NEWS & ADVICE : FIXED DEPOSITS
Banking sector and ICICI to grow at 20% rate: Kochhar
By Neelima Shankar
Jul 19, 2010
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ICICI Bank has said that the bank and the entire banking sector is most likely to grow at 20% per annum owing to the economic recovery trends.

"The Indian banking sector can grow at least twice the GDP growth rate," ICICI Bank CEO and Managing Director Chanda Kochhar said.

"I'm actually quite confident that India can very soon get to the double digit growth rates, so move from may be a 9 per cent growth rate in the GDP in the immediate future and then get on to 10 per cent," she said.

In the year 2009-10, the economy has expanded by 7.4%. "Clearly there is a huge growth opportunity awaiting us," Kochhar said.

ICICI Bank is also planning to extend more credit to companies located in Europe as the banks there might have less capital to lend out after the financial crisis, she said.

The bank will be part of syndicated-loan deals, instead of buying assets or entering joint ventures, she said.


 


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