“A series of tactical measures and digital initiatives undertaken over the past few years played a crucial role in our journey to the ₹ 5 lakh-crore mark under personal banking advances,” the bank’s chairman Dinesh Kumar Khara said.
Dinesh Kumar Khara stressed that the ₹ 5 lakh crore excludes housing loans, where the bank has the numero uno position in the market. Personal Banking advances mainly comprise personal loans, pension loans, auto loans, education loans, gold loans, and other Personal loan products, the statement said.
Contradictory Development:
Despite an increase in borrowing cost, following a 190 basis points hike in repo rate since May this year, banks personal loan segment has seen a healthy growth this year. The segment witnessed a growth of 20 per cent in September and 20.2 per cent in October, largely driven by housing and vehicle loans, according to the Reserve Bank’s sectoral deployment of bank credit.