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ICICI Bank to grow its retail loan disbursement in Punjab & Haryana by one-fourth to Rs.10,000 crore

August 09, 2018

  • Consumer loans - personal, vehicle and two-wheeler loans to grow by over 45% to more than Rs.3500 crore in FY’19
  • Home loan disbursement is likely to rise by one-fourth to Rs.2500 crore this fiscal;

Chandigarh: ICICI Bank, India’s largest private sector bank by consolidated assets, today announced that it aims to grow its retail loan disbursement in Punjab and Haryana by one-fourth to Rs.10,000 crore in FY’19. The Bank will reach the target by rapidly expanding its consumer -- personal, vehicle and two-wheeler-- loans. In FY 19, the Bank envisages to grow its disbursement of consumer loans by over 45% to more than Rs.3500 crore. The Bank will also increase its home loan disbursement by one-fourth to Rs.2500 crore.


“In FY’18, retail consumer loans grew faster in the states in comparison to the Bank’s overall retail loan growth in the country of over 20%. With robust growth in the economy of the states, this fiscal too, we see potential to grow faster in Punjab and Haryana than the national average. We will increase the retail loan disbursement by one–fourth to Rs.10,000 crore in the state,” said Mr. Anup Bagchi, Executive Director, ICICI Bank.


Consumer loans of personal, vehicle and two-wheelers have also witnessed an upswing across Punjab and Haryana. The Bank plans to expand its distribution network in the states for these products as well.


“We are significantly leveraging upon the Bank’s digital prowess to offer innovative services like ‘Insta PL’ through our digital channels. This particular segment has been receiving encouraging adoption across both states, especially in smaller towns. Keeping this in view, the Bank is expanding its network across tier 2-3 towns like Moga, Barnala, Jind, Sirsa, Sangrur, Kapurthala, Hisar, Bhiwani, and Fathehabad, thereby making it more accessible


“The Bank has also witnessed a surge in auto loans which is faster than the industry at over 20% in these states. It has established end-to-end digital processing of auto loans – which are completely paperless and enables customers to get a loan sanctioned within few hours. In a bid to enhance its reach, the Bank has set up close to 30 such digital centers of auto loan processing in cities like Ludhiana, Jalandhar, Amristar, Pathankot, Bhatinda, Patiala and Firozpur among others. In the two wheeler segment as well, the Bank expects a four-fold increase in business on the back of its unique digital propositions and wide dealer network” added, Mr. Bagchi.


Mr. Bagchi also said, “We plan to increase our home loan disbursement by one-fourth in Punjab and Haryana to Rs.2500 crore. To drive this growth, we have a multi-pronged strategy – expanding our presence in tier 2-3 markets like Manesar, Rohtak Ambala, Sonepat and Bhatinda, launch of ‘Extra Home Loans’ for affordable housing, Step-up home loans for young salaried individuals as well as introducing products especially for self-employed segment”.


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


ICICI Bank has a wide retail network of branches and ATMs across Punjab and Haryana.


“We are committed to service the semi-urban and rural markets in the states. Over 50% of our branches and nearly a quarter of our ATM network is in the semi-urban and rural areas“ said, Mr. Bagchi.


ICICI Bank is also actively offering its technology led services to partner the state governments in its various initiatives. ICICI Bank is the first bank to implement digital collection solutions for HUDA (Haryana Urban Development Authority). The Bank is also the only banking partner to the Govt. of Haryana for its online e-tendering practice. It has also implemented a payment gateway for the Punjab Bureau of Investment Promotion. This has enabled single window online collection from existing and new industries. Additionally, the Bank has also initiated online collection of water and property tax in association with the Municipal Corporation of Amritsar. The Bank also offers direct benefit transfers (DBT) for the Pradhan Mantri Matru Vandana Yojana (Dept. of Social Security and Women and Child Development) across Punjab & Haryana


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 centers across these two states, a large centre at Mohali and another at Karnal. It has imparted vocational training to over 3700 underprivileged youth in Punjab and Haryana since its inception. By end of FY’19, we would have trained nearly 5500 youth with skills for a sustainable livelihood.


The Academy at Mohali aims to provide relevant and practical training to the underprivileged youth in six skills like ‘Selling skills’, ‘office administration’, electrical and home appliances repair, refrigerator and air-conditioning repair, two-wheeler and tractor repair. It has a capacity to train over 64 batches annually. The Academy at Karnal offers two courses; ‘selling skills’ & ‘office administration’.


The duration of the training is three months. To be eligible for these courses, one has to pass at least standard 10 and be between 18 and 30 years of age. All the training programmes include training on communication skills, financial literacy and orientation for adapting to an organised working environment


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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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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