EXHIBIT 12.1


     I, Mr. K.V.Kamath, the Chief Executive Officer of ICICI Bank Limited,
certify that:

     1.   I have reviewed this annual report on Form 20-F of ICICI Bank
          Limited;

     2.   Based on my knowledge, this report does not contain any untrue
          statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this report, fairly present in all material
          respects the financial condition, results of operations and cash
          flows of the company as of, and for, the periods presented in this
          report;

     4.   The company's other certifying officer(s) and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
          company and have:

          (a)  Designed such disclosure controls and procedures, or caused such
               disclosure controls and procedures to be designed under our
               supervision, to ensure that material information relating to the
               company, including its consolidated subsidiaries, is made known
               to us by others within those entities, particularly during the
               period in which this report is being prepared;

          (b)  [Paragraph omitted pursuant to SEC Release Nos. 33-8238 and
               34-47986]

          (c)  Evaluated the effectiveness of the company's disclosure controls
               and procedures and presented in this report our conclusions
               about the effectiveness of the disclosure controls and
               procedures, as of a date within 90 days prior to the filing date
               of this annual report; and

          (d)  Disclosed in this report any change in the company's internal
               control over financial reporting that occurred subsequent to the
               date of our most recent evaluation that has materially affected,
               or is reasonably likely to materially affect, the company's
               internal control over financial reporting; and

     5.   The company's other certifying officer(s) and I have disclosed, based
          on our most recent evaluation of internal control over



          financial reporting, to the company's auditors and the audit
          committee of the company's board of directors (or persons performing
          the equivalent functions):

          (a)  All significant deficiencies and material weaknesses in the
               design or operation of internal control over financial reporting
               which are reasonably likely to adversely affect the company's
               ability to record, process, summarize and report financial
               information; and

          (b)  Any fraud, whether or not material, that involves management or
               other employees who have a significant role in the company's
               internal control over financial reporting.


Date: September 29, 2003

                                                  /s/ K.V. Kamath
                                                  ------------------------------
                                                  K.V. Kamath
                                                  Chief Executive Officer