Business Daily from THE HINDU group of publications
Thursday, Aug 30, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Aug 30, 2007 ePaper |
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Money & Banking
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Credit Market Retail lending up 30%
Our Bureau New Delhi, Aug 29 Retail lending has increased in the country by over 30 per cent year between March 2006 and March 2007, according to industry chamber Assocham. ICICI Bank’s retail advances increased by 39 per cent during the period. Centurion Bank of Punjab has focused on the growth of retail business, thus, its retail loans account for 68 per cent of net advances. Punjab National Bank’s retail credit constitutes 22.7 per cent of its net credit. Retail loans of State Bank of India constitute 21.50 per cent of its total loan book, according to the chamber. Rising competition has seen over-leveraging of customers, which along with rising rates may cause a rise in delinquencies, according to the chamber. Even though this market is nascent, it’s one of the fastest-growing loan segments. Competition in the personal loans market has increased with the entry of multinationals, private banks and non-banking finance companies. Companies such as ABN Amro, Centurion Bank of Punjab, HDFC Bank, HSBC, ICICI Bank, DBS Cholamandalam, Fullerton India and Religare have been increasingly focusing on personal loans, according to the chamber.
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