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ICICI Bank aims to increase its retail loan disbursements in Odisha by 25% to over 5,200 crore in FY22
Posted on February 24, 2022
- Creates overall value propositions for customers
- Strengthens retail franchise in Odisha with range of digital initiatives
Bhubaneswar: ICICI Bank today announced that it continues to strengthen its retail franchise in Odisha through a host of digital initiatives and a customer-centric approach. These initiatives are expected to increase the bank’s retail loan disbursement in the state by 25% to more than Rs. 5,200 crores at the end of the current financial year (fiscal year 2021-22), compared to last year.
In an interaction with the media, Mr. Anup Bagchi, Executive Director, ICICI Bank said“Odisha is an important market for us. Having Bhubaneswar as the headquarters for our retail banking operations in the neighboring four states speaks to its importance. We continue to build our franchise, delivery and service capabilities with a range of digital initiatives in Odisha.Our goal is to create holistic value propositions for our customers through a 360-degree customer-centric approach and focus on opportunities across customer and segment ecosystems and micro-markets.We have created cross-functional teams to bring the benefit of the whole bank to all customers.
The bank is leveraging its technological prowess to grow its fast-paced retail lending business in the state this fiscal year. Home loan disbursement in the state is expected to increase by 30% to Rs. 1,250 crore while consumer loans, which mainly include personal loans and car loans, are expected to increase by more than 40% to Rs. 1,800 crores. The bank is also aiming to increase corporate lending and overdraft disbursements by 35% to over Rs. 1,300 crores.
Speaking of home loans, Bagchi said, “Driving our home loans in Odisha are digital and instant loan sanctions, and expansion into micro markets. Our instant home loan facility, the first in the country, is helping hundreds of thousands of our pre -approved to get the sanction letter immediately.This digital process has helped our customers especially in the past couple of years as they could enjoy the facility without going to any branch.In addition we offer home loans to new segments. The list includes land financing and factory development, construction of nursing homes and medical clinics as well as upper secondary schools. In addition, we have expanded our geographic reach by staffing all branches, including those in rural areas, from amenities to home loans.We are focusing on upcoming key locations such as Rourkela, Berhampur, Samb alpur, Cuttack, Jharsuguda, Angul, Bargarh, Balangir and Jajpur among others. All these initiatives are expected to help home loan disbursement to grow in Odisha by nearly 30% to Rs. 1,250 crore in FY 2022, compared to last year.
Talking about business loans and overdrafts, Bagchi said, “We believe that businesses and self-employed workers are the backbone of our society. We have digitized a range of services for businesses at every stage of their life. The list includes instant current accounts,
