ICICI BANK LIMITED


        News Release                                          July 23, 2001

ICICI Bank Limited (NYSE Code : IBN) successfully closed its private placement
of subordinated Tier II bonds on July 20, 2001. The issue received an
overwhelming response from investors, mobilising around Rs.220 crores against
the targeted issue size of Rs. 200 crores. The bonds are rated LAAA by ICRA and
carry a coupon of 9.75% p.a. payable annually for a tenure of 69 months. This
is the lowest rate achieved by any bank for subordinated Tier II bonds till
date.

ICICI Securities and Finance Company Limited was the Book Running Lead
Arranger. DSP Merrill Lynch Limited, ABN Securities (India) Private Limited,
Citibank and J. M. Morgan Stanley were joint arrangers to the issue.


     For further queries, please contact :

          Nachiket Mor           - (91)-22-653 8516 or 653 8900
          G. Venkatakrishnan     - (91)-22-653 8516 or 653 8529

     For investors' queries, contact :

          Bhashyam Seshan
                    Phone:  (91)-22-653 8420 or 653 7460
                    e-mail: bhashyams@icicibank.com

          Note: (a) Rs. = Indian Rupees      (b) 1 crore = 10 million
     ---------------------------------------------------------------------------
       Except for the historical information contained herein, statements in
       this Release which contain words or phrases such as 'will', 'would',
       etc., and similar expressions or variations of such expressions may
       constitute 'forward-looking statements'. These forward-looking
       statements involve a number of risks, uncertainties and other factors
       that could cause actual results to differ materially from those
       suggested by the forward-looking statements. These risks and
       uncertainties include, but are not limited to our ability to obtain
       statutory and regulatory approvals and to successfully implement our
       strategy, future levels of non-performing loans, our growth and
       expansion in business, the adequacy of our allowance for credit losses,
       technological implementation and changes, the actual growth in demand
       for banking products and services, investment income, cash flow
       projections, our exposure to market risks as well as other risks
       detailed in the reports filed by us with the United States Securities
       and Exchange Commission. The Bank undertakes no obligation to update
       forward-looking statements to reflect events or circumstances after the
       date thereof.