Finance

ICICI Bank aims to grow Exim Trade transaction market share as exports rise

The second-largest private sector lender ICICI Bank has improved its market share in Exim trade transactions this fiscal and aims to grow it further as the exports from the country rise, a senior official said on Tuesday.

The bank’s market share in the Exim trade increased to 7.5 per cent of the overall flows in the September quarter, while it was 6 per cent in FY21, the lender’s executive director Vishakha Mulye told reporters.

Mulye said the country’s exports are expected to gain faster traction going ahead on the back of demand and the investments happening under the production linked incentive (PLI) scheme of the government, which will help the bank grow its share further.

She said the country’s exports touched USD 370 billion in the first seven months of this fiscal till October, while imports were at USD 410 billion.

Investments under the PLI scheme are estimated to touch USD 520 billion in the next five years, she said, adding that many corporates served by the bank are gearing up to invest.

The bank also launched ‘Trade Emerge’, a new platform aimed at the Exim players, which can also be used by entities that are not having an account with the lender.

Mulye declined to share any targets, which the bank has set for itself from the new platform and mentioned that the same are internally shared and very ambitious.

Exporters and importers will get access to verified details of nearly 15 million global buyers and sellers across 181 countries on the platform, the lender said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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