Looking at new growth opportunities in Indian economy: ICICI Bank

ICICI Bank is looking at new areas of growth opportunities in the Indian economy as new areas are coming up to be tapped post demonetisation and introduction of GST, its chief Chanda Kochhar has said.

She said more SMEs are becoming part of the formal economy, creating big opportunities for growth and the government has also provided a strong impetus to increase lending to MSMEs.

“Further, as the resolution process progresses and government capex picks up, the investment climate will improve leading to private corporate investments eventually looking up. We will look to participate in this pick up as and when it happens,” Kochhar told in an interview on the sidelines of the World Economic Forum.

Asked about the way the banking sector, including ICICI Bank, was tackling the NPA problem, she said: “As a universal bank, we have participated in every growth opportunity in the economy. With a presence across the spectrum of financial services, business cycles are a part of the growth process”.

“In the current challenging phase, we have continued to maintain our leadership in technology,” she said.

The Bank’s retail book has continued to record strong growth of around 18 per cent and moreover, the book has been healthy with low levels of delinquencies in the retail space, she said.

(Agencies)

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