From a paper presented at the NGO Global Executive Forum at Talloires, France, Nachiket Mor, deputy managing director, ICICI Bank, we gain insight into what ICICI’s plans for universal access to financial services in India are.
As MicroCapital had reported earlier, ICICI plans to partner with about 200 Microfinance Institutions (MFIs) and expand its reach into over 600 districts in India by 2010. This working paper adds further that they want to grow their microfinance clientele from 3 million as of March 2006 to 25 million by 2010 with total assets outstanding growing to USD 10bn (USD 10bn by 2010). By some estimates, the demand for total credit in India amongst its 75 million poor households is between INR 255bn to INR 500bn (USD 5.6bn to USD 11bn). On the other hand, ICICI expects its 200-partnered MFIs to serve a million households each. Even after taking into account differences in estimation, by all accounts, ICICI seems to plan to capture a large portion of the Indian microfinance market, if not all of it.
Continue reading “Indian Bank ICICI’s “10 by 10 plan” Is Rather Comprehensive”
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