ICICI Bank to nearly double its retail loan disbursement in Odisha to Rs.1700 crore in FY’19
August 03, 2018
- Will double its home loan disbursement to Rs.800 crore this fiscal; to focus on affordable housing for rapid growth
- Bets big on consumer loans of personal, vehicle and two-wheeler loans; to disburse over Rs.900 crore in FY’19
Bhubaneswar, Odisha: ICICI Bank, India’s largest private sector bank by consolidated assets, today announced that it aims at nearly doubling its retail loan disbursement in Odisha to Rs.1700 crore in FY’19. The Bank will reach the target by rapidly expanding its home loan and consumer -- personal, vehicle and two-wheeler-- loans. In the home loan segment, the main growth driver will be the affordable home loan segment.
In FY 19, the Bank envisages to grow its disbursement of consumer loans to over Rs.900 crore and double its home loan disbursement to Rs.800 crore with a special focus on affordable housing.
“In FY’18, retail loans of home, auto and business grew faster in the state in comparison to the Bank’s overall retail loan growth in the country of over 20%. With robust growth in the economy of the state, this fiscal too, we see potential to grow faster in Odisha than the national average. We will nearly double the retail loan disbursement to Rs.1700 crore in the state. We are focusing on home, vehicle, personal and two-wheeler loans to grow in the state.” said 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 Rourkela, Sambalpur, Jajpur and Berhampur 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 also said, “We plan to double our home loan disbursement in Odisha to Rs.800 crore. We foresee that a large part of this growth will come from the affordable housing segment. To drive this growth, we have a multi-pronged strategy – expanding our presence in tier 2-3 markets, launch of ‘Extra Home Loans’ for affordable housing & participation in housing projects with state nodal agencies.”
“Consumer loans of personal, vehicle and two-wheeler are also on the upswing in the state. We plan to expand our distribution network in the state for these products as well. We will also leverage upon our digital offerings like instant personal loans, digital application for two-wheeler loans in a few hours among many others to offer quick solutions to customers.
In fact, the adoption of the state is one of the best across the country for these new digital services. We have also seen good uptick in tier II towns in the state for Personal Loan both from salaried as well as from self-employed individuals. In the vehicle and two-wheeler businesses too, we will expand our dealer network footprint in the state. We have also started to finance pre-owned cars recently here. “, added Mr. Bagchi.
The Bank plans robust growth in two-wheeler loans through its expansion to cities in the state namely, Balasore, Behrampur, Sambalpur, Rourkela, Jajpur, Angul & Bhadrak.
About network in the state and initiatives on empowering rural areas:
ICICI Bank has a robust retail network in the state with over 140 branches and more than 280 ATMs. Additionally, the Bank has a network of over 650 customer service points, who cater to more than 3,500 villages.
“We are committed to service the semi-urban and rural markets in the state. Over 70% of our branches and nearly 60% of ATM network is in the semi-urban and rural areas. We also service unbanked villages through our innovative ‘Branch-on-Wheels’, said Mr. Bagchi.
On the back of its robust offerings in the state, in FY’18, the Bank’s current and savings account (CASA) deposits in the state grew at a pace of nearly double of the national average. Last year, the CASA growth was at 17.5%.
ICICI Bank is also actively offering its technology led services to partner the state government in its various initiatives. The Bank is the partner in the state government’s E-tendering initiative. This is the largest payment gateway in Odisha having successfully processed 6,000 tenders in the last six months. Additionally, the Bank has integrated its payment gateway with the Odisha e-Governance Services Limited Bhubaneswar (OeSL), an initiative by the government, to offer multiple services like Electricity Bill, Water Tax, issue of Birth and Death Certificates, OSRTC Bus Ticketing among others through a single window.
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 a centre exclusively for women in Bhubaneswar. Since inception in October 2015, ICICI Academy for Skills have imparted vocational training to nearly 1,200 underprivileged girls in the state. The Academy aims to provide relevant and practical training to the underprivileged youth in Office Administration skills. It has a capacity to train over 8 batches annually.
ICICI Academy for Skills aims to train 400 students in Odisha by March 2019.
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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