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ICICI Bank to grow its retail loan disbursement in Tamil Nadu by over 40% to Rs.13,000 crore in FY19

November 28, 2018

  • Consumer loans to grow by nearly 50% to Rs.5,000 crore in FY’19
  • Home loan disbursement is likely to rise by nearly 40% to Rs.3,700 crore this fiscal
  • The Bank will also grow its disbursement of agriculture related loans by 30% to Rs.4,300 crore


Chennai - ICICI Bank today announced that it aims to grow its retail loan disbursement in Tamil Nadu by over 40% to Rs.13,000 crore in FY’19 - all segments of retail loans such as consumer loan, home loan, other allied agri loans are set to grow at a rapid pace. The Bank will achieve this by rapidly expanding its consumer loans portfolio - personal and auto-- as well as home loans. In FY19, the Bank envisages to grow its disbursement of consumer loans by nearly 50% to Rs. 5,000 crore. The Bank will also increase its home loan disbursement by nearly 40% to Rs.3,700 crore.


“Retail consumer loans witnessed significant growth in Tamil Nadu 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 40% to Rs.13,000 crore. We are focusing on personal, auto and home loans to grow in the state”, said Mr. Anup Bagchi, Executive Director, ICICI Bank.


Within the consumer loans portfolio, personal and auto loan are witnessing an upswing across Tamil Nadu. On personal loans, Mr. Bagchi said, “We are significantly leveraging upon the Bank’s digital prowess to offer innovative services like the instantly available ‘Insta PL’ through our digital channels and are receiving an encouraging response. In a bid to leverage on it even further, we are actively exploring opportunities within the IT and manufacturing hubs of the state. Personal loans as a segment has been witnessing encouraging adoption from the both salaries and self-employed individuals across the state, especially in cities like Coimbatore, Trichy, Madurai among others, thereby making it more accessible to customers.


On auto loans he added, “We have expanded our presence across the state in cities like Trichy, Madurai, Salem, Erode, Nagercoil, Tirunelveli, among others to source business through a wide network of dealers as well as branches. We have witnessed rapid growth by tapping these locations. We are the first bank to enable a fully digital loan sourcing, credit decisioning and disbursal process for applications made through Mobiles and Tablets.”


Within the home loans portfolio, the Bank is focusing on the affordable housing segment and expanding its presence across tier 2 & 3 markets like Agalur, Erode, Hosur, Karur, Thanjavur and Nagercoil as it is a key driver for home loan.


Mr. Bagchi said, “We plan to increase our home loan disbursement in Tamil Nadu to Rs.3,700 crore in FY19. 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 15 to 20 and introducing new products.”


About network in the state and initiatives on empowering rural areas:


ICICI Bank has a wide retail network of branches across Tamil Nadu.


“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.


The Bank has a network of close to 100 ‘Customer Service Points’ through Business Correspondents that cater to customers across 245 villages in the state that were hitherto unbanked.


ICICI Bank has also undertaken several initiatives within the financial inclusion space. The Bank is the largest lender among private sector banks to Self Help Groups (SHG) in Tamil Nadu. The Bank has cumulatively disbursed loans to over 1.3 lakh SHGs which in turn has benefited over 17 lakh women across Tamil Nadu. By the end of FY20, the Bank intends to expand its reach to 25 lakh women beneficiaries with a cumulative loan disbursement of ₹7,000 crore.


The Bank has transformed over 85 villages to Digital villages in Tamil Nadu. 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 1.3 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.


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 has three centres in Tamil Nadu at Coimbatore, Trichy and Chennai and has imparted vocational training to over 16,000 underprivileged youth in the state. By end of FY’19, it would train nearly 19,500 youth with skills for leading a sustainable livelihood.


About ICICI Bank Limited: ICICI Bank Limited (NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at US$ 160.5 billion at June 30, 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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