ICICI, which is also traded in New York, said the Shanghai branch got regulatory approval in March 2015.
Initially, the branch inaugurated by Indian Prime Minister Narendra Modi during a three-day visit to boost economic ties, will have 17 staff.
China and India signed 26 business deals worth more than $22 billion in areas including renewable energy, ports, financing and industrial parks, in addition to 24 agreements signed on Friday, an Indian embassy official said on Saturday.