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StanChart to increase retail advances’ share

Standard Chartered Bank is targeting a 40% share for retail advances in its Indian loan book, up from 29% now. Launching the bank’s retail digital banking campaign in Mumbai, Zarin Daruwala, India CEO of the bank, said the bank will depend on digital channels to beef up its retail book. Being a foreign bank, it does not have the kind of reach in terms of branches that other banks have, so being a bank with a limited branch presence, it is using digital as a way of reaching out to our customers, she said. Daruwala said the bank has no plans of reducing its branch footprint in India as it has a relatively smaller branch network of about 100 in India. The bank is already sourcing many of its new unsecured-loan customers through the digital route, she added.

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