ICICI Bank to Add 400 New Branches and 1000 ATMs in FY17

India’s second largest bank ICICI (Industrial Credit and Investment Corporation of India) will add around 400 more branches across the country to boost business from retail operations. The bank will also open around 1,000 more ATMs across the country in the current fiscal year.

Headquartered in Mumbai, ICICI is an Indian multinational banking and financial services company. As of March 31, 2016, ICICI had 4,450 branches and 13,766 ATMs across India, making it the largest retail network among private sector banks in India. ICICI Bank had consolidated total assets of $132.17 billion at March 31, 2015.

ICICI offers its customers a wide array of banking products and financial services in the areas of investment banking, venture capital, asset management, and life/non-life insurance. The bank has presence in 19 countries including India.

“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,” Chanda Kochhar Managing Director and Chief Executive Officer of ICICI Bank said in an interaction.

“We also plan to expand our ATM network by adding over 1,000 ATMs.”

Kochhar said surveys have shown that customers value a wide branch network. They also prefer a bank close to their home or office.

“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.

ICICI Bank is also planning to make its branches more digital and advisory in future.

“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,” Kochhar said.

She said ATMs offer services such as fund transfers to other banks, Aadhar card updation, utility bill payments, and pre-approved loan eligibility.

“Today, over a third of all financial transactions are done through ATMs.”

In previous fiscal year, ICICI had added 400 branches to its network. The bank now has 110 fully digital and automated ‘Touch Banking’ branches across 33 cities. These branches are available round-the-clock on all days. The bank has also deployed more than 1,800 self-service kiosks, including cash deposit machines and insta banking kiosks.