ICICI Bank News - Latest news about ICICI Bank,
With rumor spreading about ICICI bank is bankrupt, ICICI bank customers are getting panic, and that panic I have seen yesterday night. I got call from my friend saying ICICI bank may go for bankrupt, ie at around 9PM, He got the news from some local TV channel, which was flashing the news and experts were suggesting for taking out money as much as you can. I wanted to check, so just came out and went nearby ICICI bank ATM; and to my surprise there was long long queue; I went to other ATM, there is also same thing; people were waiting infront of ATM' till ATM runs out of money, and within three hours time all ICICI bank ATM's were short of money, people were rushing towrds other ATM's like
SBI(were not giving money to ICICI banks customers, making more panic and giving support to rumors); some ATM's were giving money for current account.
Bank of Badora- no money for ICICI
Axis Banks ATM, was giving money
ING vaysa Bank was also allowing ICICI customers for money withdraw.
but Those ATM's also run short of money after two three hours, and I was also being ICICI custoers, was searching for ATM to withdraw money, standing in queus, but no luck, till 3'o clock in morning all ATM's were running short of money;
This may be surprised morning shock to ICICI bank now that, all their ATM's are dried.
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It is a little hard to believe that a bank of this size will go bankrupt, but with Recent Lehman Brother’s experience people are not willing to believe, and ready to go with rumors.
Here in Hyderabad depositors are in a frenzy to withdraw money from the banks ATM’s.
If anyone has any more news about this, post a comment share your experences to help people, and help to stop panic. Money will not go anywhere, as these private sector bank's has master control from RBI, RBI will make sure that ICICI bank customer will get return their single penny.
4 Responses to Is ICICI Bank Closing Latest News?
i dont it is fact or not that icici bank is a bankcrupt if any one know about this more please reply me because in icici bank i had deposit 10 lacs
from_ ICICIBankServiceTeam says:
October 1, 2008
Dear Sir/ Madam,
We greatly value your relationship with us. In the context of the developments in the international financial markets, we thought it pertinent to bring to you our perspective of the prevailing situation.
We would like to bring to your
attention that the Indian banking system is well regulated and significantly insulated from global developments. This is because it is mandatory for all Indian Scheduled Commercial Banks to retain 34% of the deposit base in the form of Government Securities (SLR) and cash with RBI (CRR). Besides, sound policies of RBI have ensured prudent credit practices in the Indian Banking system.
ICICI Bank is already compliant with the BASLE II requirement in respect of risk management practices and capital adequacy. At 13.4%, ICICI Bank has one of the highest capital adequacy ratios in the Indian banking industry. Last year, ICICI Bank raised Rs. 20,000 crores (US $ 5 billion) of equity capital, which almost doubled our equity capital base. We have a net worth of over Rs. 47,000 crores (US$ 10 billion), again one of the highest in the banking industry in India We have consolidated total assets of over Rs. 4,84,000 crores (over US $ 105 billion), which is diversified across a wide range of asset classes across retail, wholesale and rural banking.
ICICI Bank is amongst the most profitable banks in India. In FY 08, ICICI Bank made a profit of Rs. 4,158 crores (US$ 900 million).
ICICI Bank has the highest credit ratings in the Indian financial sector. We have AAA ratings for our instruments, such as senior bonds, subordinated bonds, and deposits. We have the highest foreign currency bond ratings assigned to any Indian bank from Moodys and S&P.
We continue to invest in growth, indicating our confidence in the opportunities in the Indian market. In 07-08, ICICI Bank added 650 new branches, taking the total strength to over 1400 branches.
We thank you for reposing trust in us over the years. We look forward to setting new benchmarks in service levels in India and to create a bank that you will continue to be proud of.
As a testimony to the above, please find below the clarification given by Reserve Bank of India.
Date : 30 Sep 2008RBI Statement on ICICI Bank’s Financial PositionThere are reports in some sections of the media that based on rumours regarding the financial strength of ICICI Bank, depositors are withdrawing cash at its ATMs and branches in some locations.
It is clarified that the ICICI Bank has sufficient liquidity, including in its current account with the Reserve Bank of India, to meet the requirements of its depositors. The Reserve Bank of India is monitoring the developments and has arranged to provide adequate cash to ICICI Bank to meet the demands of its customers at its branches/ ATMs.
The ICICI Bank and its subsidiary banks abroad are well capitalised.
Alpana KillawalaChief General Manager
Press Release : 2008-2009/412
Sincerely,
Nazia SayeedOffice of Head Service QualityICICI Bank Ltd.
hi Alpana Killawala
thanks for the clarification and details provided by Reserve Bank of India. people should not beleive on rumors.
ICICI bank is not in a position to run the bank in a smooth manner. Even if you try to withdraw more than a lac rupees you wont be because they dont have money in their branches. Right now they are searching for other ways to raise the money e.g. hiding people's money in their suspense account, sending PAYMENT RECOVERY gangsters to the customers who already paid their dues just to get additional money by threatening them. If want to avoid risk put your money in any nationalized bank otherwise you will be in trouble.
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