Icici Bank To Induct 2 Directors

ICICI Bank is expanding its 10-member board by inducting two new independent directors.

Managing director and CEO H N Sinor said, "We will be inducting two directors with proficiencies in legal and technology matters. The bank is largely board driven and a good counsel from the board is of immense value."

The bank had recently appointed two wholetime directors Nachiket Mor and Chanda D Kochhar as executive directors, who would be in charge of their corporate and retail operations respectively.

The bank is also broadening its retail and corporate structure. In the retail front, the bank will concentrate this year on cross-selling and Internet banking.

"Globally, the maximum amount of cross-sell happens through the Net. One of the best examples is of a Brazilian Bank -- Bank Bredesco which has been able to cross-sell eight products through the Internet. Mostly banks are able to cross-sell only three products through the other channels such as branches, ATMs. We would like to replicate the experience of Bredesco out here."

The bank has appointed Ravi Krishnamuurthy to head the cross-sell group. The bank has appointed Smita Aggarwal to head its call-centre operations.

It is merging the two portals ICICIConnect (retail) and ICICI Infinity (Internet banking product) under a single umbrella of ICICIConnect.

"ICICI Bank has over 700,00 Internet banking customers now. We are adding between 50,000 and 60,000 Net-banking customers every month. The active customers have also increased from around 10 per cent previously to around 35 per cent now (around 2.5 lakh customers). Customers are using the Net not only for viewing their accounts but also for transferring of funds and bill payments," said Sinor.

The amount transferred through the Internet on March 2000 was around Rs 6 lakh, which has increased to Rs 7.6 crore on April 1,2001. Also bill payments through the Net have increased from 6 lakh in March 2000 to Rs 81 lakh on April 1.