Foreign lender HSBC's Indian operations is aiming to revamp the unsecured loan business again. The bank is aiming to reinitialise the growth mechanism of its credit card portfolio, informed the chief executive of the bank for Indian operations.
The global economic meltdown and its impact had led banks to become very conservative in their lending decisions thus leading to a huge recoil in the unsecured lending business.
But with the scenario improving now, banks are again gathering courage to venture into the segment.
"At this stage, we are well positioned to grow our unsecured book but we will do it in a cautious and calibrated way," Stuart Davis said.
"We won't be looking at open market sourcing as we did perhaps four or five years ago," he said.
This means customers holding accounts with HSBC would be the target segment.