THIRUVANANTHAPURAM: HSBC India visualises robust growth in demand for consumer finance in India with new sections of the population becoming comfortable with the idea of borrowing for consumption, bank's head for Personal Financial Services Nicholas G. Winsor has said.

Addressing a press conference here on Monday night, he said HSBC India would put in place its strategy to reach out to these new consumer segments. He said consumer psychology in the country was not what it had been 10 years ago.

According to him, large sections of people in unorganised business and trading were still outside the lending umbrella of the banking sector in the country, since they could not produce the usually acceptable documents supporting their income status and repayment capacity. These potential borrowers required new offerings and loan distribution models.

"One of the products of the bank HSBC Pragati Finance, for instance, has enabled the bank to offer consumer finance to people who have no credit history and are unable to prove their repayment ability but actually have the ability to repay," he said.

"This product will help people who have so far had limited access to organised lending. As people who take loans under this scheme establish their credibility through regular repayments, the bank plans to offer them bigger loans and even special terms such as lower interest rates," Mr. Winsor said.

The bank is also targeting other customer segments such as non-resident Indians (NRIs). The `One-World' account package, launched in association with HSBC Bank Middle East, offers NRIs based in the UAE a range of facilities including free transfer of funds to their HSBC accounts in India. The bank will continue to look for opportunities to invest in India, Mr. Winsor said.

It will open its 47th Indian branch in Lucknow later this month and hopes to take the number of its branches in the country to 50 by next year, he added.

The bank also plans to extend its private banking services in India to 10 cities by next year. It presently offers these services in six Indian cities, he said.

Printer friendly page  
Send this article to Friends by E-Mail