The largest retail credit provider in the country, ICICI Bank said it would significantly scale up its operation in rural areas, which it considers as the next horizon of growth.
"Our rural portfolio has more than doubled in the last year and we hope to significantly scale up our operations in the future," bank's managing director and chief executive officer K V Kamath said in a letter addressed to shareholders.
As a strategy the bank offered a full spectrum of products to meet the needs of various segments of the rural population through a combination of innovative channels, in a profitable manner, he said.
However, he did not elaborate on the channels the bank intends to use for market penetration and to reap benefits.
"A critical factor in the long-term sustainability of social development and economic prosperity in India is bringing in the benefits of economic growth to rural India. It is only by delivering financial services to people in rural areas that they can be brought within the ambit of mainstream economic activity and the full potential of the country's physical and human resources can be realised," Kamath said.
The bank, he said, is using technology extensively to address the challenges associated with delivery of financial services in rural areas.
ICICI Bank also seeks to grow its SME business model by developing a comprehensive product suite focused on the sector and strengthening its risk management models, he said.
"Our rural portfolio has more than doubled in the last year and we hope to significantly scale up our operations in the future," bank's managing director and chief executive officer K V Kamath said in a letter addressed to shareholders.
As a strategy the bank offered a full spectrum of products to meet the needs of various segments of the rural population through a combination of innovative channels, in a profitable manner, he said.
However, he did not elaborate on the channels the bank intends to use for market penetration and to reap benefits.
"A critical factor in the long-term sustainability of social development and economic prosperity in India is bringing in the benefits of economic growth to rural India. It is only by delivering financial services to people in rural areas that they can be brought within the ambit of mainstream economic activity and the full potential of the country's physical and human resources can be realised," Kamath said.
The bank, he said, is using technology extensively to address the challenges associated with delivery of financial services in rural areas.
ICICI Bank also seeks to grow its SME business model by developing a comprehensive product suite focused on the sector and strengthening its risk management models, he said.
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