After graduating from IIM Ahmedabad in 1971, Kamath started his career with ICICI (Industrial Credit and Investment Corporation of India) in the Project Finance division and moved on to different departments to gather experience, including establishing new business lines such as leasing, venture capital, and credit ratings as well as handling general management responsibilities. As part of his general management responsibilities, he initiated and implemented ICICI's computerisation program. Substantial investments in technology from those early years have resulted in systems that are today a competitive advantage for ICICI. Kamath has generally been credited with expanding ICICI's businesses to evolve it into a technology-enabled financial organisation catering to the financial needs of corporate and retail customers.