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Leading retail banking revolution

ICICI Bank which started in 1994 with an aggressive retail foray, challenging public sector banks that enjoyed big branch networks. One of the first things ICICI Bank did was to roll out multi-channel retail banking operations with a plan of setting up 2,000 ATMs in 200 cities rather than be handicapped with just 50 branches that it had set up in select cities. ICICI Bank then trained its guns on foreign banks to capture the credit card and personal loan market. It overtook Citibank as the largest issuer of credit cards with 3 million cards in 2005.It was the only financial institution that has achieved a growth rate of 180-200 percent in the late 1990s. She realized that by pursuing a growth strategy to meet the aspirations of Indians 200 million strong middle class who liked the ease with which they obtained home loans, auto loans, personal loans and credit cards. That's what Chanda Kochhar, CEO and Director of ICICI Bank, called the commercial revolution. "When Narayan Vaghul, founding president, the thought of a bank, nobody in India had thought about setting up a commercial bank in 50 years. People never envisaged that the retail would be that large. Retail revolution happened in the mid-2000s and we were ready with our plan and rollout strategy. While others were trying to get on the retail bandwagon and follow the big change that was engulfing India, we were already out there with our services,” says Kochhar. “In the late 1990s, we felt that India was at an inflection point with per capita GDP crossing $500. Past experience in southeast Asia showed that when that happens, the aspirations of people and their ability to meet those aspirations through a combination of savings and debt increase, creating a rapidly growing retail credit market. We spotted that opportunity and put in place the framework to capitalise on it. This also helped us rapidly diversify the risk in our own portfolio, which was heavily weighed towards financing of industrial projects," Kamath said in an email response. The ADR listing gave Kamath and his team a new vigour for some inorganic expansion. Between 1997 and 2001, ICICI acquired Shipping Credit and Investment Company of India (SCICI) and ITC Classic Finance, which had strong base in the east and the west. It also acquired Bank of Madura, when ICICI Bank’s revenues stood at Rs 2,500 crore and that of Bank of Madura at Rs 100 crore. Then it acquired Sangli Cooperative Bank in Maharashtra.

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PRLog (Press Release) – Jan 27, 2011 – People with poor credit feel that it is difficult to get personal loans. However, there are many financial companies and banks that provide loans to bad credit applicants. Bad credit personal loans are generally sought by persons who want to consolidate their loans.

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Personal loans are categorized into secured and unsecured loans. An unsecured personal loan does not require any collateral and involves less risk. With the advent of the Internet, many banks provide bad credit personal loans through their websites. The application process is simple and takes only a few minutes. Unsecured loans up to $1,000 are generally passed within 24 hours. Even though these loans do not require any collateral, certain conditions are to be met. The loans are approved only if the borrower has an income source and a bank account. Usually high interest rates are charged since there is no collateral.

Some banks prefer to provide loans in an incremental order. First time customers are given loans ranging from $200 to $500, depending on their net income. These customers can later apply for loans up to $1,500. Loans of greater amounts can be fetched through secured personal loans. These loans are passed by taking your property or home as collateral. The interest rates on secured loans are lower than unsecured loans. However, there is always the risk of losing your house or property if the loan is not repaid.

It is important to visit multiple lenders and request quotes so that you can compare them and decide which is best for you. Online lenders often offer better rates than most other lenders

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