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Icici Bank aims to increase the market share of commercial transactions exim

The second-largest private-sector lender, ICICI Bank, improved its market share in Exim business transactions this fiscal year and aims to grow it further as the country’s exports increase, a senior official said on Tuesday. The bank’s market share in Exim commerce grew to 7.5% of total flows in the September quarter, from 6% in FY21, the press told reporters on Executive Director of the Lender, Vishakha Mulye.

Mulye said the country’s exports are expected to gain momentum thanks to demand and investments made under the government’s production-linked incentive program (PLI), which will help the bank to further increase its share. She said the country’s exports reached $ 370 billion in the first seven months of this fiscal year through October, while imports stood at $ 410 billion.
Investments under the PLI program are expected to reach $ 520 billion over the next five years, she said, adding that many companies served by the bank are preparing to invest. The bank has also launched ‘Trade Emerge’, a new platform for Exim players, which can also be used by entities that do not have an account with the lender.

Mulye declined to share the goals the bank has set for itself from the new platform and mentioned that they are shared internally and very ambitious. Exporters and importers will have access to verified details of nearly 15 million global buyers and sellers in 181 countries on the platform, the lender said.

First publication: STI


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