1. Well I got another clarification on the blog from Rakesh Sah, Office of Head Service Quality ICICI Bank Limited,ICICI Bank Service Team on 10.01.08 at 12:56 pm where the concerned official has stated that the financial health of the ICICI bank is sound and bank is not going to collapse or bust or undergo any type of the bankruptcy. I am glad that your favourite financial world web site has been able to elicit the comments from the right officials of ICICI bank and thus the rumor mongering has been nipped in the bud and a sound bank financial credibility has been restored as at times such type of rumour mongering is undertaken with the deliberate design to tarnish the image of an institution as every body has to survive in competitive business world. The best strategy to curb rumours is to counter it with facts and I think ICICI bank officials are on the correct path by furnishing evidence.
2. The comment from the ICICI bank official is appended below for all depositors of ICICI bank to have a peaceful sleep. One can even assess the original comment at demystifying ICICI bank collapse report.
October 01, 2008
Dear Sir/Madam
ICICI Bank is BASEL II compliant with capital adequacy ratio of 13.4%.Last year, we raised Rs.20,000 cr, almost doubling our equity capital.Our net worth is over Rs.47,000 cr & our consolidated total assets of over Rs.4,84,000 cr are diversified across retail, wholesale & rural banking. In FY 08, our profit is Rs.4,158 cr.
Testimony to this is the RBI Press release,2008-2009/412 on 30/9/08.
“There 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“
Sincerely,
Rakesh Sah
Office of Head Service Quality
ICICI Bank Limited
ICICI Bank Service Team | 10.01.08 - 12:56 pm | #
