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ICICI Bank Sees Enormous Opportunities in Rural India - IBN (Private Bank) has its eyes set on rural India to increase exposure considering the huge demand for banking in Indian rural sector.
ICICI Bank Sees Enormous Opportunities in Rural India

 

PRZOOM - /newswire/ - Delhi, New Delhi, India, 2006/11/06 - IBN (Private Bank) has its eyes set on rural India to increase exposure considering the huge demand for banking in Indian rural sector..

   
 
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ICICI Bank aims to exploit the untapped rural banking sector in India, as huge credit demands exist in this sector. Credit demand in rural India is expected around Rs.1,330 Billion, whereas its supply was just about Rs.40 Billion in previous year (2005), as per Nachiket Mor- deputy MD of the bank.

The Bank plans to adopt the franchisee model for widening its reach in the rural areas of India. Around 8,000 touch points have been established by ICICI Bank across the country, so that it's able to penetrate rural pockets & develop low priced ATMs. Also, a sum of Rs.2,500 crore was disbursed by the bank toward rural sector financing. The Bank expects that good rural credit will off take in 2006.

To provide easy loans, the bank has tied up with many FMCG companies such as Godrej Sara Lee. The distributors of Sara Lee are provided with loans for buying Godrej products, under the channel-financing model. The distributors, in turn, may help the dealers in getting advances from the bank.

ICICI Bank is also providing funds to cattle farmers so they can buy fodder, under the similar arrangement with the companies that manufacture fodder. Working in partnership with postal department, the bank intends to expand its rural base in the country. RMAG (Rural, Micro banking & Agri business Group) has been formed by the bank for a more focused approach.

RNCOS has recently published a report namely "Indian Banking Sector Analysis (2006-2007)", which provides extensive research and objective analysis on all aspects of the growing banking industry in India. As per RNCOS report, "World Bank study has revealed that the current demand for credit in Rural India is estimated to be around Rs.1,330 Billion. In addition, 32000 commercial bank branches cover only 7% of rural sector and large market is still untapped in terms of liability (about Rs.215 Billion) as well as asset (about Rs.1, 204 Billion) sides of banking business."

Key issues and facts analyzed in this report include:

- How does the competitive market landscape look like for the Indian Banking Industry?
- Driving factors behind the Banking Sector in India
- Various opportunities and challenges in this industry
- Key players in Indian banking sector
- Predictions about the Banking Sector in India

About RNCOS

RNCOS, incorporated in 2002, provides Market Research Reports for your business needs and aims to put an end to your information pursuit. Our expertise in gathering global business information for industry research, corporate training, growth consulting, and business consulting, brings reputed companies and firms to us for business enhancement solutions. We can be your one-stop-shop for Industry research information and niche market analysis.

 
 
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ICICI Bank Sees Enormous Opportunities in Rural India

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