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ICICI Bank to grow retail loan disbursement in Andhra Pradesh & Telangana by nearly 30% to over Rs. 12,500 crore in FY19

September 20, 2018

  • Consumer loans to grow by nearly 30% to Rs. 5,500 crore in FY’19
  • Home loan disbursement to increase by over 25% to nearly Rs. 4,000 crore this fiscal


Hyderabad: ICICI Bank today announced that it aims to grow its retail loan disbursement in Andhra Pradesh and Telangana by 30% to Rs. 12,500 crore in FY’19 by rapidly expanding its home loans and consumer loans-- personal and two wheeler loans-- portfolio.


In FY19, the Bank envisages that its home loans portfolio is expected to grow by nearly 25% to Rs. 4,000 crore while its consumer loans disbursement is likely to go up by over 30% to Rs. 5,500 crore.


“With robust growth in the economy of Andhra Pradesh & Telangana, we see potential to grow retail loan disbursement by 30% to over Rs. 12,500 crore in these two states,” said Mr. Anup Bagchi, Executive Director, ICICI Bank.


He added, “We plan to ramp up our home loan disbursement this fiscal in Andhra Pradesh & Telangana by 25% to Rs. 4,000 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 15 to 19 to and introducing new products.”


Consumer loans have also witnessed an upswing across Andhra Pradesh & Telangana. 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. This particular segment has been receiving encouraging adoption across both states, especially in smaller towns. The Bank is also expanding its network across tier 2-3 towns like Vijayawada, Visakhapatnam, Nellore, Amaravathi, Tirupati and Karimnagar, thereby making Personal Loans more accessible to customers.”


On two-wheeler loans he said, “We have expanded our presence across 37 new locations in the state in cities like Warangal, Guntur, Nellore, Rajahmundry, Kurnool, Nalgonda 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 process for applications made through mobile phones and Tablets.”


About network in the state and initiatives on empowering rural areas: ICICI Bank has a wide retail network of branches across Andhra Pradesh and Telangana. “We are committed to service the semi-urban and rural markets in the states. Over 50% of our branches are located in the semi-urban and rural areas. said Mr. Bagchi.


ICICI Bank has created a technology based solution for all municipalities & urban development authorities across Andhra Pradesh & Telangana which facilitates online approval for building plans as well as fee collection. ICICI Bank is the banker for all the 110 Urban Local Bodies (ULB) in Andhra Pradesh for collection of building plan approval fee. In addition, the Bank also facilitates property tax collection in areas that come under the Greater Visakhapatnam Municipal Corporation (GVMC).


In Telangana as well, ICICI Bank has been given the mandate for opening accounts for a majority of ULBs, that have been recently formed for collection of building plan approval fees. Also, the Bank has been given an exclusive mandate for property tax collection across the state.


The Bank has a network of around 1000 ‘Customer Service Points’ through Business Correspondents that cater to customers across 4,000 villages in the two states that were hitherto unbanked. The Bank has also opened over 42 lakh zero balance accounts for the underprivileged in the state.


Added Mr. Bagchi, “Financial inclusion is a key part of the Bank’s retail outreach. In line with this vision, we aim to support nearly three lakh farmers this fiscal with various requirements like Kisan credit card and funding for purchase of equipments, crop production among others”.


The Bank has transformed 67 villages to Digital villages in Andhra Pradesh and Telangana.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 1.8 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. There are two centres in these two states, one each at Hyderabad and Vijayawada. So far, the centres have imparted vocational training to over 11,000 underprivileged youth. This number would go up to 13,000 by end of FY19.


The Academy at Hyderabad aims to provide training to the underprivileged youth in three skills namely ‘Selling Skills’, ‘Office Administration’, ‘Retail Sales’. The Vijayawada centre provides training to women in Office Administration skills.


About ICICI Bank: ICICI Bank Ltd (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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Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

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