The Fact Maker

ICICI Bank to grow its retail loan disbursement in Rajasthan by 35% to over Rs. 15,500 crore in FY’22

·         Creates holistic value propositions for customers

ICICI Bank today announced that it continues to strengthen its retail franchise in Rajasthan through a host of digital initiatives and customer-centric approach. These initiatives are likely to grow the Bank’s retail loan disbursement in the state by 35% to over Rs. 15,500 crore in financial year 2022, compared to last year.

In a virtual interaction with the media, Mr. Anup Bagchi, Executive Director, ICICI Bank, said: “We continue to strengthen our franchise, delivery and servicing capabilities, with a range of digital initiatives. Our endeavour is to create holistic value propositions for our customers through 360-degree customer-centric approach and focus on opportunities across client and segment ecosystems, and micro-markets. We have created cross-functional teams to bring the benefit of the entire bank to all customers.”

Major segments of retail loans such as mortgage loans, consumer loans, business loans and overdrafts are set to grow at a rapid pace in the state this financial year. The Bank’s  expects to leverage its technological prowess to achieve growth by expanding its mortgage loans disbursement by 50% to Rs. 4,200 crore and consumer loans by 30% to Rs. 4,100 crore. The Bank will also grow business loans, overdrafts and commodity based financing disbursement by 50% to Rs. 4,600 crore.

Talking about mortgage loans, Mr. Bagchi added, “The pillars of the growth strategy are digital and instant sanctions of loans, expansion in the affordable housing segment, strengthening the team and emphasising on the self-employed segment. Our facility to offer instant home loan approval digitally—the country’s first—helps lakhs of our pre-approved customers as they get the sanction letter immediately. Within the mortgage portfolio, the Bank has expanded its teams in branches of prominent and upcoming locations like Bikaner, Sri Ganganagar, Kishangarh, Rajsamand, Nimbahera, Hanumangarh, Dausa, Ratangarh and Pali among others. All these initiatives are expected to help the mortgage loan disbursement grow in Rajasthan by 50% to Rs. 4,200 crore in FY’22, compared to F’Y21.”

Talking about business loans and overdrafts, Mr. Bagchi said, “We believe, businesses and self-employed individuals are the backbone of our society. We are the first bank to digitise an array of services for businesses at every stage of their lives. The Bank provides working capital and term loan financing to the businesses across the state. Further, we offer a slew of state-of-the-art digital facilities; some of them are first-of-their-kind. The list includes instant current accounts, instant overdraft facility, 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 also on micro markets like handicrafts and furniture in Jodhpur, stone/marble in Kishangarh, Jewellery in Jaipur, textile in Pali and agricultural commodities mandis in Baran, Tonk, Bikaner, Nokha and Sri Ganganagar. To drive this growth, the Bank has expanded the number of credit processing centers in Jaipur, Bhilwara and Jodhpur from three to 10 in the last one year or so.

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 the money in their account instantaneously after applying through internet / mobile banking platform. Currently, 50% of our personal loan disbursement in the state is through digital channels. Further, we have seen good uptick in tier II and III towns like Ajmer, Alwar, Barmer, Baran and Bundi along with top cities like Jodhpur and Udaipur for personal loans from both salaried as well as self-employed individuals. Additionally, we have digitally integrated with key OEMs (car manufacturers) to offer instant and online car financing options to the customers. Our focus for auto loans will be on emerging markets of tier II and III cities like Bharatpur, Pali, Barmer, Nagaur, Kotputli, Rajsamand and Banswara along with the top cities like Jaipur, Jodhpur, Kota and Udaipur.”

ICICI Bank also collaborates with various government departments to facilitate digital services for the citizens of the state. These include digital solutions for collection of tender fees, property tax, utility (like electricity, water) bills, and web based solution to make online payments to vendors and DBT (Direct Beneficiaries Fund Transfer) among others.