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Our Bureau

Mangalore , Jan. 21

THE Executive Director of ICICI Bank, Ms Chanda Kochhar, has stressed the need for penetrating retail finance sector in India, which is only 3 per cent of GDP at present.

Addressing presspersons after inaugurating the new premises of P.M. Rao Road branch here on Wednesday, Ms Kochhar said that penetration of retail finance segment is 70 per cent of GDP in the US.

Referring to the growth in the service sector, she said this has helped in increasing income level of people. The availability of retail banking products and affordability of retail finance are increasing. The bank has 30 per cent market share in retail finance segment. It is selling one-lakh credit cards every month. She claimed that out of every four cars manufactured in India one car is financed by ICICI Bank.

Asked if there is any move to acquire any private bank, she said: "As of now, no."

About the recent decision of the Union Cabinet to increase foreign direct investment in private banks to 74 per cent, she said that the bank has strong fundamentals and there is no need of FDI for it. It has strong presence in every segment of banking, she added.

On the overseas presence of the bank, she said it has representative's offices and Offshore Banking Units in several countries. It is constantly in touch with NRIs and corporates abroad to expand its business.

In Karantaka, the bank has 27 branches and 160 ATMs. The bank is leading in housing finance segment in Mangalore, and its car finance and credit card business are also doing well here. In Mangalore, it has 12 ATMs, she said.

Kasaragod branch of the bank was also opened on Wednesday. Ms Kochhar stated that two more branches, ATMs, and extension counters are on cards in Kerala.

More Stories on : Consumer Finance | Karnataka

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