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Rural India represents new frontier for banking: ICICI Bank
Mumbai, Aug 01: ICICI Bank Ltd sees rural India representing the new frontier in banking, offering a vast, untapped market for integrated technology-driven banking and financial services.
Mumbai, Aug 01: ICICI Bank Ltd sees rural India representing the new frontier in banking, offering a vast, untapped market for integrated technology-driven banking and financial services.
These services include the whole gamut of financial products ranging from agricultural credit to consumer credit, liability products and insurance, ICICI Bank chairman N Vaghul said in the annual report for 2002-03 here.
"Our strategy in this segment will be built around a deep understanding of rural income and cash flows and financial needs and use of technology to deliver a high level of service to the rural customer base without the high cost of operations associated with traditional rural banking models,” he added.
Vaghul said that the bank has completed its transformational change from a single product financial services company to a true universal bank.
"We have achieved leadership positions across diverse businesses, from retail credit to life insurance. Going forward, the key challenges for the bank are to maintain its leadership positions in these businesses and expand and deepen its penetration in others,” he said.
The country's largest private sector bank would also continue to focus on proactively addressing the legacy issue of distressed legacy issue of distressed debt and operationalise its strategies in this area in co-ordination with other participants in the financial system.
Bureau Report
"Our strategy in this segment will be built around a deep understanding of rural income and cash flows and financial needs and use of technology to deliver a high level of service to the rural customer base without the high cost of operations associated with traditional rural banking models,” he added.
Vaghul said that the bank has completed its transformational change from a single product financial services company to a true universal bank.
"We have achieved leadership positions across diverse businesses, from retail credit to life insurance. Going forward, the key challenges for the bank are to maintain its leadership positions in these businesses and expand and deepen its penetration in others,” he said.
The country's largest private sector bank would also continue to focus on proactively addressing the legacy issue of distressed legacy issue of distressed debt and operationalise its strategies in this area in co-ordination with other participants in the financial system.
Bureau Report