ICICI Bank to grow its retail loan disbursement in Tamil Nadu by over 40%
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.
ICICI Bank Limited
ICICI Bank Towers
Bandra-Kurla Complex
Bandra (E) Mumbai-400051.
Press Release November 28, 2018
For Immediate Release
ICICI Bank to grow its retail loan disbursement in Tamil Nadu by over 40% to
Rs.13,000 crore in FY19
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.”
ICICI Bank Limited
ICICI Bank Towers
Bandra-Kurla Complex
Bandra (E) Mumbai-400051.
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.
For media queries please write to: corporate.communications@icicibank.com
