ICICI Bank to add 400 branches, 1,000 ATMs this fiscal
04 July 2016
ICICI Bank, the country's second-largest lender, will set up 400 new branches and add another 1,000 to its ATM network in the current fiscal to boost retail operations, its chief executive of ICICI Bank, Chanda Kochhar, was quoted as saying.
"We believe that a wide branch network is a cornerstone in retail banking. Keeping this in mind, we plan to add around 400 branches this fiscal. We also plan to expand our ATM network by adding over 1,000 ATMs," reports quoted Kochhar as saying in an interview.
The decision is in tune with customer response to a recent survey carried out by the bank, Kochhar said, adding that customers value a wide branch network and proximity to home or office as important for opening an account with a bank.
"It also helps deepen the relationship with the customer as it forms a focal point for a range of products and services like mortgages, other loans and investments," she said, adding that the nature of the bank and services to be provided at each branch are yet to be decided.
ICICI will increasingly depend on digital ecosystem for operationalising new branches, Kochar said, adding, "Today, over a third of all financial transactions are done through ATMs."
"The branches will become digital and more advisory in nature. In fact, our branches, in their advisory role, source over half of our home loan and new cards customers. Our ATMs are like mini-branches today wherein we provide many banking services in addition to dispensing cash," she pointed out.
ATMs now offer services such as Aadhar card updation, utility bill payments, pre-approved loan eligibility and even fund transfers.
ICICI Bank had in the previous fiscal added 400 branches to its network, which is equivalent to the branch network of a small bank.
As of 31 March 2016, ICICI Bank had 18,216 branches and ATMs India - the largest retail network for any private sector banks in the country. Of this 4,450 are branches and 13,766 are ATMs.
ICICI Bank has 110 fully digital and automated 'Touch Banking' branches across 33 cities in India, providing round-the-clock services.
As part of branch automation strategy, the bank said it has deployed more than 1,800 self-service kiosks, which include cash deposit machines and instant banking kiosks, across its branches.