ICICI Bank bolsters its retail franchise in Gujarat with a range of digital initiatives

ICICI Bank announced today that it continues to strengthen its retail franchise in Gujarat through a host of digital initiatives and a customer-centric approach.

These initiatives are expected to help the Bank increase its retail loan disbursements in the state by around 40% to Rs. 32,700 crores by the end of the current financial year (FY2021-22), compared to last year.

In a media interaction, Anup Bagchi, Executive Director of ICICI Bank, said, “In Gujarat, we continue to deliver enhanced products and services through a range of digital initiatives. We focus on opportunities across the customer ecosystem and micro-markets within the state. We have created cross-functional teams to bring the benefit of the whole bank to all clients.

The Bank is leveraging its technological prowess to grow its fast-paced retail lending business in the state this fiscal year. Disbursement of mortgage loans in the state is expected to rise by 35% to reach Rs 15,700 crore, while consumer loans, which mainly include personal loans and car loans, are expected to increase by more than 30% to reach Rs. 6,000 crore.

The Bank also expects to have almost doubled the disbursement of corporate loans and overdrafts to Rs. 8,200 crores, it said in a statement.

Speaking on mortgages, Bagchi said, “Drivers of our mortgages in Gujarat are digital and instant loan sanctions, expansion of affordable housing segment as well as micro markets and strengthening of distribution network with developers for the direct sanctioning of loans. In addition, we have extended our geographic reach by providing most of our branches, including those located in rural areas, with home loans. Apart from Ahmedabad, Vadodara and Surat, we focus on salaried segment in cities like Anand, Nadiad, Ankleshwar and Bharuch. We are focusing on upcoming tier three key sites such as Patan, Deesa, Mehsana, Palanpur, Jamnagar and Gandhidham among others.

The Bank has set up five credit processing centers in Vadodara, Surat, Ankleshwar, Mehsana and Palanpur to enable customers in these regions to easily access mortgage loans.

Speaking of business loans and overdrafts, Bagchi said, “We have digitized a range of services for businesses at every stage of their life. The list includes industry-first digital services, such as instant checking accounts, three-click instant overdraft facility, online title search for real estate collateral and electronic signature on documents. All these services bring immense convenience to the customers as they significantly reduce the time needed to sanction the loans. We also offer innovative and industry-first products like assessment-based credit and balance transfer programs for credit limits, online overdraft on term deposits, business loans based on GST returns, digital platforms such as the “InstaBIZ” app for businesses, internet banking. for companies and businesses, and Trade Online, a platform for carrying out import-export transactions, among others.

The Bank’s expansion is focusing on micro-markets like textile hub and diamond market in Surat, ceramics market in Morbi, steel, metallurgical and pharmaceutical industries in Ahmedabad and paper industries in Vapi.

Regarding consumer loans, Bagchi said, “We offer our customers digital and instant consumer loans. Our instant personal loan solution enables hundreds of thousands of pre-approved customers to get money into their account instantly after applying through an internet/mobile banking platform. Currently, 100% of our in-state personal loan disbursements are through digital channels. Our main target markets for personal loans are Ahmedabad, Vadodara, Jamnagar, Surat, Rajkot, Bharuch, Ankleshwar, Gandhidham, Morbi, Valsad and Anand. .”

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Posted: Wednesday March 30th 2022, 5:13 PM IST