Chandigarh: The country's largest private sector lender ICICI Bank on Thursday said it is aiming to disburse retail loan to the tune of Rs 10,000 crore in Punjab and Haryana by the end of the current financial year.
"In FY'18, retail consumer loans grew faster in the states in comparison to the bank's overall retail loan growth in the country of over 20 per cent. "With robust growth in the economy of the states, this fiscal too, we see potential to grow faster in Punjab and Haryana than the national average. We will increase the retail loan disbursement by one-fourth to Rs 10,000 crore," said Anup Bagchi, Executive Director, ICICI Bank here on Thursday.
In last fiscal, bank's retail loan disbursement stood at Rs 7,675 crore in Punjab and Haryana, he said. The bank will reach the target by expanding its consumer-personal, vehicle and two-wheeler-loans, Bagchi said.
"In 2018-19, the bank envisages to grow its disbursement of consumer loans by over 45 per cent to more than Rs 3,500 crore," he said. Consumer loans of personal, vehicle and two-wheelers have also witnessed an upswing across Punjab and Haryana.
The bank plans to expand its distribution network in the states for these products. The bank is expanding its network across tier 2-3 towns like Moga, Barnala, Jind, Sirsa, Sangrur, Kapurthala, Hisar, Bhiwani, and Fathehabad, thereby making it more accessible, the executive director said. "We plan to increase our home loan disbursement by one-fourth in Punjab and Haryana to Rs 2,500 crore.
To drive this growth, we have a multi-pronged strategy — expanding our presence in tier 2-3 markets like Manesar, Rohtak Ambala, Sonepat and Bhatinda, launch of 'Extra Home Loans' for affordable housing, Step-up home loans for young salaried individuals as well as introducing products especially for self-employed segment," Bagchi said. ICICI bank has a network of 475 branches across Punjab and Haryana.
"We are committed to service the semi-urban and rural markets in the states. Over 50 per cent of our branches and nearly a quarter of our ATM network is in the semi-urban and rural areas," said Bagchi.