Document:

EXHIBIT 4.5

                            SCHEME OF AMALGAMATION
                                      of

ICICI LIMITED                            )
ICICI CAPITAL SERVICES LIMITED           ) collectively the Transferor Companies
ICICI PERSONAL FINANCIAL SERVICES        )
  LIMITED                                )

                                     with

ICICI BANK LIMITED ......................  the Transferee Company

PART I - GENERAL

1.   This Scheme of Amalgamation (hereinafter referred to as the "Scheme")
     provides for the amalgamation of ICICI Limited, ICICI Capital Services
     Limited and ICICI Personal Financial Services Limited (both ICICI Capital
     Services Limited and ICICI Personal Financial Services Limited, are
     wholly-owned subsidiaries of ICICI Limited) with ICICI Bank Limited
     pursuant to Sections 391 to 394 and other relevant provisions of the Act.

2.   In this Scheme, unless repugnant to the meaning or context thereof, the
     following expressions shall have the following meanings:

     "Act" means the Companies Act, 1956 or any amendment or re-enactment
     thereof.

     "ADRs" means American depositary receipts issued pursuant to the Issue of
     Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary
     Receipt Mechanism) Scheme, 1993 together with any modification thereto and
     other applicable laws, and where relevant shall include the underlying
     equity shares relating thereto.

     "Appointed Date" means the later of (i) March 30, 2002 and (ii) the date
     on which the approval of the Reserve Bank of India for the Scheme becomes
     effective.

     "Assets" or "Undertaking" means all the undertakings, the entire
     businesses, all the properties (whether movable or immovable, tangible or
     intangible), assets, deposits, investments of all kinds (including shares,
     scrips, stocks, bonds, debentures, debenture stock, units or pass through
     certificates), all cash balances with the Reserve Bank of India and other
     banks, money at call and short notice, loans, advances, contingent rights
     or benefits, lease and hire purchase contracts and assets, securitised
     assets, receivables, benefit of assets or properties or other interest
     held in trust, benefit of any security arrangements, authorities,
     allotments, approvals, reversions, buildings and structures, office,
     residential and other premises, tenancies, leases, licenses, fixed and
     other assets, powers, consents, authorities, registrations, agreements,
     contracts, engagements, arrangements of all kinds, rights, titles,
     interests, benefits and advantages of whatsoever nature and wheresoever
     situate belonging to or in the ownership, power or possession or in the
     control of or vested in or granted in favour of or held for the benefit of
     or enjoyed by the Transferor Companies or to which the Transferor
     Companies may be entitled and include but without being limited to trade
     and service names and marks and other intellectual property rights of any
     nature whatsoever, permits, approvals, authorisations, rights to use and
     avail of telephones, telexes, facsimile, email, internet, leased line
     connections and installations, utilities, electricity and other services,
     reserves, provisions, funds, benefits of all agreements, all records,
     files, papers, computer programmes, manuals, data, catalogues, sales and
     advertising materials, lists and other details of present and former
     customers and suppliers, customers credit information, customer and
     supplier pricing information and other records in connection with or
     relating to the Transferor Companies and all other interests of whatsoever
     nature belonging to or in the ownership, power, possession or the control
     of or vested in or granted in favour of or held for the benefit of or
     enjoyed by the Transferor Companies, whether in India or abroad.

     "Deposit Agreement" shall have the meaning ascribed to it in Clause 17(a).

     "Depositary" shall have the meaning ascribed to it in Clause 17(a).

     "Effective Date" means the last of the dates on which all conditions,
     matters and filings referred to in Clause 26 hereof have been fulfilled
     and necessary orders, approvals and consents referred to therein have been
     obtained.

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     References in this Scheme to the date of "coming into effect of this
     Scheme" or "effectiveness of this Scheme" shall mean the Effective Date.

     "ICICI" means ICICI Limited, a company incorporated under the Indian
     Companies Act, 1913 and having its registered office at ICICI Towers,
     Bandra-Kurla Complex, Mumbai 400 051, Maharashtra.

     "ICICI Bank" or the "Transferee Company" means ICICI Bank Limited, a
     company incorporated under the Companies Act, 1956 and licensed by the
     Reserve Bank of India under the Banking Regulation Act, 1949 and having
     its registered office at Landmark, Race Course Circle, Vadodara 390 007,
     Gujarat.

     "ICICI Bank Shares" shall have the meaning ascribed to it in Clause 8.

     "ICICI Capital" means ICICI Capital Services Limited, a company
     incorporated under the Companies Act, 1956, and having its registered
     office at ICICI Towers, Bandra-Kurla Complex, Mumbai 400 051, Maharashtra.

     "ICICI PFS" means ICICI Personal Financial Services Limited, a company
     incorporated under the Companies Act, 1956, and having its registered
     office at ICICI Towers, Bandra-Kurla Complex, Mumbai 400 051, Maharashtra.

     "ICICI Stock Options" shall have the meaning ascribed to it in Clause 9
     (b) (i).

     "Joint Committee" shall have the meaning ascribed to it in Clause 7(a).

     "Members" shall have the meaning ascribed to it in Clause 13(a).

     "Liabilities" shall have the meaning ascribed to it in Clause 5(a).

     "Pledged Documents" shall have the meaning ascribed to it in Clause 4(e).

     "Pledged Shares" shall have the meaning ascribed to it in Clause 4(e).

     "Preference Shares" shall have the meaning ascribed to it in Clause 13(e).

     "Record Date" shall have the meaning ascribed to it in Clause 13(a).

     "Securities Act" shall have the meaning ascribed to it in Clause 17(b).

     "Security Trustee" shall have the meaning ascribed to it in Clause 4(e).

     "Share Exchange Ratio" shall have the meaning ascribed to it in Clause
     13(a).

     "Transferor Companies" means collectively ICICI, ICICI Capital and ICICI
     PFS and "Transferor Company" means individually each of them.

     "Transferor Companies' Securities" shall have the meaning ascribed to it
     in Clause 5(d).

     "Trust" shall have the meaning ascribed to it in Clause 8.

     "Trust Deed" shall have the meaning ascribed to it in Clause 8.

     "Trustees" shall have the meaning ascribed to it in Clause 8.

PART II - SHARE CAPITAL

3.   (a)  The share capital of ICICI as of September 30, 2001 is as under:

          AUTHORIZED                                               (IN RUPEES)
          1,600,000,000 Equity Shares of Rs. 10/- each         1600,00,00,000
          5,000,000,000 Preference Shares of Rs. 10/- each     5000,00,00,000
          350 Preference Shares of Rs. 10,000,000/- each        350,00,00,000
                                                               --------------
                                                               6950,00,00,000
                                                               --------------
          ISSUED, SUBSCRIBED AND PAID-UP
          785,345,448 Equity Shares of Rs. 10/- each
            fully paid-up                                       785,34,54,480
          Less: Calls in arrears                                    48,29,648.19
                                                               -----------------
                                                                784,86,24,831.81
                                                               -----------------

          350 0.001% Preference Shares of Rs. 1,00,00,000/-
          each fully paid-up redeemable at par on April 20,
          2018                                                  350,00,00,000

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     Of the above -

     (i)  6,750,000 Equity Shares are allotted as fully paid-up by way of bonus
          shares by capitalization of General Reserve;

     (ii) 222,534,943 Equity Shares are allotted as fully paid-up by conversion
          of Debentures/Loans into Equity Shares (including 9,798,327 Equity
          Shares on conversion of loans of erstwhile SCICI Ltd.)

     (iii) 69,184,024 Equity Shares are allotted as fully paid-up towards
          consideration for amalgamation of erstwhile SCICI Ltd. with ICICI.

     (iv) 2,395,205 Equity Shares are allotted as fully paid-up towards
          consideration for amalgamation of erstwhile ITC Classic Finance
          Limited with ICICI.

     (v)  1,657,061 Equity Shares are allotted as fully paid-up towards
          consideration for amalgamation of erstwhile Anagram Finance Limited
          with ICICI.

     (vi) 256,414,285 (including 96,700,000 Equity Shares represented by Global
          Depositary Receipts which were converted into American Depositary
          Shares) Equity Shares are allotted as fully paid-up represented by
          American Depositary Shares through an international offering in US
          Dollars.

     (b)  The share capital of ICICI Capital as of September 30, 2001 is as
          under:

          AUTHORIZED                                                (IN RUPEES)
          5,000,000 Equity Shares of Rs. 10/- each                  5,00,00,000

          ISSUED, SUBSCRIBED AND PAID-UP
          5,000,000 Equity Shares of Rs. 10/- each fully paid-up    5,00,00,000

     (c)  The share capital of ICICI PFS as of September 30, 2001 is as under:

          AUTHORIZED                                                (IN RUPEES)
          150,000,000 Equity Shares of Rs. 10/- each              150,00,00,000

          ISSUED, SUBSCRIBED AND PAID-UP
          5,000,000 Equity Shares of Rs. 10/- each                  5,00,00,000

     (d)  The share capital of the Transferee Company as of September 30, 2001
          is as under:

          AUTHORIZED                                                (IN RUPEES)
          300,000,000 Equity Shares of Rs. 10/- each              300,00,00,000

          ISSUED, SUBSCRIBED AND PAID-UP
          220,358,680 Equity Shares of Rs. 10/- each fully
            paid-up                                               220,35,86,800

     Of the above -

     23,539,800 Equity Shares are allotted as fully paid-up towards
     consideration for amalgamation of erstwhile Bank of Madura Limited with
     the ICICI Bank.

PART III - TRANSFER AND VESTING

4.   Upon the coming into effect of this Scheme and with effect from the
     Appointed Date and subject to the provisions of this Scheme:

     (a)  The Undertaking of the Transferor Companies shall, pursuant to the
          provisions of Section 394(2) of the Act, without any further act,
          instrument or deed, be and stand transferred to and vested in or be
          deemed to have been transferred to and vested in the Transferee
          Company as a going concern so as to become as and from the Appointed
          Date, the estate, assets, rights, title, interest and authorities of
          the Transferee Company.

     (b)  Without prejudice to sub-clause (a) above, in respect of such of the
          assets of the Undertaking as are movable in nature or are otherwise
          capable of transfer by manual delivery or by endorsement and/or
          delivery, the same may be so transferred by the Transferor Companies,
          and shall, upon such transfer, become the property, estate, assets,
          rights, title, interest and authorities of the Transferee Company.

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     (c)  All the licenses, permits, quotas, approvals, incentives, subsidies,
          rights, claims, leases, tenancy rights, liberties, rehabilitation
          schemes, special status and other benefits or privileges enjoyed or
          conferred upon or held or availed of by and all rights and benefits
          that have accrued to the Transferor Companies shall, pursuant to the
          provisions of Section 394(2) of the Act, without any further act,
          instrument or deed, be and stand transferred to and vest in or be
          deemed to be transferred to and vested in and be available to the
          Transferee Company so as to become as and from the Appointed Date the
          estates, assets, rights, title, interests and authorities of the
          Transferee Company and shall remain valid, effective and enforceable
          on the same terms and conditions to the extent permissible under law.

     (d)  All assets, estate, rights, title, interest, licenses and authorities
          acquired by or quotas, approvals, incentives, subsidies, rights,
          claims, leases, tenancy rights, liberties, rehabilitation schemes,
          special status and other benefits or privileges enjoyed or conferred
          upon or held or availed of by and/or all rights and benefits that
          have accrued to the Transferor Companies after the Appointed Date and
          prior to the Effective Date in connection or in relation to the
          operation of the Undertaking shall, pursuant to the provisions of
          Section 394(2) of the Act, without any further act, instrument or
          deed, be and stand transferred to and vested or deemed to be
          transferred to and vested in the Transferee Company.

     (e)  Such of the shares which have been pledged in favour of one or more
          of the Transferor Companies (the "Pledged Shares"), whether in their
          own name or as an agent or trustee, by third parties by way of
          security under the terms of the relevant agreements, documents and/or
          arrangements (collectively the "Pledge Documents"), shall, without
          any further act, instrument or deed be and stand transferred to ICICI
          Trusteeship Services Limited, a company incorporated under the
          Companies Act, 1956 and having its registered office at ICICI Towers,
          Bandra-Kurla Complex, Mumbai 400 051, Maharashtra, who shall hold the
          Pledged Shares on trust as a trustee exclusively for the benefit of
          the persons for whose benefit the pledge has been created (ICICI
          Trusteeship Services Limited is hereinafter referred to as the
          "Security Trustee"), and all the rights, benefits and obligations of
          such Transferor Company as pledgee, agent or trustee under the Pledge
          Documents shall be and stand transferred to and vested in the
          Security Trustee, and the Pledge Documents shall continue to be in
          full force and effect and may be enforced as fully and effectually as
          if, instead of such Transferor Company, the Security Trustee had been
          a party thereto. The Security Trustee shall hold the Pledged Shares
          in trust for the benefit of the persons for whose benefit the pledge
          has been created and exercise all powers, trusts, authorities, duties
          and discretions as are specifically vested in the Security Trustee
          under the Pledge Documents and such other rights, powers and
          discretions as are reasonably incidental thereto, on and subject to
          the instructions and directions issued by the person for whose
          benefit the pledge has been created, from time to time.

5.   Upon the coming into effect of this Scheme and with effect from the
     Appointed Date:

     (a)  All debts, including rupee and foreign currency loans, term deposits,
          time and demand liabilities, borrowings, bills payable, interest
          accrued and all other duties, liabilities, undertakings and
          obligations of the Transferor Companies (the "Liabilities") shall,
          pursuant to the provisions of Section 394(2) of the Act, without any
          further act, instrument or deed be and stand transferred to and
          vested in or be deemed to stand transferred to and vested in, the
          Transferee Company so as to become the Liabilities of the Transferee
          Company, and further that it shall not be necessary to obtain the
          consent of any person who is a party to any contract or arrangement
          by virtue of which such Liabilities have arisen in order to give
          effect to the provisions of this Clause.

     (b)  In case of such of the Liabilities or the documents governing such of
          the Liabilities where there is an obligation on one or more of the
          Transferor Companies to maintain any privilege or status specifically
          conferred by any statute or regulation, such obligation and related
          consequences thereof shall cease to be operative against the
          Transferee Company, and the relevant terms of the documents governing
          such Liabilities shall, without any further act, instrument or deed,
          stand modified accordingly.

     (c)  All public deposits, debentures or bonds of the Transferor Companies
          shall be kept distinctly identified in the records of the Transferee
          Company for all intents and purposes including taxation and
          accounting and shall not be combined with any existing outstanding
          deposit scheme or series of debentures or bonds of the Transferee
          Company.

     (d)  (i)  All debentures, bonds, notes or other securities of the
               Transferor Companies, whether convertible into equity or
               otherwise, (the "Transferor Companies' Securities"), shall,
               pursuant to the provisions of Section 394(2) of the Act, without
               any further act, instrument or deed become securities of the
               Transferee Company and all rights, powers, duties and
               obligations in relation thereto shall be and stand transferred
               to and vested in or deemed to be transferred to and vested in
               and shall be exercised by or against the

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               Transferee Company as if it were the Transferor Company in
               respect of the Transferor Companies' Securities so transferred.
               If the Transferor Companies' Securities are listed on any stock
               exchange, the same shall, subject to applicable regulations, be
               listed and/or admitted to trading on the relevant stock
               exchange/s whether in India or abroad, where the Transferor
               Companies' Securities were listed and/or admitted to trading on
               the same terms and conditions unless otherwise modified in
               accordance with the provisions hereof.

          (ii) Loans and other obligations (including any guarantees, letters
               of credit, letters of comfort or any other instrument or
               arrangement which may give rise to a contingent liability in
               whatever form), if any, due or which may at any time in future
               become due between or amongst the Transferor Companies and the
               Transferee Company shall stand discharged and there shall be no
               liability in that behalf on either party. Provided however,
               security over any moveable and/or immoveable properties and
               security in any other form (both present and future), if any,
               created by any person in favour of any one or more of the
               Transferor Companies for securing the obligation of the persons
               for and on whose behalf a guarantee, letter of credit, letter of
               comfort or other similar instrument has been executed or
               arrangements entered into by the Transferor Companies in favour
               of the Transferee Company shall, pursuant to the provisions of
               Section 394(2) of the Act, without any further act, instrument
               or deed stand vested in and be deemed to be in favour of the
               Transferee Company and the benefit of such security shall be
               available to the Transferee Company as if such security was ab
               initio created in favour of the Transferee Company.

          (iii) Any securities, debentures or notes, if any, issued by any one
               or more of the Transferor Companies, and held by the Transferee
               Company, and vice versa shall, unless sold or transferred by
               such Transferor Company or the Transferee Company, as the case
               may be, at any time prior to the Appointed Date or the Effective
               Date (whichever is later), stand cancelled as on the Effective
               Date, and shall be of no effect and such Transferor Company or
               the Transferee Company, as the case may be, shall have no
               further obligation outstanding in that behalf.

          (iv) Without prejudice to the provisions of clause (d) (ii) above,
               the guarantees, letters of credit, letters of comfort and other
               similar arrangements, if any, given or executed or made by ICICI
               in favour of, for the benefit of and on behalf of, ICICI Capital
               and/or ICICI PFS in favour of any person shall stand discharged.

     (e)  If the Effective Date occurs after the Appointed Date, the following
          provisions shall apply:

          (i)  where any of the liabilities and obligations of the Transferor
               Companies as on the Appointed Date transferred to the Transferee
               Company have been discharged by the Transferor Companies after
               the Appointed Date and prior to the Effective Date, such
               discharge shall be deemed to have been for and on account of the
               Transferee Company;

          (ii) all loans raised and utilized and all debts, duties,
               undertakings, liabilities and obligations incurred or undertaken
               by the Transferor Companies in relation to or in connection with
               the Undertaking after the Appointed Date and prior to the
               Effective Date shall be deemed to have been raised, used,
               incurred or undertaken for and on behalf of the Transferee
               Company and to the extent they are outstanding on the Effective
               Date, shall, pursuant to the provisions of Section 394(2) of the
               Act, without any further act, instrument or deed be and stand
               transferred to or vested in or be deemed to be transferred to
               and vested in the Transferee Company and shall become the
               liabilities and obligations of the Transferee Company which
               shall meet, discharge and satisfy the same; and

          (iii) all estates, assets, rights, title, interests and authorities
               accrued to and/or acquired by the Transferor Companies in
               relation to or in connection with the Undertaking after the
               Appointed Date and prior to the Effective Date shall have been
               deemed to have been accrued to and/or acquired for and on behalf
               of the Transferee Company and shall, pursuant to the provisions
               of Section 394(2) of the Act, without any further act,
               instrument or deed be and stand transferred to or vested in or
               be deemed to be transferred to or vested in the Transferee
               Company to that extent and shall become the estates, assets,
               right, title, interests and authorities of the Transferee
               Company.

6.   If the Effective Date occurs after the Appointed Date:

     (a)  each of the Transferor Companies with effect from the Appointed Date
          and upto and including the Effective Date:

          (i)  shall carry on and shall be deemed to have carried on all the
               business and activities as hitherto and shall hold and stand
               possessed of and shall be deemed to have held and stood
               possessed of the Undertaking on account of, and in trust for,
               the Transferee Company; and

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          (ii) all the profits or incomes accruing or arising to the Transferor
               Companies, or expenditure or losses arising or incurred
               (including the effect of taxes, if any, thereon) by the
               Transferor Companies shall, for all purposes, be treated and be
               deemed to be and accrue as the profits or incomes or expenditure
               or losses or taxes of the Transferee Company, as the case may
               be.

     (b)  each of the Transferor Companies with effect from the Appointed Date
          and upto and including the Effective Date shall carry on its business
          and activities with reasonable diligence and business prudence and
          shall not undertake financial commitments either for itself or on
          behalf of its subsidiaries or group companies or any third party, or
          sell, transfer, alienate, charge, mortgage or encumber the
          Undertaking or any part thereof, save and except in each case in the
          following circumstances:

          (i)  if the same is in its ordinary course of business as carried on
               by it as on the date of filing of this Scheme with the High
               Court of Judicature at Bombay and the High Court of Gujarat at
               Ahmedabad; or

          (ii) if the same is expressly permitted by this Scheme; or

          (iii) if prior written consent of the Transferee Company has been
               obtained.

     (c)  the Transferee Company with effect from the Appointed Date and upto
          and including the Effective Date shall carry on its business and
          activities with reasonable diligence and business prudence and shall
          not undertake financial commitments either for itself or on behalf of
          its subsidiaries or group companies or any third party, or sell,
          transfer, alienate, charge, mortgage or encumber its undertaking or
          any part thereof, save and except in each case in the following
          circumstances:

          (i)  if the same is in its ordinary course of business as carried on
               by it as on the date of filing this Scheme with the High Court
               of Judicature at Bombay and the High Court of Gujarat at
               Ahmedabad; or

          (ii) if the same is expressly permitted by this Scheme; or

          (iii) if prior written consent of each of the Transferor Companies
               has been obtained.

7.   (a)  The Board of Directors of ICICI and the Transferee Company have
          jointly constituted a committee in the manner described in sub-clause
          (b) below (the "Joint Committee") to perform the functions specified
          in subclause (c) below from the date of filing of this Scheme with
          the High Court of Judicature at Bombay and the High Court of Gujarat
          at Ahmedabad until the Effective Date.

     (b)  The constitution of the Joint Committee shall be as mentioned
          hereinbelow:

          (i)  Shri K. V. Kamath (Managing Director and Chief Executive
               Officer, ICICI), as the Chairman of the Joint Committee;

          (ii) Shri H. N. Sinor (Managing Director and Chief Executive Officer,
               ICICI Bank), as a member of the Joint Committee;

          (iii) Shri K. V. Kamath shall have the power and authority to appoint
               such additional members of the Joint Committee, as may be
               necessary, from amongst the whole time Directors and/or
               employees of ICICI;

          (iv) Shri H. N. Sinor shall have the power and authority to appoint
               such additional members of the Joint Committee, as may be
               necessary, from amongst the whole time Directors and/or
               employees of ICICI Bank.

     (c)  From the date of filing of this Scheme with the High Court of
          Judicature at Bombay and the High Court of Gujarat at Ahmedabad and
          until the Effective Date, the Joint Committee shall perform the
          following functions:

          (i)  in case of any ambiguity or any question as to whether any
               matter is within or outside the ordinary course of the business
               of the Transferor Companies and/or the Transferee Company, it
               shall determine the same on the basis of evidence that it may
               deem relevant for the purpose (including the books and records
               of the Transferor Companies and/or the Transferee Company);

          (ii) to consider for approval the matters pertaining to the share
               capital of the Transferor Companies and/or the Transferee
               Company as specified in Clause 9 below;

          (iii) to deal with the matters, if any, in relation to change in the
               employees' compensation structure of the Transferor Companies
               and the Transferee Company and matters incidental or
               consequential or related thereto; and

          (iv) to perform such other functions specifically provided elsewhere
               in this Scheme or as may be specifically conferred on it by the
               Boards of Directors of ICICI and the Transferee Company
               respectively.

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     (d)  Unless otherwise agreed to between Shri K. V. Kamath and Shri H. N.
          Sinor, the quorum for meetings of the Joint Committee shall be two
          (2). The Joint Committee shall meet at such times and places, and
          shall observe and follow such rules and procedure formulated by the
          Joint Committee, from time to time, in regard to the transaction of
          business at its meetings. The Chairman of the Joint Committee or, if
          for any reason, the Chairman is unable to attend a meeting of the
          Joint Committee, any other member elected by the members present from
          amongst themselves at the meeting shall preside at such meeting. All
          matters shall be decided by the Joint Committee by a majority vote of
          the members present and voting at the meeting, and in the event of an
          equality of votes, the Chairman or in his absence, the person
          presiding, shall have the second or casting vote. If, however,
          without convening a meeting of the members of the Joint Committee any
          matter is decided by the Joint Committee wherein the consent or
          approval of the majority of the members of the Joint Committee is
          obtained by letter or letters or any instrument signed by such
          members of the Joint Committee then such letter or letters or
          instrument shall constitute a resolution passed or decision taken at
          the meeting of the Joint Committee duly convened and held and shall
          have the effect accordingly. All decisions of the Joint Committee
          determined as aforesaid shall be binding on the Transferor Companies
          and the Transferee Company.

8.   ICICI may, on the Appointed Date, transfer all the shares of the
     Transferee Company held by it on such date (the "ICICI Bank Shares") to an
     individual trustee or a board of trustees (including the survivors or
     survivor of any of the trustees comprising such board of trustees) or a
     corporate trustee (hereinafter referred to as the "Trustees"), to have and
     to hold the ICICI Bank Shares in trust together with all additions or
     accretions thereto upon trust exclusively for the benefit of ICICI and its
     successor subject to the powers, provisions, discretions, rights and
     agreements contained in the instrument (the "Trust Deed") establishing the
     aforesaid trust (the "Trust"). The Trustees shall not exercise any voting
     rights with respect to ICICI Bank Shares. It is proposed that the Trustee
     shall, within a period of 24 months from the Effective Date subject
     however to the prevailing market conditions (in which case, the said
     period may be suitably extended in the discretion of the Trustees), sell,
     transfer or dispose of the ICICI Bank Shares at such time or times and in
     such manner as may be proper in accordance with provisions of the Trust
     Deed and shall remit the proceeds thereof to ICICI or its successor and
     consequent thereto all obligations of the Trustees under the Trust Deed
     shall stand discharged and the trust shall stand terminated.

9.   (a)  From the date of filing of this Scheme with the High Court of
          Judicature at Bombay and the High Court of Gujarat at Ahmedabad and
          upto and including the Effective Date, none of the Transferor
          Companies and/or the Transferee Company shall make any change in its
          capital structure in any manner either by any increase (including by
          way of issue of equity and/or preference shares on a rights basis or
          by way of a public issue, bonus shares and/or convertible debentures
          or otherwise), decrease, reduction, reclassification, sub-division,
          consolidation, re-organisation, or in any other manner which may, in
          any way, affect the Share Exchange Ratio (as defined in Clause 13
          below), except with the prior approval of the Joint Committee
          provided that nothing contained in this sub-clause shall be deemed to
          affect any pre-existing obligations of any of the Transferor
          Companies and/or the Transferee Company, including in respect of the
          issue of further employees' stock options, vesting of stock options
          or exercise of vested options under any existing scheme or conversion
          of any loan or convertible security into equity shares in accordance
          with the terms of any loan obtained or convertible security issued by
          any of the Transferor Companies and/or the Transferee Company.

     (b)  (i)  In respect of the stock options granted by ICICI under the
               employees' stock options scheme to its directors and employees
               and employees of ICICI Capital or ICICI PFS or any other
               subsidiary or associate company of ICICI which have not yet been
               exercised and are outstanding ("ICICI Stock Options"), the said
               directors and employees shall, in lieu of the options held by
               them in ICICI, receive such number of options in the Transferee
               Company determined in accordance with the Share Exchange Ratio
               (as defined in Clause 13 below). The exercise price of the
               options received by the aforesaid directors and employees in
               lieu of the ICICI Stock Options shall be twice the price payable
               by the said directors and employees for the exercise of the
               ICICI Stock Options. All other terms and conditions in relation
               to the options aforesaid shall be similar to those contained in
               the employees stock option scheme of the Transferee Company.

          (ii) Upon the coming into effect of this Scheme, Section IV Part I of
               the employees' stock options scheme of the Transferee Company
               shall stand amended in the following manner:

               "The maximum number of Options granted to any Eligible Employee
               in a financial year shall not exceed 0.05% of the issued equity
               shares of the Bank at the time of grant of the Options and the
               aggregate of all such Options granted to the Eligible Employees
               shall not exceed five percent of the aggregate number

                                       7
<PAGE>

               of the issued equity shares of the Bank after coming into effect
               of the amalgamation of ICICI Limited, ICICI Capital Services
               Limited and ICICI Personal Financial Services Limited with the
               Bank and the issuance of equity shares by the Bank pursuant to
               the aforesaid amalgamation of ICICI Limited, ICICI Capital
               Services Limited and ICICI Personal Financial Services Limited
               with the Bank."

10.  Upon the coming into effect of this Scheme:

     (a)  all suits, actions and legal and other proceedings by or against the
          Transferor Companies pending and/or arising on or before the
          Appointed Date or the Effective Date (whichever is later) shall be
          transferred in the name of the Transferee Company and shall be
          continued and be enforced by or against the Transferee Company as
          effectually and in the same manner and to the same extent as if the
          same had been pending and/or arisen by or against the Transferee
          Company.

     (b)  the Transferee Company shall be notified as the 'designated person'
          under the provisions of Section 16 read with Section 2(d) of the
          Shipping Development Fund Committee (Abolition) Act, 1986 and all
          suits, actions and legal and other proceedings by or against ICICI in
          its capacity as such 'designated person' pending and/or arising on or
          before the Appointed Date or the Effective Date (whichever is later)
          shall be transferred in the name of the Transferee Company and shall
          be continued and be enforced by or against the Transferee Company as
          effectually and in the same manner and to the same extent as if the
          Transferee Company had originally been notified as the 'designated
          person' in that behalf and as if the same had been pending and/ or
          arisen by or against the Transferee Company.

11.  (a)  Upon the coming into effect of this Scheme, and subject to the
          provisions of this Scheme, all contracts, deeds, bonds, agreements,
          arrangements and other instruments (including all tenancies, leases,
          licenses and other assurances in favour of any of the Transferor
          Companies or powers or authorities granted by or to any of them) of
          whatsoever nature to which any of the Transferor Companies is a party
          or to the benefit of which any of the Transferor Companies may be
          eligible, and which are subsisting or having effect immediately
          before the Appointed Date or the Effective Date (whichever is later),
          shall, without any further act, instrument or deed, be in full force
          and effect in favour of or against the Transferee Company, as the
          case may be, and may be enforced as fully and effectually as if,
          instead of such Transferor Company, the Transferee Company had been a
          party or beneficiary or obligee thereto.

     (b)  The Transferee Company may, at any time after the coming into effect
          of this Scheme in accordance with the provisions hereof, if so
          required, under any law or otherwise, execute deeds of confirmation
          in favour of any party to any contract or arrangement to which any of
          the Transferor Companies is a party or any writings as may be
          necessary to be executed in order to give formal effect to the above
          provisions. The Transferee Company shall be deemed to be authorized
          to execute any such writings on behalf of the Transferor Companies
          and to carry out or perform all formalities or compliances required
          for the purposes referred to above on the part of the Transferor
          Companies.

12.  Upon the coming into effect of this Scheme:

     (a)  the employees of the Transferor Companies who are in service on the
          Appointed Date or the Effective Date (whichever is later), shall
          become the employees solely of the Transferee Company on such date
          without any break or interruption in service and on terms and
          conditions as to remuneration not less favourable than those
          subsisting with reference to the respective Transferor Companies on
          the said date.

     (b)  the existing provident fund, gratuity fund, and pension and/or
          superannuation fund or trusts created by the Transferor Companies or
          any other special funds created or existing for the benefit of the
          employees of the Transferor Companies shall be transferred to the
          relevant funds of the Transferee Company. In the event that the
          Transferee Company does not have its own fund with respect to any
          such matters, the Transferee Company shall create its own funds to
          which the contributions pertaining to the employees of Transferor
          Companies shall be transferred.

PART IV - REORGANIZATION OF CAPITAL

13.  (a)  Upon the coming into effect of this Scheme, and in consideration of
          the transfer of and vesting of the Undertaking and the Liabilities of
          the Transferor Companies in the Transferee Company in terms of this
          Scheme, the Transferee Company shall without any further application,
          act, instrument or deed, issue and allot to the equity shareholders
          of ICICI whose names are recorded in the Register of Members of ICICI
          (the "Members"), on a date (hereinafter referred to as the "Record
          Date") to be fixed by the Board of Directors of

                                       8
<PAGE>

          the Transferee Company or a committee of such Board of Directors,
          equity shares of Rs. 10/- (Rupees ten only) each, credited as fully
          paid up, in the ratio of 1(one) equity share of the face value of Rs.
          10/- (Rupees ten only) each in the Transferee Company for every 2
          (two) equity shares of the face value of Rs. 10/- (Rupees ten only)
          each held in ICICI .

          (the above ratio in which the shares of the Transferee Company are to
          be allotted to the shareholders of ICICI by the Transferee Company is
          hereinafter referred to as the "Share Exchange Ratio").

     (b)  The share certificates in relation to the shares held by the said
          Members in ICICI (and the ADRs that have been issued representing the
          underlying shares in ICICI) shall be deemed to have been
          automatically cancelled and be of no effect on and from such Record
          Date, without any further act, instrument or deed. In so far as the
          issue of shares pursuant to sub-clause (a) above is concerned, each
          of the said Members of ICICI, shall have the option, exercisable by
          notice in writing by the said Members to the Transferee Company on or
          before such date as may be determined by the Board of Directors of
          the Transferee Company or a committee of such Board of Directors, to
          receive either in certificate form or in dematerialised form, the
          shares of the Transferee Company in lieu thereof and in terms hereof.
          In the event that such notice has not been received by the Transferee
          Company in respect of any of the said Members, the shares of the
          Transferee Company shall be issued to such Members in certificate
          form. Those of the said Members exercising the option to receive the
          shares in dematerialised form shall be required to have an account
          with a depository participant and shall provide details thereof and
          such other confirmations as may be required. It is only thereupon
          that the Transferee Company shall issue and directly credit the
          demat/dematerialised securities account of such Member with the
          shares of the Transferee Company.

     (c)  No shares shall be issued by the Transferee Company pursuant to the
          amalgamation of ICICI Capital and ICICI PFS, both of which are wholly
          owned subsidiaries of ICICI.

     (d)  In respect of equity shares of ICICI where calls are in arrears,
          without prejudice to any remedies that ICICI or the Transferee
          Company, as the case may be, shall have in this behalf, the
          Transferee Company shall not be bound to issue any shares of the
          Transferee Company (whether partly paid or otherwise) nor to confirm
          any entitlement to such holder until such time as the
          calls-in-arrears are paid.

     (e)  Upon the coming into effect of this Scheme, the Transferee Company
          shall issue to the holders of 0.001% preference shares of Rs.
          1,00,00,000/- each fully paid-up (the "Preference Shares") of ICICI
          one 0.001% preference share of Rs. 1,00,00,000/- fully paid in lieu
          of every Preference Share on the same terms and conditions subject to
          the approval of the Reserve Bank of India and issue of notification
          and/or grant of permission for issuance of such preference shares,
          and/or amendment of the Banking Regulation Act, 1949. Provided
          however, in case such approval and/or grant of permission and/or
          amendment is not forthcoming ICICI will make alternate arrangements
          for accounting for the Preference Shares. The Preference Shares of
          ICICI shall stand cancelled upon the issuance of the preference
          shares by the Transferee Company as aforesaid. Nothing contained in
          this Clause shall affect the redemption on maturity of any of the
          Preference Shares of ICICI prior to the Effective Date.

14.  No fractional certificates shall be issued by the Transferee Company in
     respect of fractional entitlements, if any, to any Member. The Board of
     Directors of the Transferee Company shall, instead consolidate all such
     fractional entitlements and thereupon issue and allot equity shares in
     lieu thereof to the Trust or a director or an officer of the Transferee
     Company or such other person as the Transferee Company shall appoint in
     this behalf who shall hold the shares in trust on behalf of the Members
     entitled to fractional entitlements with the express understanding that
     such Trust, director(s) or officer(s) or person shall sell the same in the
     market at such time or times and at such price or prices in the market and
     to such person or persons, as it/he/they deem fit, and pay to the
     Transferee Company, the net sale proceeds thereof, whereupon the
     Transferee Company shall distribute such net sale proceeds to the Members
     of ICICI in proportion to their respective fractional entitlements.

15.  Equity shares issued and allotted by the Transferee Company in terms of
     Clause 13 shall be subject to the provisions of the Articles of
     Association of the Transferee Company and shall rank pari passu in all
     respects with the then existing equity shares of the Transferee Company,
     including in respect of dividends, if any, that may be declared by the
     Transferee Company, on or after the Appointed Date.

16.  Equity shares of the Transferee Company issued in terms of Clause 13
     above, shall, subject to applicable regulations, be listed or admitted to
     trading on the relevant stock exchange/s, whether in India or abroad,
     where the equity shares of the Transferee Company are presently listed or
     admitted to trading.

                                       9
<PAGE>

17.  (a)  Upon the coming into effect of this Scheme and the issue of shares in
          the Share Exchange Ratio, pursuant to Clause 13 above, the Transferee
          Company shall instruct its depositary (the "Depositary") to issue
          ADRs of the Transferee Company to the existing investors in ADRs of
          ICICI in an appropriate manner in accordance with the terms of the
          Deposit Agreement entered into amongst the Transferee Company,
          Bankers Trust Company and all registered holders and beneficial
          owners from time to time of the ADRs of the Transferee Company (the
          "Deposit Agreement"). The Transferee Company and the Depositary shall
          enter into such further documents as may be necessary and appropriate
          in this behalf.

     (b)  The Transferee Company shall take necessary steps for the issue of
          ADRs pursuant to Clause 17(a) above and for listing the ADRs on the
          New York Stock Exchange, including without limitation the filing of a
          supplemental listing application with the New York Stock Exchange and
          any required amendment of the Form F-6 under the Securities Act of
          1933, as amended, of the United States of America (the "Securities
          Act").

     (c)  The ADRs issued to the existing investors in the ADRs of ICICI
          pursuant to Clause 17(a) above shall be similar in all material
          respects with the then existing ADRs of the Transferee Company.

     (d)  The equity shares underlying the ADRs issued to the existing
          investors in the ADRs of ICICI shall not be registered under
          Securities Act in reliance upon the exemption from registration
          contained in Section 3(a)(10) of the Securities Act, and upon a
          no-action letter issued by the staff of the US Securities and
          Exchange Commission. To obtain this exemption, the Transferee Company
          will rely on the approval of the Scheme by the High Court of
          Judicature at Bombay and the High Court of Gujarat at Ahmedabad
          following the hearing by each court.

     (e)  If, on account of the Share Exchange Ratio, fractional ADRs of the
          Transferee Company have to be issued, then, in accordance with
          Section 4.03 of the Deposit Agreement, in lieu of delivering receipts
          for fractional ADRs the Depository may, in its discretion, sell the
          shares represented by the aggregate of such fractions, at public or
          private sale, at such place or places and at such price or prices as
          it may deem proper, and distribute the net proceeds of any such sale
          in accordance with the terms of the Deposit Agreement.

PART V - GENERAL TERMS AND CONDITIONS

18.  (a)  The Transferor Companies and the Transferee Company shall be entitled
          to declare and pay dividends, whether interim or final, to their
          respective equity shareholders in respect of the accounting period
          prior to the Appointed Date. Provided that any such declaration after
          the Appointed Date and prior to the Effective Date shall be made with
          the prior approval of the Board of Directors of the Transferor
          Companies and the Transferee Company.

     (b)  Until the coming into effect of this Scheme, the holder of equity
          shares of the Transferor Companies and the Transferee Company shall,
          save as expressly provided otherwise in this Scheme, continue to
          enjoy their existing rights under their respective articles of
          association including the right to receive dividends.

     (c)  It is clarified that the aforesaid provisions in respect of
          declaration of dividends, whether interim or final, are enabling
          provisions only and shall not be deemed to confer any right on any
          member of any of the Transferor Companies and/or the Transferee
          Company to demand or claim any dividends which, subject to the
          provisions of the Act, shall be entirely at the discretion of the
          respective Boards of Directors of the Transferor Companies and the
          Transferee Company and subject, wherever necessary, to the approval
          of the shareholders of the Transferor Companies and the Transferee
          Company, respectively.

19.  (a)  Upon the coming into effect of this Scheme and with effect from the
          Appointed Date, for the purpose of accounting for and dealing with
          the value of the assets and liabilities of ICICI in the books of the
          Transferee Company, the fair value of the assets (after deducting
          such provisions as are outstanding in the books of ICICI on the date
          immediately preceding the Appointed Date in respect of any asset or
          class of assets) and liabilities shall be determined on the Appointed
          Date to the satisfaction of the Transferee Company.

     (b)  Upon the coming into effect of the Scheme and with effect from the
          Appointed Date:

          (i)  If the fair value of any class of assets of ICICI determined in
               accordance with sub-clause (a) above is less than the value of
               such class of assets appearing in the books of ICICI immediately
               prior to the Appointed Date, the assets shall be accounted for
               and dealt with in the books of the Transferee Company at the
               value appearing in the books of ICICI on the date immediately
               preceding the Appointed Date and a provision equal to the
               difference between the value appearing in the books of ICICI and
               the fair value determined in accordance with sub-clause (a)
               above shall be made in the books of the Transferee Company.

                                      10
<PAGE>

          (ii) If the fair value of any class of assets of ICICI determined in
               accordance with sub-clause (a) above is greater than the value
               of such class of assets appearing in the books of ICICI
               immediately prior to the Appointed Date, the assets shall be
               accounted for and dealt with in the books of the Transferee
               Company at the fair value.

          (iii) Provisions outstanding in the books of ICICI on the date
               immediately preceding the Appointed Date in respect of any asset
               or class of assets shall be accounted for and dealt with in the
               books of the Transferee Company as provisions against the assets
               or class of assets against which such provisions were held in
               the books of ICICI on the date immediately preceding the
               Appointed Date.

          (iv) The liabilities of ICICI shall be accounted for and dealt with
               in the books of the Transferee Company at the fair value
               determined in accordance with sub-clause (a) above.

     (c)  The excess of the fair value of the net assets of ICICI over the
          paid-up value of the shares to be issued and allotted pursuant to the
          terms of Clause 13, shall be accounted for and dealt with in the
          books of the Transferee Company as follows:

          (i)  The balance in "Special Reserve Account" of ICICI shall continue
               to be designated as Special Reserve Account in the books of the
               Transferee Company;

          (ii) The balance in "Debenture Redemption Reserve Account" of ICICI
               shall continue to be designated as a Debenture Redemption
               Reserve Account in the books of the Transferee Company;

          (iii) The aggregate balance in "Capital Reserve Account", "Capital
               Redemption Reserve Account", "Share Premium Account", "General
               Reserve Account", "Profit and Loss Account" and any other
               account included in reserves and surplus of ICICI on the date
               immediately preceding the Appointed Date shall be reduced by the
               provisions created in accordance with sub-clause (b)(i) above
               and such further adjustments as may be deemed necessary
               including such adjustments as may be required to ensure the
               uniform application of accounting standards and policies adopted
               by the Transferee Company and the net balance thereof shall be
               credited by the Transferee Company to its General Reserve
               Account.

     (d)  (i)  Upon the coming into effect of the Scheme and with effect from
               the Appointed Date, the assets and liabilities of ICICI Capital
               and ICICI PFS shall be accounted for and dealt with in the books
               of the Transferee Company at their fair values to be determined
               on the Appointed Date to the satisfaction of the Transferee
               Company.

          (ii) In determining the fair value of the assets and liabilities of
               ICICI Capital and ICICI PFS and making the necessary
               adjustments, the provisions of sub-clauses (a) to (c) above
               shall be applied mutatis mutandis to ICICI Capital and ICICI
               PFS.

          (iii) An amount equal to the net assets of ICICI Capital and ICICI
               PFS shall be credited by the Transferee Company to its General
               Reserve Account.

20.  Upon the coming into effect of this Scheme:

     (a)  Clauses V of the Memorandum of Association of the Transferee Company
          shall, without any further act, instrument or deed, be and stand
          altered, modified and amended pursuant to Sections 94 and 394 and
          other applicable provisions of the Act in the manner set forth in
          Schedule I hereto.

     (b)  The Articles of Association of the Transferee Company shall, without
          any further act, instrument or deed, be and stand altered, modified
          and amended pursuant to Sections 31 and 394 and other applicable
          provisions of the Act in the manner set forth in Schedule II hereto.

21.  Upon the coming into effect of this Scheme, the Board of Directors of the
     Transferee Company shall be reconstituted in accordance with the
     provisions of the Act and the Banking Regulation Act, 1949. Provided that,
     subject to the approval of the Reserve Bank of India, the maximum number
     of Directors on the Board of Directors shall be increased to 21 (exclusive
     of the nominee director appointed by the Government of India and the
     director as may be nominated pursuant to the trust documents in relation
     to the issue of debentures or bonds of the Transferee Company and/or the
     Transferor Companies).

22.  Upon the coming into effect of this Scheme, the borrowing limits of the
     Transferee Company in terms of Section 293 (1)(d) of the said Act, shall
     without further act, instrument or deed stand enhanced by an amount
     aggregating to Rs.100,550 crore being the aggregate borrowing limits of
     the Transferor Companies, such limits being incremental to the existing
     limits of the Transferee Company.

                                      11
<PAGE>

23.  The Transferor Companies shall with all reasonable despatch, make
     applications/petitions under Sections 391 and 394 and other applicable
     provisions of the Act to the High Court of Judicature at Bombay for
     sanctioning of this Scheme and for dissolution of the Transferor Companies
     without winding up under the provisions of law, and obtain all approvals
     as may be required under law. Upon coming into effect of this Scheme, the
     Transferor Companies shall, without any further act, deed, or instrument,
     be dissolved without winding-up.

24.  The Transferee Company shall also with all reasonable despatch, make
     applications/petitions under Sections 391 and 394 and other applicable
     provisions of the Act to the High Court of Gujarat at Ahmedabad for
     sanctioning of this Scheme under the provisions of law, and obtain all
     approvals as may be required under law.

25.  (a)  The Transferor Companies and the Transferee Company may assent from
          time to time on behalf of all persons concerned to any modifications
          or amendments or additions to this Scheme or to any conditions or
          limitations which either the Boards of Directors of any of the
          Transferor Companies and the Transferee Company deem fit, or which
          the High Court of Judicature at Bombay and/or the High Court of
          Gujarat at Ahmedabad and/or any other authorities (including the
          Reserve Bank of India) under law may deem fit to approve of or impose
          and which the Transferor Companies and the Transferee Company may in
          their discretion deem fit and to resolve all doubts or difficulties
          that may arise in carrying out and implementing this Scheme and to
          do, authorise and execute all acts, instruments, deeds, matters and
          things necessary, or to review the position relating to the
          satisfaction of the conditions to this Scheme and if necessary, to
          waive any of those (to the extent permissible under law) for bringing
          this Scheme into effect. In the event of any of the conditions that
          may be imposed by the Courts or other authorities (including the
          Reserve Bank of India) which the Transferor Companies or the
          Transferee Company may find unacceptable for any reason, then the
          Transferor Companies and the Transferee Company are at liberty to
          withdraw the Scheme. The aforesaid powers of the Transferor Companies
          and the Transferee Company may be exercised by their respective
          Boards of Directors, a committee or committees of the concerned Board
          of Directors or any director authorised in that behalf by the
          concerned Board of Directors (hereinafter referred to as the
          "delegates").

     (b)  For the purpose of giving effect to this Scheme or to any
          modifications or amendments thereof or additions thereto, the
          delegate of the Transferor Companies and Transferee Company may give
          and are authorised to determine and give all such directions as are
          necessary including directions for settling or removing any question
          of doubt or difficulty that may arise and such determination or
          directions, as the case may be, shall be binding on all parties, in
          the same manner as if the same were specifically incorporated in this
          Scheme.

     (c)  In the event of there being any pending share transfers, whether
          lodged or outstanding, of any shareholder of ICICI, the Board of
          Directors or any committee thereof of ICICI shall be empowered in
          appropriate cases, even subsequent to the Record Date to effectuate
          such a transfer in ICICI as if such changes in registered holder were
          operative as on the Record Date, in order to remove any difficulties
          arising to the transferor or the transferee of the share in the
          Transferee Company and in relation to the new shares after the Scheme
          becomes effective.

26.  This Scheme is conditional upon and subject to:

     (a)  the Scheme being agreed to by the requisite majorities of the members
          of the Transferor Companies and the Transferee Company as required
          under the Act and the requisite orders of the High Court of
          Judicature at Bombay and the High Court of Gujarat at Ahmedabad
          referred to in Clauses 23 and 24 above being obtained;

     (b)  the approval of the Reserve Bank of India being obtained;

     (c)  such other sanctions and approvals including from any governmental
          authority or contracting party, if any, as may be required by law or
          contract in respect of the Scheme being obtained; and

     (d)  the certified copies of the court orders referred to in this Scheme
          being filed with the Registrar of Companies, Maharashtra, and the
          Registrar of Companies, Gujarat.

27.  In the event of this Scheme not becoming effective by June 30, 2002 or by
     such later date as may be agreed to by the respective Boards of Directors
     of the Transferor Companies and the Transferee Company, this Scheme shall
     become null and void and in that event no rights and liabilities
     whatsoever shall accrue to or be incurred inter se by the parties or their
     shareholders or creditors or employees or any other person. In such case
     each company shall bear its own costs or as may be mutually agreed amongst
     themselves.

28.  All costs, charges and expenses, including any taxes and duties of the
     Transferor Companies and Transferee Company respectively in relation to or
     in connection with this Scheme and incidental to the completion of the
     amalgamation of the Transferor Companies in pursuance of this Scheme shall
     be borne and paid by ICICI.

                                      12
<PAGE>

                                   Schedule I

                  Amendment to the Memorandum of Association

Clause V of the Memorandum of Association of the Transferee Company shall stand
modified and amended by deleting the Clause and replacing it with the
following:

     "The authorized capital of the Company shall be Rs. 2,250,00,00,000
     divided into 1,90,00,00,000 shares of Rs. 10/- each and 350 shares of Rs.
     1 crore each with rights privileges and conditions attached thereto as are
     provided by the Articles of Association of the Company for the time being
     with power to increase or reduce the capital of the Company and to divide
     the shares in the capital for the time being into several classes and to
     attach thereto respectively such preferential, cumulative, convertible,
     guarantee, qualified or other special rights, privilege, condition or
     restriction, as may be determined by or in accordance with the Articles of
     Association of the Company for the time being and to vary, modify, or
     abrogate any such right, privilege or condition or restriction in such
     manner as may for the time being be permitted by the Articles of
     Association of the Company or the legislative provisions for the time
     being in force."

                                      13
<PAGE>

                                  Schedule II

                   Amendments to the Articles of Association

The Articles of Association of the Company shall stand modified and amended in
the following manner.

1.   By deleting the definition of ICICI in Article 3.

2.   By deleting Article 5(a) and replacing it with the following: -

     "5(a) The Authorised Share Capital of the Company is Rs. 2,250,00,00,000
           divided into 1,90,00,00,000 equity shares of Rs. 10/- each and 350
           preference shares of Rs. 1 crore each."

3.   By inserting the word 'debentures' in Article 10(a) after the word
     'shares' and before the words 'or other interest....'.

4.   By inserting a new Article 80A as follows:

     "The Company may purchase its own shares in the manner provided for in
     Section 77A of the Act."

5.   By deleting Article 99(b) and replacing it with the following:

     "99(b) If there be no Chairman or if at any meeting he shall not be
            present within 15 minutes after the time appointed for holding such
            meeting, or is unwilling to act, the Managing Director shall be
            entitled to act as the Chairman of such meeting failing which the
            Non-Rotational Directors present may choose one of their number to
            act as Chairman of the meeting and in default of their doing so,
            the Members present shall choose one of the Directors to take the
            Chair and if no Directors present be willing to take the Chair, the
            Members present shall choose one of their number to be the Chairman
            of the meeting."

6.   By deleting Article 113 and replacing it with the following:

     "113 (a) on a show of hands, every Member present in person shall have
              one vote; and

          (b) on a poll, the voting rights of Members shall be as provided in
              Section 87 of the Act, but will be subject to the ceiling of ten
              per cent of the total voting rights or such other percentage as
              may be stipulated by Section 12(2) of the Banking Regulation
              Act."

7.   By deleting Article 126 and replacing it with the following:

     "126 Until otherwise determined by a General Meeting, the number of
          Directors shall not be less than three or more than 21 excluding
          the Government Director (referred to in Article 128A) and the
          Debenture Director (referred to in Article 129) (if any)."

8.   By deleting Article 128 and replacing it with the following:

     "128 Not more than one-third of the total number of Directors shall be
          non-rotational Directors and, except for the Debenture Director and
          the Government Director, such non-rotational Directors (hereinafter
          referred to as the "Non-Rotational Directors") shall be appointed
          by the Board of Directors of the Company. The remaining Directors
          shall be persons whose period of office is liable to determination
          by rotation and subject to the provisions of the Act shall be
          appointed by the Company in General Meeting."

9.   By inserting a new Article 128A after the existing Article 128:

     "128A(a) During such time as the Guarantee Agreement dated March 14, 1955
              or the Guarantee Agreement dated July 15, 1959 or the Guarantee
              Agreement dated October 28, 1960 or the Guarantee Agreement dated
              February 28, 1962, between the President of India and The
              International Bank for Reconstruction and Development shall
              remain in force the President of India shall have the right from
              time to time to appoint one person as a Director of the Company
              and to remove such person from office and on a vacancy being
              caused in such office from any cause whether by resignation,
              death, removal or otherwise to appoint a Director in the vacant
              place. The Company shall be entitled to agree with the President
              of India for the appointment of a Director of the Company by the
              President of India as contemplated by this Article in respect of
              any future advance or advances by the Government of India or in
              respect of any guarantee or guarantees that may be given by the
              Government of India in connection with the Company's future
              borrowings from The International Bank for Reconstruction and
              Development or any other financial institution. The Director
              appointed under this Article is herein referred to as "the
              Government Director" and the term "Government Director" means the
              Director for the time being in office under this Article. The

                                      14
<PAGE>

              Government Director shall not be liable to retire by rotation or
              be removed from office except by the President of India as
              aforesaid. Subject as aforesaid the Government Director shall be
              entitled to the same rights and privileges and be subject to the
              same obligations as any other Director of the Company."

10.  By inserting the following sentence at the end of Article 132 after the
     words "...or the Central Government.":

     "No Director who is a Government servant shall be entitled to receive any
     remuneration under this Article or other provisions of these presents
     except as authorised by the Government."

11.  By inserting a new Article 132A after the existing Article 132:

     "132A Subject to the provisions of Article 132 in the case of a
           Government servant, the Directors may allow and pay to any
           Director who is not a bona fide resident of the place where a
           meeting is held and who shall come to such place for the purpose
           of attending a meeting such sum as the Directors may consider
           fair compensation for travelling, hotel and other expenses in
           addition to his remuneration as above specified and the Directors
           may from time to time fix the remuneration to be paid to any
           member or members of their body constituting a committee
           appointed by the Directors in terms of these presents and may pay
           the same."

12.  By inserting a new Article 132B after the Article 132A:

     "132B Subject to the provisions of Article 132 in the case of a
           Government servant if any Director, being willing, shall be
           called upon to perform extra services or to make any special
           exertions in going out or residing at a particular place or
           otherwise for any of the purposes of the Company, the Company may
           remunerate such Director either by fixed sum or otherwise as may
           be determined by the Directors and such remuneration may be
           either in addition to or in substitution for his remuneration
           above provided."

13.  By deleting Article 140(b)(iii)

14.  By deleting Article 142 and replacing it with the following:

     "142 At every Annual General Meeting of the Company, one third of such
          Directors for the time being as are liable to retire by rotation
          or if their number is not three or a multiple of three, then the
          number nearest to onethird, shall retire from office. The
          Debenture Directors, the Government Directors and the
          Non-Rotational Directors, subject to Article 151, shall not be
          subject to retirement under this Article."

15.  By deleting the words "nomination of ICICI Directors by ICICI" in Article
     149(d) and replacing it with the words "appointment of the Non-Rotational
     Directors".

16.  By inserting the words "or a Non-Rotational Director" instead of the words
     "or a Nominee Director" in Article 150(a).

17.  By deleting Article 151(a) and replacing it with the following:

     "151(a) Subject to the provisions of the said Acts and these presents,
             the Board of Directors of the Company shall be entitled to
             appoint from time to time, one or more of the Non-Rotational
             Directors to act as the Whole-time or Executive Chairman and
             Managing Director or Part-time Chairman or Whole-time Chairman
             (hereinafter referred to as the "Executive Chairman") or a
             Managing Director or Managing Director(s) and/ or Whole-time
             Director or Whole-time Director(s) of the Company (hereinafter
             referred to as the "Managing Director") for such term not
             exceeding five years at a time as the Board of Directors may
             think fit to manage the affairs and business of the Company and
             may from time to time (subject to provisions of any contract
             between him and the Company) may remove or dismiss him or them
             from office and appoint another in his place."

18.  By deleting Article 151(b).

19.  By deleting Article 151(c).

20.  By deleting the following paragraph in Article 155:

     "Provide further, that no quorum for a Meeting of the Board shall be
     constituted and no such meeting shall proceed to transact any business
     unless at least one ICICI Director or his Alternate are present at such
     meeting, except where for a particular meeting the said requirement for a
     quorum is waived in writing by the ICICI Directors or their Alternates."

                                      15
<PAGE>

21.  By deleting Article 157 and replacing it with the following:

     "157 The Directors may subject to the provisions of the Act delegate
          any of their powers to Committees consisting of Directors and/or
          such other person or persons as they think fit, and they may from
          time to time revoke and substitute such delegation. Any Committee
          so formed shall in the exercise of the powers so delegated,
          conform to any regulations that may from time to time be imposed
          on it by the Directors. All acts done by any such Committee in
          conformity with such regulations and in fulfilment of the
          purposes of its appointment but not otherwise, shall have the
          force and the effect as if done by the Board."

22.  By deleting Article 159(a) and replacing it with the following:

     "159(a) All meetings of the Directors shall be presided over by the
             Chairman if present, but if at any meeting of Directors, the
             Chairman be not present, at the time appointed for holding the
             same, then and in that case the Managing Director shall be
             entitled to be the Chairman of such meeting, failing which the
             Board shall choose one of the Non-Rotational Directors then
             present to preside at the meeting."

23.  By deleting Article 161(c).

                                      16EXHIBIT 4.6

                             RESERVE BANK OF INDIA
                                CENTRAL OFFICE
               DEPARTMENT OF BANKING OPERATIONS AND DEVELOPMENT
              CENTRE - 1, WORLD TRADE CENTRE, CUPPE PARADE COLABA,
                               MUMBAI - 400 008

Ref.DBOD.No.PSBS.1183/16.01.128/2001-2002                        April 26, 2002

The Managing Director,
ICICI Bank Ltd.,
ICICI Towers,
Bandra-Kurla Complex,
Mumbai 400 051.

Dear Sir,

Merger of ICICI Ltd. with ICICI Bank Ltd.

Please refer to your letter dated 25th October 2001 seeking our approval for
the scheme of amalgamation of ICICI Ltd. and two other of its subsidiaries viz
ICICI Capital Services Ltd. and ICICI Personal Financial Services Ltd. with
your bank.

2. It is observed that the scheme of amalgamation has been approved by the High
Courts of Gujaral and Mumbai vide their Orders dated 7th March 2002 and 11th
April 2002 respectively.

3. We have examined the request based on the statutory, prudential and other
regulatory requirements and accord our approval for the merger subject to the
following conditions:

(i) Compliance with reserve requirements

The ICICI Bank Ltd. would comply with the Cash Reserve Requirements (under
Section 42 of RBI Act, 1934) and Statutory Liquidity Reserve Requirements
(under Section 24 of the Banking Regulation Act, 1949) as

<PAGE>
                                       2

applicable to banks on the net demand and time liabilities of the bank,
inclusive of the liabilities pertaining to ICICI Ltd. from the date of merger.
Consequently, ICICI Bank Ltd. would have to comply with the CRR/SLR computed
accordingly and with reference to the position of Net Demand and Time
Liabilities as required under existing instructions.

(ii) Other Prudential Norms

ICICI Bank Ltd. will continue to comply with all prudential requirements,
guidelines and other instructions as applicable to banks concerning capital
adequacy, asset classification, income recognition and provisioning, issued by
RBI from time to time on the entire portfolio of assets and liabilities of the
bank after the merger.

(iii) Conditions relating to Swap Ratio

As the proposed merger is between a banking company and a financial
institution, all matters connected with shareholding including the swap ratio,
will be governed by the provisions of Companies Act, 1956, as provided. In case
of any disputes, the legal provisions in the Companies Act and the decision of
the Courts would apply.

(iv) Appointment of Directors

The bank should ensure compliance with Section 20 of the Banking Regulation
Act, 1949, concerning granting of loans to the companies in which Directors of
such companies are also Directors. In respect of loans granted by ICICI Ltd. to
companies having common Directors, while it will not be legally necessary for
ICICI Bank Ltd. to recall the loans already granted to such companies after the
amalgamation, it will not be open to the bank to grant any fresh loans and
advances to such companies after amalgamation. The prohibition will include any
renewal or enhancement of existing loan facilities. The restriction contained
in Section 20 of the Act ibid, does not make any distinction between
professional Directors and other Directors and would apply to all Directors.

<PAGE>
                                       3

(v) Priority Sector lending

Considering that the advances of ICICI Ltd. were not subject to the requirement
applicable to banks in respect of priority sector lending, the bank would after
merger, maintain an additional 10% over and above the requirement of 40%, i.e.,
a total of 50% of the net bank credit on the residual portion of the bank's
advances. This additional 10% by way of priority sector advances will apply
until such time as the aggregate priority sector advances reaches a level of
40% of the total net bank credit of the bank. RBI's existing instructions on
sub targets under priority sector lending and eligibility of certain types of
investments/funds for reckoning as priority sector advances (vide Circular
No.RPCD.Plan.BC.12 dated 1st August 2001), would apply to the bank as hitherto.

(vi) Equity exposure ceiling of 5%

A list of the investments of ICICI Ltd. acquired by way of project finance as
on the date of merger may be prepared and such investments kept outside the
exposure ceiling of 5% of advances towards exposure to equity and equity linked
instruments for a period of five years since these investments need to be
continued to avoid any adverse effect on the viability or expansion of the
project. The bank should, however, mark to market the above instruments and
provide for any loss in their value in the manner prescribed for the
investments of the bank. It may be clarified that any incremental accretion to
the above project-finance category of equity investment will be reckoned within
the 5% ceiling for equity exposure for the bank.

(vii) Investments in other companies

The bank should ensure that its investments in any of the companies in which
ICICI Ltd. had investments prior to the merger are in compliance with Section
19(2) of Banking Regulation Act, 1949, prohibiting holding of equity in excess
of 30% of the paid-up share capital of the company concerned or 30% of its own
paid-up share capital and reserves, whichever is less. The arrangements made in
this regard should be advised to us.

<PAGE>
                                       4

(viii) Subsidiaries of the bank

(a) While taking over the subsidiaries of ICICI Ltd. after merger, the bank
should ensure that the activities of the subsidiaries comply with the
requirements of permissible activities to be undertaken by a bank under Section
6 of the Banking Regulation Act, 1949 and Section 19 (1) of the Act ibid.

(b) The take over of certain subsidiaries presently owned by ICICI Ltd. by
ICICI Bank Ltd. will be subject to approval, if necessary, by other regulatory
agencies viz. IRDA, SEBI, NHB, etc. Requisite approval from these regulators
should be furnished to us, if necessary.

(ix) Preference share capital

A banking company other than those incorporated before March 1944, shall not
hold preference share capital in terms of Section 12 (2) of the Banking
Regulation Act, 1949. The inclusion of preference share capital of Rs.350 crore
(350 shares of RS.1 crore each issued by ICICI Ltd. prior to merger), in the
capital structure of the bank after amalgamation is subject to the exemption
from the application of the above provision of Banking Regulation Act, 1949,
granted by the Central Government in terms of Section 53 of the Act ibid (copy
enclosed) and is permitted for a period of five years from the date of its
Notification.

4. Date of merger

As the scheme of merger has been approved by the High Courts, RBI has no
objection to the date of merger being the Appointed Date, viz. 30th March 2002
or any other date as per the orders of the High Court.

5. It may be ensured by ICICI Bank Ltd. that the fair valuation of the assets
of the ICICI Ltd. before merger is completed to its satisfaction and the
required provisioning requirements towards shortfall in the value of advances
and investments is duly carried out in the books of ICICI Ltd. before the

<PAGE>
                                       5

accounts are merged. Certificates from Statutory Auditors that the valuation
and provisioning requirements in respect of the assets of ICICI Ltd. have been
carried out consistent with the prudential norms applicable to banks and
provisioning requirements have been fully met out of the existing
provisions/reserves of ICICI Ltd. prior to the merger to their satisfaction
should be obtained and kept on record.

6. The bank may approach RBI separately for approval for the appointment of
whole time Directors on the Board of the bank and payment of remuneration to
them after merger.

7. The bank's request for conversion of the existing branches/offices of ICICI
Ltd. as the branches of ICICI Bank Ltd. would be examined after completion of
all formalities connected with the merger.

Yours faithfully,

/s/ C R Muralidharan

(C R Muralidharan)
Chief General Manager

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