ICICI Bank aims for a 23% growth in the disbursement of retail loans in UP in fiscal year 20

Lucknow, Sep 3 () ICICI Bank has set the target for the disbursement of retail loans at Rs 4.9 billion rupees in Uttar Pradesh for 2019-20, marking a growth rate of 23 percent over the past year, a Tuesday said senior bank official.

The executive director of ICICI Bank, Anup Bagchi, said that two main segments of retail loans, consumer loans and mortgages, will grow at a rapid pace in the state this financial year.

The goal of Rs 4.9 billion rupees will mark a 23 percent year-on-year growth, Bagchi told reporters here.

Bagchi said retail consumer loans have witnessed significant growth in Uttar Pradesh in recent years. We are focusing on consumer loans and home loans to grow in the state, he said.

He clarified that cities like Noida and Ghaziabad are not included in the objective, since these places belong to the NCR region of the bank.

The bank aims to achieve this growth by expanding the disbursement of mortgage loans by 20 percent to about Rs 2,500 million in fiscal year 20, compared to fiscal year 19, he said.

In addition, he said, the bank will increase the disbursement of consumer loans, which largely comprises personal, automobile and two-wheel loans and commercial vehicles, by 30 percent to almost Rs 1,700 million.

To make the mortgage loan disbursement process quick and convenient for clients, ICICI Bank has increased its credit processing units from three to 13 centers in cities such as Moradabad, Gorakhpur, Jhansi, Prayagraj, Mathura and Saharanpur.

The ICICI Bank is emphasizing cities such as Lukcnow, Kanpur, Agra, Mathura and Aligarh, and is expanding its mortgage loan proposal to Tier II and III cities that have strong housing potential such as Varanasi, Gorakhpur and Bareilly, he said.

The bank has more than 260 branches and almost 1,250 ATMs in the state today in addition to 260 self-service kiosks in all branches.

Bagchi said the bank was emphasizing the introduction of innovative digital solutions for entrepreneurs and industries of MSMEs.

The ICICI group provides free vocational training to disadvantaged youth in the state through the ICICI Skills Academy, he said. The Academy has two centers in UP, in Lucknow and Gorkahpur, and has provided vocational training to more than 3,500 disadvantaged youth in the state, he said, adding that by fiscal year 20 it would train almost 4,600 youth with skills to lead a sustainable life . SMI MR MR