Released on: September 13, 2007, 11:30 pm

Press Release Author: ICICI Bank

Industry: Financial

Press Release Summary: Gitanjali Group, jewellery manufacturers and retailers in
India, and ICICI Bank, India\'s second largest bank, announced the launch of the
first 'Jewellery Card'. The ICICI Bank-Gitanjali Card is a comprehensive credit card
that allows cardholders to avail of benefits across 200,000 Merchants in India and
more than 22 million merchants internationally.

Press Release Body: . First comprehensive and powerful Jewellery Credit Card
. Exclusive Purchase and Lifestyle benefits

Mumbai, 11 September 2007: Gitanjali Group, one of the largest integrated diamond
and jewellery manufacturers and retailers in India, and ICICI Bank, India\'s second
largest bank, announced the launch of the first 'Jewellery Card'. This premium
credit card is powered by a host of unique features, benefits and rewards and is
ideal for patrons looking for greater convenience and exclusive purchase and
lifestyle benefits.

The ICICI Bank-Gitanjali Card is a comprehensive credit card that allows cardholders
to avail of benefits across 200,000 Merchants in India and more than 22 million
merchants internationally. The consumers using this credit card at any of the
exclusive Gitanjali outlets will enjoy a host of exclusive benefits.

Mr. Mehul Choksi, Chairman, Gitanjali Group Ltd. - said, \"The launch of Jewellery
credit card will play a significant role in our strategic focus of being a leading
Jewellery Retail & Lifestyle player. The card has been specially designed for
Gitanjali Patrons and it reinforces our commitment to provide the best services to
all our customers".

He further added "Gitanjali has always strived to make the industry more organized
and affordable for its customers and India's growing number of Jewellery buyers is
increasingly looking for a product that provides them with a complete set of
benefits for end-to-end purchase services. The collaboration of ICICI Bank and
Gitanjali Gems is an example of how it works with customers to develop secure,
convenient and rewarding payment solutions that add real value for cardholders.\"

The Card will be Life time free to the customers and is loaded with all benefits
associated with the ICICI Bank Gold Credit Cards. Customers can also earn 8 reward
points per Rs. 200 spends on purchase at Gitanjali outlets. These reward points are
redeemable on the products of Gitanjali or other items on the redemption catalogue.

Mr. Sachin Khandelwal, Head-Cards Group, ICICI Bank, - said, "ICICI Bank has been
the front-runner in the cards industry with innovative product offerings. The ICICI
Bank-Gitanjali Jewellery Credit Card is another initiative in the same direction.
The number of Jewellery buyers is ever increasing and we need to cater to this
segment by providing exclusive offers on select jewellery products, higher rewards
on gold purchase and other lifestyle benefits. The Bank has entered into successful
partnerships and alliances across segments and remains committed to provide such
value-added services to our customers"

ICICI Bank-Gitanjali Card features in brief
. Discount of 5% on purchases of diamond jewellery up to Rs10000 and discount of 7.5
% on purchases above Rs 10000 at Gitanjali outlets.
. Interest free EMI for 3 months or 6 months on purchase at Gitanjali exclusive
outlets.
. Free gift voucher worth Rs 500, redeemable at Gitanjali exclusive outlets
. Jewellery cleaning voucher applicable for the cleaning of Gitanjali products at
the exclusive outlets.
. 8 reward points are earned per Rs 200 spent at Gitanjali outlets
. Life Time Free Card: The Card would be offered Life time free to the customers
. Worldwide Acceptance: Accepted at over 200,000 Merchants in India. The Credit Card
shall have international validity and can be used by the Cardholder at more than 22
Million merchants worldwide
. ATM access: Access your account at more than 3400 ICICI Bank ATMs and over 1 mn
Visa ATMs around the world.
. Add-on Card: Add-on Card, FREE for life
. Alerts: Free Active Alerts - email/SMS
. Interest Free Credit Period: Up to 52 days
. 24 Hour Phone banking services

About Gitanjali Group:
Gitanjali Group strategically positioning itself as the leading diamond studded
jewellery-manufacturing company, today has one of the largest fully integrated
diamond and jewellery manufacturing plants in the country. The Group, which has been
a pioneer in the branded jewellery industry, has always been at the threshold of
boosting the production of quality jewellery, which has obliquely proved to be an
excellent, branding and marketing strategy backed by a formidable retailing network
- all ensuring the group an enviable advantage in the jewellery arena. The Gitanjali
Group is engaged in the business of sourcing rough diamonds, its manufacture, import
and export of diamonds, manufacture of plain and diamond studded gold and platinum
jewellery and its marketing and domestic retailing. As Jewellery exports form one of
the largest contributors to the foreign exchequers, the jewellery major Gitanjali,
is one of India's high-end contributors to the foreign exchequer as well as a major
player in the domestic market. The very basis of their existence is to successfully
develop, produce and sell high quality jewellery brands worldwide & helps the
customers in getting the maximum Value - For - Money in the process.

The Brand factory:
In 1994 the group introduced India's first ever branded jewellery Gili. Rated as a
super brand, the brand still ranks as one of the top ten jewellery brands in the
country. Over the years the group has launched many other superior brands and today
it successfully manages over five of the ten best-known jewellery brands in India.
Gili's primary brand value is "Genuine diamond and gold jewellery at affordable
prices". The first jewellery brand that brought diamond jewellery within the reach
of masses.
Nakshatra is a premium brand primarily positioned as a lifestyle statement for
women. It is about blending mystique and glamour. The brand has great aspirational
value attached to itself. Nakshatra was declared a Superbrand in 2004. The brand has
three stakeholders involved in the marketing.
Asmi in Sanskrit means "I am". Every action of a woman is a passionate exposition of
the intensity and drive with which she lives her life. The Asmi Diamond Jewellery
Collection is carefully crafted to beautifully compliment and complete her.
Sangini is positioned as a brand that glorifies women in a relationship. Sangini
diamond jewellery is characterized by a bezel set centre stone being slightly larger
than the others in the same piece signifying the focal position of the woman in the
man's life.
D'damas is a generic brand that combines international quality with Indian values.
D'damas is about "Luxury and Aspirations," "Innovativeness," "Assurance" "Dynamism."
D'damas has been recognized and awarded as a Jewellery Masterbrand. Under D'damas
are numerous brands that have made a mark on the Indian milieu like Forevermark
Solitaire, Damas Solitaire, Glitterati, Collection G, Gold Expressions, Vivaaha,
Ballerina, Bollywood Gold, Inspirations.
Desire Desire Lifestyle is a diversified product range that addresses the lifestyle
needs to reflect the style and upcoming trends among the masses.

About ICICI Bank
ICICI Bank (NYSE:IBN) is India\'s second largest bank and largest private sector bank
with over 50 years presence in financial services and with assets of Rs. 3,446.58
billion as on March 31, 2007. The Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery
channels and through its specialized subsidiaries in the areas of investment
banking, life and non-life insurance, private equity and asset management. ICICI
Bank is a leading player in the retail banking market and services its large
customer base through a network of over 745 branches and extension counters, 3340
ATMs, call centers and internet banking (www.icicibank.com
) to ensure that customers have access to its services at
all times.

Web Site: http://www.icicibank.com

Contact Details: For further information please contact:
Mr. Charudatta Despande, Head-Corporate Communications, ICICI Bank
+91-22-2653 8208
charudatta.deshpande@icicibank.com
Issued by Sampark PR
022 - 22025550