Item 2

ICICI Limited

The Board of Directors of ICICI Bank Limited will at its meeting convened on
December 11, 2000 consider merger of Bank of Madura Limited with ICICI Bank
Limited (NYSE : IBN). The scheme of merger if approved by Boards of both the
Banks will be subject to approval of the Reserve Bank of India and such other
approvals as may be required.

Bank of Madura is a profitable, well-capitalised, Indian private sector
commercial bank operating for the last 57 years. The bank has an extensive
network of 263 branches, with a significant presence in the Southern states of
India. The bank had total assets of Rs. 39.88 billion and deposits of Rs 33.95
billion as on September 30, 2000. The bank had a capital adequacy ratio of 15.8
% as on March 31, 2000. The bank's equity shares are listed on the Stock
Exchanges at Mumbai and Chennai and National Stock Exchange in India.

ICICI Bank is a leading Indian private sector commercial bank, promoted by
ICICI Limited (NYSE : IC). ICICI Bank had total assets of Rs. 120.63 billion
and deposits of Rs 97.28 billion as on September 30, 2000. The bank's capital
adequacy ratio stood at 17.59 % as on September 30, 2000. The bank's branch
network including extension counters presently covers 106 locations across
India. ICICI Bank is India's largest ATM provider with 366 ATMs. The equity
shares of the bank are listed on the Stock Exchanges at Mumbai, Calcutta,
Delhi, Chennai, Vadodara and the National Stock Exchange in India. ICICI Bank's
American Depositary Shares (ADS) are listed on the New York Stock Exchange.

Except for the historical information contained herein, statements in this
Release which contain words or phrases such as 'will', 'would', 'aim',
'likely', 'will likely result', 'believe', 'expected', 'will continue',
'anticipate', 'estimate', 'enable', 'enabling', '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
and ICICI's Group's ability to obtain statutory and regulatory approvals and to
successfully implement our strategy, and the merger, 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. ICICI Bank undertakes no obligation to update
forward-looking statements to reflect events or circumstances after the date
thereof.

December 8, 2000

For further Information Contact: Mr. Bhashyam Seshan on +91-22-6538420 or email
to seshan@icicibank.com
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