September 26, 2000: ICICI Ltd. (NYSE: IC), launched BillJunction.com - its unique online bill presentment and payment service - in Delhi today. This follows the successful launch of the service in Mumbai in May 2000.

The key value proposition of BillJunction, India's first and only universal bill presentment and payment service, is that it does not require a customer to open a bank account in any specific bank to avail of the online facility.

BillJunction uses RBI's Electronic Clearing Service (ECS) mechanism to enable bill payments, thus allowing customers of all ECS member banks to avail this facility. The application is powered by PayAway software from Infosys Technologies Limited, India's leading software company.

BillJunction has already tied up with major utility service providers in Delhi including MTNL, Airtel, Essar, Escotel, ICICI Bank Credit Cards, VSNL, Satyam Infoway and Roltanet. BillJunction will also tie-up with other billers in the coming weeks.

How Bill Junction works -

BillJunction offers the service in a three-step process - Bill presentment, bill payment and bill archiving.

· BillJunction has tied up with Billers who will send bill details electronically. Bill details are compiled into a convenient summary and posted in the customer's personal Bill Inbox.
· Customers are sent an e-mail notification each time a new bill arrives.
· Customers review the bills online and schedule payments.
· BillJunction pays as per the instruction of the customer and sends an e-mail confirmation.
· The customer's bill details are then filed online so that it can be readily accessed later.
· BillJunction has also tied up with service providers who are presently unable to send bill details electronically. These types of service providers are called Payees. Customers can avail BillJunction's services to make payments to Payees as and when they receive paper bills.
The special feature of BillJunction is that it does not require a customer to open a new bank account as long as his bank is member of RBI's ECS service. BillJunction also provides a complete suite of facilities to enable a customer manage his entire bills payment activity online, including e-mail notifications about bills due/ pending payments, payment tracking, payment records etc. The site provides best transaction security to customers. It has been certified by Verisign and uses 128-bit encryption code, the maximum level of encryption possible on the Internet. The Secured Socket Layer (SSL) process ensures network level security and the encrypted URLs ensure application level security.

BillJunction is another offering by ICICI in line with its objective to provide complete financial fulfillment to customers in the Internet space. These efforts would help ICICI further reinforce its customer franchise.

Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" 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 successfully implement various portals, our strategy, future levels of non-performing loans, our growth and expansion, the adequacy of our allowance for credit losses, technological changes, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited with the Securities and Exchange Commission of the United States. ICICI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

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