We look at the current slowdown as a short term phenomenon: ICICI Bank

The Federation of Automobile Dealers Associations (FADA) recently met ICICI Bank MD - Sandeep Bakhshi, ED – Anup Bagchi and other Senior Officials in Mumbai to discuss the current state of Indian Auto Retail. The topics discussed included ease of liquidity from the Bank’s side, increase in credit repayment days on a case to case basis and how ICICI Bank could do more to improve the confidence in Auto Retail, both at retail as well as wholesale level.

Speaking on the outcome of this meeting Bagchi said, “ICICI Bank continues to remain positive towards the automobile sector. We look at the current slowdown as a short term phenomenon. Our outlook towards the retail as well as dealerships remains unchanged."

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Ashish Harsharaj Kale, President FADA said, “We thank ICICI Bank MD, ED and all Senior officials for meeting us and discussing the current state of Auto Retail in India. Despite The Current Challenges, The Positivity and Confidence of ICICI Bank on Auto Retails and Auto Dealers is a Confidence Booster for our Members. We are also enthused that the Bank is willing to Support Auto Dealers on a Case to Case Basis if so required. 

FADA is happy to note that ICICI Bank looks at this slowdown as a short term blip and continues to fund Auto Retails with the same enthusiasm and aggression and is increasing its presence further in Rural India.”