ICICI Bank announces expansion plans

Officials from ICICI Bank announced that the bank is going to add around 400-500 branches annually. It also aims at increasing the total spending percentage on the road and power projects in the years to come.

The Managing Director and CEO of ICICI Bank, Chanda Kocchar said, "I feel that we have to grow beyond the number of existing) branches... Over the next 2-3 years, we would continue to add branches at the rate of 400-500 per year"

Presently the bank consists of about 2,500 branches and 5,800 ATMs . Officials said that earlier the main focus of the bank was on Personal Loans but now it is more concerned about financing the corporate sector.

She said "I do feel ICICI Bank will play a major role in infrastructure project finance... As investment takes place in phases like in road and power projects, we move as investment takes place... this is an area of big focus,"

Regarding the expansion plans the officials said that it has not opened any new branch in the current financial year but the acquisition of Bank of Rajasthan by ICICI Bank automatically increased the branch network by 500.

"Well, bank grows where GDP grows. So, all the states where GDP growth takes place, banks will grow," Kocchar said.

ICICI Bank offers another option to dispense cash

ICICI Bank has launched an innovative scheme that suits the Indian market a lot. ICICI Bank and ICICI merchant services has launched a scheme that would enable the customers of the bank that have debit card to withdraw money from the merchant that have credit card swipe machine.

For the purpose the bank has to make minor modifications in the present system of the bank and in a few days the customers will be able to enjoy the service.

The Managing Director and Chief Executive of the bank Chanda Kochhar said "ICICI Bank continues to be at the forefront of offering new functionalities and convenience to customers by leveraging technology. The launch of cash withdrawals at PoS terminals will create a new mode of access to financial services, which not only enhances customer service but can also be leveraged for financial inclusion."

This service initially will be available with a merchant outlets by the scheme is expected to attract more merchants to provide this service as it will reduce the headache of managing cash for the merchants plus the service will load the customers with an alternative choice to withdraw cash.

According to the guidelines from the banks that customers will be able to get a maximum of Rs 1000 per day from the service and for this the customer will be charged with Rs 10 per transaction. This service charge will then be shared between the bank and the merchant.