ICICI Bank Targets 250 MFIs
Monday, April 17, 2006
Besides retail, ICICI Bank, the second-largest commercial bank, has aggressively doubled its rural microfinance and agri-business loan portfolio over a period of nine months. The outstanding in group’s total rural microfinance and agri-business portfolio has increased to Rs 10,000 crore compared to Rs 5,200 crore last year.
This comes from an outreach of to 3.2 million low-income clients. Simultaneously, the bank has also increased its partner strength of microfinance institutions (MFIs) to 102, from 49, over a period of one year. The bank plans to partner with 200-250 MFIs, each serving three districts in the country, thus reaching out to 600 in all across the country, through a mix of its products and channels.
Commenting on the same, ICICI Bank?s executive director Nachiket Mor said: “We are targeting at partnering with 200-250 MFIs in the next few years.” The bank also plans to develop a unique rural banking proposition by capitalising on the partnership model instead of solely relying on the branch-led approach.
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