The Hindu Business Line : ICICI Bank sees uptick in credit offtake in second half

Mumbai, Nov 13 Credit offtake will see an improvement in the third and fourth quarters, with lot of opportunities in corporate credit, said Mr V. Vaidyanathan, Executive Director, ICICI Bank. The largest private sector bank in the country is expecting its overall retail book to grow by 20 per cent this fiscal, he said.

The bank which had reduced the floating home loans by 50 basis points to 11 per cent and rates on personal and auto loans between 25 and 50 basis points as part of its festival offer, plans to continue with the same for now. “We are watching competition,” Mr Vaidyanathan said.

Speaking to reporters at the sidelines of a seminar on small and medium enterprises, in Mumbai, today, he said the bank had reduced deposit rates in order to align the interest rates. “There were sharp spikes in several buckets. So we reduced the rate on the 390 days deposit but increased the rate on the one-year one-day deposit. It reflects our need for funds,” Mr Vaidyanathan added.

Package for SMEs

About the bank’s SME business, he said the segment is likely to see a growth of over 60 per cent. The bank is planning to offer transaction banking, insurance products and loan products as a package for its SME clients.

“SMEs are not adequately banked in India. We are looking at offering a comprehensive package,” he said.

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