ICICI Bank to grow retail loan disbursement in Karnataka by 30% to Rs. 13,700 crore for 2020
Mangaluru: ICICI Bank announced today that it aims to grow its retail loan disbursement in Karnataka by 30% year-on-year to Rs. 13,700 crore in FY’20. All segments of retail loans such as consumer loan, mortgages and agriculture related loans are set to grow at a rapid pace in the state this financial year.
The Bank aims to achieve this growth by expanding growing consumer loans disbursement, which comprises of personal and auto loans, by 33% to over Rs. 5,100 crore, alongside the disbursement of agriculture related loans by 28% to Rs. 3,300 crore compared to FY19. Mortgage loan disbursement too is likely to rise by 30% to over Rs. 5,300 crore in FY20, compared to FY19.
“Retail consumer loans have witnessed significant growth in Karnataka over the last few years. There has been a robust growth in the economy of the state and we see the potential of increasing the retail loan disbursement in the state nearly 30% to Rs. 13,700 crore in FY’20. We are focusing on personal, auto, home loans and agri loans to grow in the state”, said AnupBagchi, Executive Director, ICICI Bank.
“A significant driver of this growth is our technology led instantaneous loan offerings to our customers and make our products available in the tier II and tier III towns. Armed with our technological prowess, we now offer home loans, auto loans and personal loans to pre-approved customers instantaneously through our digital channels“, added Bagchi.
Within the consumer loans portfolio, personal and auto loan are witnessing an upswing across Karnataka. On personal loans, Mr. Bagchi said that the Bank has been receivingan encouraging response for its instant offering, called ‘Insta PL’. “Through this facility, our pre-approved customers can apply for a personal loan and get money upto Rs. 15 lakh in their account immediately. Additionally, we have seen good uptick in tier II towns/districts like Hubli, Belgaum, Kolar, Gulbarga, Raichur, Davangere, Shivamogga and Mangaluru for personal loans from both salaried as well as self-employed individuals. Further, within the personal loans portfolio, we are also witnessing significant traction in business loans from the self-employed segment as they prefer short-term access to credit. Hence, we have developed a full-fledged product suit of ‘Business Instalment Loans’ to provide tailor made solutions for every self-employed individual, wherein credit decisions are mainly based upon their banking habits like sales turnover, home or auto loan repayment, GST returns among others.”
Speaking about Auto loans he added “We have recently introduced pre-approved ‘Insta Auto Loan’, to empower millions of our customers with final sanction letters for car loans instantly, in a fully digital manner upto Rs. 20 lakh for a tenure of upto seven years. The demand for auto loans in tier II and III towns has been growing rapidly. Our focus will be to tap potential in cities like Mysuru, Mangaluru, Udupi, Dharwad-Hubli, Tumakuru and Belgaum.”
Within the mortgage portfolio, the focus is to drive growth in the affordable housing segment category, through the Pradhan MantriAwasYojana (PMAY). The Bank is also rapidly expanding its home loan propositions to upcoming towns like Mysuru, Mangaluru, Hubli etc, the press release from the company added.
Mr. Bagchi added, “We plan to increase our mortgage loan disbursement in Karnataka by 30% to over Rs. 5,300 crore in FY’20. To drive this growth, we have adopted a multi-pronged strategy with a focus on affordable housing segment, driving penetration of insta home loans and top up loans as well as our emphasis on home loans for self-employed segment. We have recently launched the industry’s first facility to get instant home loan approval upto Rs 1 crore digitally. This technology led initiative is available to lakhs of our pre-approved customers and is a key part of our growth strategy.”
ICICI Bank has a wide retail network of branches across Karnataka.
“We are committed to service the semi-urban and rural markets in the state. There are 294 branches and 1,283 ATMs in Karnataka. Our wide network in the state is a testimony of our focus to service a wide segment of customers”, said Mr. Bagchi.
The Bank is the largest lender among private sector banks to Self Help Groups (SHG) in Karnataka. The Bank has disbursed loans to over 39,700 SHGs and nearly 5 lakh women benefitted from this programme across Karnataka. The cumulative financial assistance pegged at Rs. 965 crore. By end of FY’20, the Bank intends to reach the milestone of supporting 50,000 SHG’s and positively impacting nearly 6 lakh women beneficiaries with a cumulative loan disbursement of Rs. 1,100 crore. The Bank has been adjudged as the number one private sector commercial bank by NABARD for three consecutive years for its good work in the SHG segment.
ICICI Group has also been actively involved in imparting free-of-cost vocational training to the underprivileged youth in the state of Karnataka through the ICICI Academy for Skills. The academy has two centres in Karnataka at Bengaluru and Mysuru and has imparted vocational training to over 8,000 underprivileged youth in the state. By end of FY’20, it would train nearly 8,500 youth with skills for leading a sustainable livelihood.
The academy at Bengaluru aims to provide training to the underprivileged youth in two skills - Office Administration and Retail Sales. The academy at Mysuru caters to women trainees and provides training in Office Administration.
ICICI Manipal Academy for Banking & Insurance is a joint venture of ICICI Bank and Manipal Global Education Services Pvt Ltd. The Probationary Officers’ (PO) Programme aims to create a pool of bankers and provide inclusive employment opportunities for bright and capable young graduates across social and economic strata through equipping them with appropriate banking knowledge and skills. A large number of probationary officers have passed out of this institute and they are successfully servicing the nation. Most of them are associated with our Bank. They are even working with other banks as well.
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Kangana Ranaut shown black flags in Himachal's Lahaul and Spiti, BJP files complaint with CEO
Shimla, May 20: Actor Kangana Ranaut, BJP candidate from the Mandi parliamentary constituency, was shown black flags by local people and Congress workers at Kaza in Lahaul and Spiti on Monday.
The Himachal Pradesh BJP filed a complaint with the state chief electoral officer (CEO) demanding transfer of election officials and an investigation into the incident as both the BJP and the Congress were given permission to hold rallies adjacent to each other.
The Congress workers raised anti-Kangana slogans - "Kangana, go back, Kangana Vangana nahi chalegi". They were apparently enraged over her remarks on Tibetan spiritual leader Dalai Lama in April last year.
Ranaut had tweeted a meme featuring the Dalai Lama that said, "The Dalai Lama receives a warm welcome at the White house". The photoshopped picture in the tweet showed the Dalai Lama sticking his tongue out with US President Joe Biden with a comment - Both of them have the same illness, definitely they could be friends.
Following this, a group of Buddhists staged a dharna outside her office in Mumbai.
Later she apologised saying she didn't mean to hurt anyone, and it was a harmless joke about Biden being friends with the Dalai Lama.
Leader of the Opposition in the Himachal Pradesh Assembly Jai Ram Thakur, who had accompanied Ranaut to Kaza to campaign for the BJP, on Monday alleged that the Congress workers tried to disturb the meeting of the BJP and pelted stones on their carcade while they were returning.
Talking to reporters, he said, "It is unfortunate that for the first time, permission was given to hold a parallel rally at the venue to the Congress where prior permission was already granted to the BJP to hold the rally.
Efforts were made to disturb our rally and the Congress workers raised shameful slogans, stopped our carcade and pelted stones, injuring one person."
Thakur added that they go for campaigning all over the state but such things have happened for the first time, which shows "frustration" of the Congress and they would take up the issue with the Election Commission.
Later, in a complaint filed with the Himachal Pradesh CEO, BJP state office secretary Parmod Kumar Thakur said the Congress workers allegedly tried to illegally restrain the political procession and even pelted stones and demanded an investigation into the incident.
"The district administration granted permission for organising a political meeting to the Congress adjacent to the place already scheduled to hold a political meeting of the BJP at Kaza under undue influence of the state government in utter violation of the Model Code of Conduct (MCC)", he said.
In the complaint, the BJP demanded the immediate transfer of election officials from Lahaul and Spiti and said giving permission to both the parties at the same location at the same time was a "big lapse" on the part of the Election Commission "in spite of the fact that permission to the BJP was provided first and the officers involved in this act are biased against the BJP, and free and fair elections are doubtful under the circumstances."
Lahaul and Spiti SP Mayank Chowdhary told PTI that workers of both the BJP and the ruling Congress came face to face but there was no clash and no person was injured. However, one worker sprained his leg, he added.
Bhishan Shashni, Congress election coordinator for Lahaul and Spiti claimed that the Congress workers were peacefully protesting but a large number of people, who were hurt by Ranaut's remarks about the Tibetan spiritual leader, joined the protest.
Earlier, Congress candidate from the Mandi Lok Sabha seat Vikramaditya Singh had asked why Ranaut did not visit Spiti and returned from Reckong Peo alleging that she was afraid she would be shown black flags for her remarks against the Dalai Lama.
