The Hindu : To retire high cost loans

Online edition of India's National Newspaper
Friday, Nov 29, 2002

Business

Business

To retire high cost loans

By Our Staff Reporter

KOLKATA NOV. 28. ICICI Bank has repaid Rs. 16,000 crore worth of high cost loan liability acquired through merger of ICICI. The bank is scheduled to repay a total of Rs. 45,000 crore high cost loan in two years of which Rs. 22,000 crores will be repaid this year. Talking to newspersons here today ICICI Bank executive director, Chandra Kochhar, said the bank would enhance its branch network to 440 from 415 in the next two months.

Retail banking would continue to be growth engine for the bank for the current fiscal as there were limited movement in project finance and corporarte banking. The bank's retail advances grew to Rs. 6,000 crores during the first six months of this fiscal from Rs. 2,000 crores last year. The retail assets value went up to Rs. 15,000 crores.

Of the total retail advances 50 per cent is housing loans increasing at the rate of sanctions worth Rs. 1,000 crores a month. Car loans constitute 25 per cent of the total portfolio. The bank controls 30 per cent of the entire car loan market and 25 per cent in housing finance.

Printer friendly page
Send this article to Friends by E-Mail

Business