supported IFBI in designing the curriculum and developing the course content, and offering laboratory and Internship sites to students. ICICI Bank will also consider granting Education Loans to students selected for the PGDBO programme.
The launch of IFBI follows close on the heels of the launch of NIIT Imperia, Centre for Advanced Learning, through which NIIT will offer executive management education programmes in alliance with the IIMs in Ahmedabad, Calcutta and Indore. NIIT has identified these new areas of growth in the rapidly emerging services sector.
About ICICI Bank:
ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with assets of Rs. 2662.65 billion as on June 30, 2006. ICICI Bank provides a broad spectrum of financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. ICICI Bank has over 630 branches and extension counters and over 2225 ATM’s spread across the country. The Bank services its large customer base of more than 17 million customers’ accounts through a multi-channel delivery network of branches, ATM’s, call centers and Internet banking ( to ensure that customers have access to its services at all times.
About NIIT
NIIT, an acknowledged leader in the IT and IT-assisted training space, offers learning and knowledge solutions in 30 countries. Leading IT magazine Dataquest has conferred on NIIT, the “Top Training Company Award 2005.”
Rated among India’s Superbrands (2003-05), NIIT’s education offerings include: GNIIT, an industry-endorsed programme for students seeking careers in the IT segments; CATS, which offers training programmes on advanced technologies for IT professionals; NIIT Edgeineers, a skill upgradation programme for engineering graduates.
In the Corporate Solutions Business, NIIT’s offerings are bolstered by its SEI CMM Level5 assessed learning services capability. The Corporate Solutions Business offers integrated learning solutions that include strategic consulting, learning design, content development, learning delivery, learning technology services and learning administration.
NIIT has recently acquired Element K, a leading provider of learning solutions in North America. Together, NIIT and Element K have emerged as the leading global providers of comprehensive learning solutions, with more than 3,000 employees and over US$ 250 million in revenue.
NIIT’s customers include many Fortune 500 companies, universities, technology companies, training corporations and publishing houses.
For inquiries, please contact:
Manish Srivastava, IFBI, 85, Sector 32, Institutional Area, Gurgaon;
Phone: +91 9910174967; +91 124 4293000; Fax: +91 124 4293333;
For Media queries:
Charudatta Deshpande, Head–Corporate Communications, ICICI Bank,
Tel: 022-26538208, +91 22 66968208; Fax: 022 –26531116
Shivanjali Singh, NIIT Limited, 85, Sector 32 Institutional Area, Gurgaon;
Phone: +91 124 4293044; Fax: +91 124 4293333; email:
Praveen Nadga, Brodeur India, Mumbai; Tel: +91 9870037766;