ICICI to explore rural market in joint ventures
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[June 14, 2007]

ICICI to explore rural market in joint ventures

(Financial Express Via Thomson Dialog NewsEdge) ICICI Bank now has plans to explore the rural credit segment. The bank, however, has no plans to open up new branches but will seek tie-ups or joint partners with institutions to explore business opportunites, KV Kamath, MD & CEO said Thursday. "Rather than opening up new branches, we are looking at increasing our rural base through partnership with NGOs and NBFCs that have exisitng operations there," he said. The bank has already tied up with an NGO, 'Spandana' in the southern states of the country to reach out to rural masses. ICICI Bank has 945 branches in all, of which 169 are in rural areas. ``We cannot still cover the six lakh villages in the country,'' Kamath said. The bank will leverage the dynamic technological experiment while expanding its base in the rural areas. It has already introduced the biometric smart card for the rural people on a pilot basis through its arm 'Fino'. This card can be used for both disbursement of loans and accepting deposits from the farmers. The bank's deputy managing director, Chanda Kochhar , said the credit risks range between 5% and 12 %. ``This will have to be borne by the bank's partners in the rural areas,'' she said. Interestingly, the bank has introduced weather insurance in the rural areas which insures the protection to the farmers' crop despite the vagrant weather. The bank is present in 28 such districts and 25% of the rural population have been covered under this scheme. ICICI Bank has kept aside a fund of Rs 500 billion for its capital expenditure plan which would mainly used for corporate finance. On the retail front the bank witnessed a retail portfolio growth of 39% in FY 2007. Retail constitutes 65% of the bank's total loan portfolio. Also, the bank is looking at sustained market leadership in the insurance venture through bancassurance delivery channel.



Copyright 2007 The Indian Express Online Media Ltd, Source: The Financial Times Limited

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