ICICI Bank is not likely to alter its lending as well as deposit rates in the immediate future.
Speaking on the sidelines of a function organised by ICICI Foundation in Mumbai on Thursday, ICICI Bank executive director V. Vaidyanathan said, ?We will have to wait and watch on the reaction of the Indian banking system to last week?s repo rate hike. We are closely monitoring the cost of funds. The credit portfolio and deposit base of Indian banking system is likely to grow at 20% and 24% respectively in the current financial year.?
?In today?s market condition, people are looking at an investment avenue that beats inflation. And so, our focus ahead will be to raise low cost deposits in the current fiscal year. Since India is creating 11 million new jobs every year, opening of savings accounts is a natural phenomenon. The present 8% growth of India is contributing a lot to our current accounts accumulation too. Last year, our CASA base was in tune of around Rs 13,000 crore, and we aim to increase it in the current year. Another major areas of our bank?s focus are wealth management, advisory services, among others?, said Vaidyanathan.
In the last three months, ICICI Bank has opened 450 new branches in the country. Over 60% of them have been set up in semi-urban and rural areas of India. The bank?s current consumer-credit portfolio is worth Rs 130,000 crore. Mortgages account for Rs 65,000 crore, auto loan Rs 18,000 crore, personal loans Rs 10,000 and the credit cards business is pegged at Rs 10,000 crore.
