• Creates holistic value propositions for customers • These initiatives are likely to propel retail loan disbursement in Gujarat around 40% to Rs. 32,700 crore in FY’22
Ahmedabad: ICICI Bank today announced that it continues to strengthen its retail franchise in Gujarat through a host of digital initiatives and customer-centric approach. These initiatives are likely to help the Bank grow its retail loan disbursement in the state by around 40% to Rs. 32,700 crore at the end of the current financial year (FY 2021-22), compared to last year. In an interaction with the media, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “In Gujarat, we continue to offer improved products and services through a range of digital initiatives. In this state, our endeavour is to create holistic value propositions for our customers. We are focusing on opportunities across customer eco-system and micro markets within the state. We have created cross functional teams to bring the benefit of the entire Bank to all customers.” The Bank is leveraging its technological prowess to expand its retail loan business at a rapid pace in the state this financial year. The mortgage loan disbursement in the state is likely to grow by 35% to Rs. 15,700 crore while the consumer loans, which mainly comprise of personal loan and vehicle loan, are expected to rise by over 30% to Rs. 6,000 crore. The Bank also expects to have nearly doubled the business loans and overdrafts disbursement to Rs. 8,200 crore.
Talking about mortgage loans, Mr. Bagchi said, “The drivers of our mortgage loans in Gujarat are digital and instant sanctions of loans, expansion in the affordable housing segment as well as micro markets, and strengthening distribution network with developers for direct loan sanctioning. Our instant home loan facility—the country’s first—helps lakhs of our pre-approved customers to get the sanction letter immediately. This digital process helped our customers, especially in the past two years, as they could avail of the facility without visiting any branch. Additionally, we are offering mortgage loans to new segments such as industrial projects, building nursing homes and medical clinics as well as senior secondary schools. Further, we have expanded our geographical reach by making most of our branches, including those in rural areas, equipped with home loans. In addition to Ahmedabad, Vadodara and Surat, we are focusing on the salaried segment in cities like Anand, Nadiad, Ankleshwar and Bharuch. Further, we are focusing on key upcoming tier three locations 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 of these areas with easy access to mortgage loans. Talking about business loans and overdrafts, Mr. Bagchi said, “We believe, businesses and self-employed individuals are the backbone of our society. We have digitised an array of services for businesses at every stage of their lives. The list includes industry-first digital services like instant current accounts, instant overdraft facility in three clicks, online title search for property collaterals and e-signature on documents. All these services bring in immense convenience to customers as they significantly bring down time taken to sanction loans. We also offer innovative and first-in-industry products like credit based on property assessment and balance transfer programmes for credit limits, online overdraft on fixed deposits, business loans based on GST returns, digital platforms like ‘InstaBIZ’ app for businesses, internet banking for businesses and corporates, and Trade Online, a platform to carry out export-import transactions, among others. We believe all our digital facilities enable businesses to transact seamlessly and help them grow to their maximum potential.” The Bank’s expansion focus is on micro markets like textile hub and diamond market in Surat, ceramic market in Morbi, steel, metal and pharmaceuticals industries in Ahmedabad and paper industries in Vapi. To drive this growth, the Bank has equipped majority of its branches with business loans, opened new processing centres in key industrial locations like Bhavnagar, Morbi, Jamnagar, Junagadh, Ankleshwar and Bharuch, and doubled its team strength in the last two years. On consumer loans, Mr. Bagchi said, “We offer customers digital and instant consumer loans. Our instant personal loan solution enables lakhs of pre-approved customers to get money in their account instantaneously after applying through internet / mobile banking platform. Currently, 100% of our personal loan disbursement in the state takes place through digital channel