will launch home loan products

One of India's top financial insitutions, ICICI Ltd., will be soft-launching home loan products in Mumbai on 17 August 1999. The institution is also planning to open a call centre in Mumbai to help all ICICI group companies' customers. ICICI had earlier test-marketed the products for four months in smaller cities.

ICICI Bank, ICICI's subsidiary will be opening around 100 more automated teller machines to its existing ATM network by end-1999, including some at Mumbai airports. The Bank will also link its ATM network to the 'shared payment network system' of the Indian Banker's Association (called 'Swadhan'), thus enabling its customers to make use of their deposits. ICICI Bank joined the Swadhan network in end-April 1999.

ICICI Bank is also looking at internet banking in a big way. It will now offer services such as payment of MTNL telephone bills, on-line account opening for non-resident Indians, and fund transfers through the internet. The bank will still have to comply with some of the account opening norms manually, such as getting the signature of the account opener and his photograph in physical form. By March 2000, the bank will provide its account holders with debit cards through a tie-up it has with Visa.

ICICI Bank has more than Rs.4,600 crore of deposits and 60 branches. It went public in 1997. It has a card base of over 85,000. It plans to increase the number of branches to 100 by the end of the the financial year 1999-2000.