ICICI Bank to grow its retail loan disbursement in Rajasthan by 20% to Rs.11,000 crore in FY19
August 30, 2018
- Consumer loans to grow by over 30% to Rs.3500 crore in FY’19
- Home loan disbursement is likely to rise by nearly 30% to Rs.2600 crore this fiscal
Jaipur: ICICI Bank, India’s largest private sector bank by consolidated assets, today announced that it aims to grow its retail loan disbursement in Rajasthan by 20% to Rs.11,000 crore in FY’19. The Bank will reach the target by rapidly expanding its consumer loans portfolio - personal and two-wheeler as well as home loans. In FY19, the Bank envisages to grow its disbursement of consumer loans by over 30% to Rs.3500 crore. The Bank will also increase its home loan disbursement by nearly 30% to Rs.2600 crore.
“Retail consumer loans witnessed significant growth in Rajasthan over the last couple of years. With robust growth in the economy of the state, this fiscal too, we see the potential of increasing the retail loan disbursement by 20% to Rs.11,000 crore. We are focusing on home, personal and two-wheeler loans to grow in the state.” said Mr. Anup Bagchi, Executive Director, ICICI Bank
The Bank is focusing on the affordable housing segment and expanding its presence across tier 2 & 3 markets like Bikaner, Kishangarh, Nimbhera, Sikar and Sriganganagar as it is a key driver for home loan. For other consumer loans as well, the Bank intends to expand its distribution to more towns in the state and leverage upon the digital prowess of the Bank to offer quick and easy loans.
Mr. Bagchi said, “Over the last few years, our growth rate for home loans in the state has been 30% and we plan to continue the momentum. We plan to increase our home loan disbursement in Rajasthan to Rs.2600 crore. To drive this growth, we have adopted a multi-pronged strategy – expanding our presence across tier 2 & 3 markets, focusing on affordable housing, scaling up the number of credit processing centres from 8 to 12 and introducing new products.”
Talking about personal loans, Mr. Bagchi said, “We are significantly leveraging upon the Bank’s digital prowess to offer innovative services like ‘Insta PL’ for pre-approved customers through our digital channels. This particular segment has been receiving encouraging response across the state, especially in smaller towns. Keeping this in view, the Bank is expanding its network across tier 2 & 3 towns of the state, thereby making it more accessible.”
On two-wheeler loans he said, “We have expanded our presence across 25 new locations in the state in cities like Bhilwara, Bikaner, Churu, Sawai Madhopur, Alwar and Sikar among others, to source business through a wide network of dealers as well as branches. We are the first bank to enable a fully digital loan sourcing, credit decisioning and disbursal processfor applications made through Mobiles and Tablets. We expect a three-fold increase in business this fiscal.”
About network in the state and initiatives on empowering rural areas:
ICICI Bank has a wide retail network of branches across Rajasthan
“We are committed to service the semi-urban and rural markets in the states. Over 60% of our branches are located in the semi-urban and rural areas. “said Mr. Bagchi.
ICICI Bank has also partnered with the State Government to offer technology led services for its various initiatives. The Bank, in association with the Urban Development and Housing (UDH) - the apex authority for all Development Authorities (DAs) and Urban Improvement Trust (UITs) in Rajasthan, has developed a unified portal for workflow management and online citizen services in the state. These include services such as ‘Payment Gateway for E–Tendering’, ‘Property ID Creation’, and ‘Lease Due Certificate’ among others. The portal is integrated with the ‘Rajasthan Single Sign On’ platform (sso.rajasthan.gov.in) - an online portal created by the Government of Rajasthan to provide Government–to-Government and Government-to-Public services to its citizens through a single platform.
ICICI Bank has also undertaken several initiatives within the financial inclusion space. The Bank is the largest lender to Self Help Groups (SHG) in Rajasthan with a contribution which is more than the combined figure of all public sector banks, regional rural banks as well as co-operative banks put together. The Bank has cumulatively disbursed loans to nearly 38,000 SHGs comprising over 5 lakh members across Rajasthan. The Bank has also opened over 18 lakh zero balance accounts for the underprivileged in the state.
The Bank has a network of close to 900 ‘Customer Service Points’ through Business Correspondents that cater to customers across 2,200 villages in the state that were hitherto unbanked.
The Bank has transformed over 114 villages to Digital villages in Rajasthan. This marks the Bank’s efforts to partner the nation’s progress by empowering rural India. Through this initiative, the Bank has impacted the lives of over 2.36 lakh people across these villages. The programme involves end to end digitisation of transactions and other commercial activities that helps villagers to earn a sustainable livelihood. Additionally, earlier this year, Raithal which is a part of the Bank’s digital village programme was also adjudged as India’s first digital village to be certified a ‘green village’ by the Indian Green Building Council (IGBC).
ICICI Group has also been actively involved in imparting free-of-cost vocational training to the underprivileged youth through the ICICI Academy for Skills. The academy had set up its first centre in Jaipur in 2013 and ever since, has imparted vocational training to over 14,000 underprivileged youth in Rajasthan. By end of FY’19, it would train nearly 16,500 youth with skills for a sustainable livelihood.
ICICI Group has also undertaken various initiatives through its Corporate Social Responsibility programme. It operates two Rural Self Employment Training Institutes (RSETI) at Udaipur and Jodhpur as part of a national programme initiated by the Ministry of Rural Development to provide vocational training and placement support to citizens from marginalised communities. The RSETIs offer intensive full-time residential, industry relevant training and on-location courses in various trades to participants. During fiscal 2018, we trained over 15,000 youth at our RSETIs. More than 60% of the trainees were women. In recognition of its exemplary contribution towards entrepreneurship development, these RSETIs have been awarded a ‘Certificate of Excellence’ by the Ministry of Rural Development for the last six consecutive years (Since 2011 -12).
About ICICI Bank: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 172.5 billion at March 31, 2018. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.
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