ICICI bank is aimed at opening new branches and has laid a plan of setting up around 450 branches in fresh catchments areas and micro-markets with economic activities
Image: ICICI Bank to open 450 new branches in fiscal year 2019. Photo: Courtesy of ICICI Bank Group.
Indian private sector bank ICICI has announced plans to expand its retail banking network in the country by adding 450 new branches in fiscal year 2019.
ICICI Bank said that it has already brought 320 branches into operations and in the process the bank has crossed the milestone of establishing 5,000 branches through a branch set up at Siddhachal Phase 7 in Thane, Maharashtra.
ICICI Bank executive director Anup Bagchi said “We believe that a wide branch network continues to be important for retail banking. It helps deepen the relationship with the customer by serving them a wide range of products and offerings.
“More importantly, the branches offer consultation and guidance to customers for all kinds of banking requirements including mortgages, business banking, other loans and investments. In the last few years, we have seen that the nature of business at branches has evolved. Customers are now more keen to seek advice and guidance from branches for complex transactions, loans and investments.”
ICICI Bank operned its 5000th branch at Siddhachal Phase 7 in Thane, Maharashtra
Once the remaining 130 branches are opened by end of 2019 fiscal year, the bank would have a wide network of more than 5,190 branches, extension counters and ATMs across the country.
ICICI Bank said that it covers most locations across the country from Leh in Jammu & Kashmir to Nagercoil in Tamil Nadu, from Naliya in Gujarat to Aizawl in Mizoram, and has operating approximately half of the branches from rural and semi-urban areas to provide financial inclusion in the country.
In addition, the bank is aimed at opening branches, and has laid a plan of setting up around 450 branches in fresh catchments areas and micro-markets with economic activities.
The bank said that its 5000th branch at Siddhachal Phase 7 in Thane, Maharashtra offers a wide range of deposits, savings and current accounts, home loans, loan against property, gold loans, auto loans, personal loans along with NRI services and an extensive locker facility.
Bagchi added: “For simple transactions, they prefer doing it over digital channels like internet and mobile banking. Our new branches too have been aligned to meet these evolving requirements. They sport a contemporary look and feel to provide a superior experience to our customers.
“The design principle focuses on enhancing digital transactions by introducing 24×7 ‘e-lobby’ at many branches, simplifying customer navigation with demarcated spaces for transactions as well as elevating customer engagement levels with exclusive engagement ‘pods’ for loans and investments at prominent catchment areas.”
The bank claims that it offers technology led innovations at its branches including Touch Banking, Insta Banking self-service kiosks, Cash deposit and withdrawal machines, Insta Banking for iMobile.