Private sector lender ICICI Bank on Wednesday said it is looking to double its retail loan disbursement in Assam to over Rs 1,200 crore during 2019-20.
The lender plans to achieve this target by increasing its consumer loan disbursement comprising personal and auto loans to over Rs 850 crore in the current fiscal and the mortgage loan portfolio to Rs 300 crore.
There has been significant growth in retail consumer loans in Assam over the last few years, ICICI Bank Executive Director Anup Bagchi said in a statement.
"With growth in the economy of Assam, we see the potential of increasing the retail loan disbursement in the state by more than double to over Rs 1,200 crore in FY'20," he said.
The lender is focusing on consumer and home loans to expand its business in the state, he said.
"A significant driver of this growth is our technology-led instantaneous loan offerings to our customers and making products available in the tier-II and III towns.
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"Armed with our technological prowess, we now offer instant sanction of home, personal and auto loans to pre- approved customers through our digital channels," Bagchi said.
In the mortgage portfolio, the focus is in the affordable housing segment to drive growth and the bank is concentrating on places like Jorhat, Dibrugarh, Tinsukia, Tezpur, Silchar, Sivasagar among others, he said.
"We plan to increase our mortgage loan disbursement in Assam by 40 per cent to Rs 300 crore in FY'20," Bagchi said.
To achieve growth, the lender has adopted a multi- pronged strategy, he said, adding that it includes focus on affordable housing segment, expansion to tier-II and III markets and credit processing centres.
The group has also been actively involved in providing free-of-cost vocational training to the underprivileged youth in Assam through the ICICI Academy for Skills, the statement said.
"The academy has one centre in Guwahati and has imparted vocational training to over 5,250 students, of which about 20 per cent are women," it said.
By end of FY'20, it will train 5,700 youths with skills, the statement said.
The skill academy centre in Assam aims at providing training to the underprivileged youth in skills like retail sales and office administration, it added.