Executive Director,ICICI Bank Ltd and he has given the exact state of the bank which states the fact in open that ICICI bank is safe and is neither going to collapse nor undergo bankruptcy as it is icici collapse rumour mongering which is taking toll on the bank. I hope my statement will have an impact as I was planning to buy a new car and all amount is lying in the said bank. Had I been worried about the bank failure I would have had withdrawn the amount and placed the same in some other bank. I have rather written an open letter to ICICI bank to pull up its socks as this time it will survive this fiasco but it is second time such rumors is taking its toll on the bank. One will be surprised that ICICI bank collapse term is the most sought after search term on Google which speaks of the concern of the depositors.
2. The email is appended below for the benefit of all to have faith in the bank. If you remember earlier Mrs Alpana Killawala Chief General Manager,ICICI Bank had issued the statement on your best Indian stock market/ financial world website. Thus one need not worry as ICICI bank is not going to run away and is financially sound.
Dear Customer,
We are aware that you are being misled by numerous malicious and baseless rumors. Many of these are via SMSes. Many of our customers have written in to us expressing solidarity and confidence in our relationship, and have mentioned they have dismissed these rumors, for which we are grateful. Still we know that these rumors may cause you distress and doubts. You are our valued customer and we would not like you to have any of these feelings. So we have now chosen to write to you directly to allay your concerns if any.
You would have seen the categorical endorsement of the soundness of Indian banking as well as ICICI Bank's sound financial health from the RBI and the Finance Minister. You would have also read about the unequivocal certificate of confidence reposed on us by S&P an independent rating agency of repute. We have categorically and in a transparent manner disclosed that
We have ZERO exposure, directly or indirectly, to US sub-prime
We have 150% more capital than what Banks are required to have, and we are one of the highest capitalized banks in the country
We have a AAA rating
We have sound liquidity to meet your needs whenever you need and in what ever amounts you may need
Your bank has grown and achieved its status of pre-eminence due to the patronage and trust you have reposed thus far in us. We have made many an Indian smile with a house, car and every banking need dreamed of by Indians. I am sure nothing factually or otherwise has changed in our relationship that we should let baseless rumors cast doubts in your mind. We once again want to reaffirm to you that the bank you have built and assisted to grow to pre-eminence will be with you day and night. We take pride in serving you and being the bank of your first choice.
We desire and request the continuance of your unwavering trust and relationship. We promise to you that not only your deposits but all your interests are safe and secure with us. In case you need to reach us, kindly write to us at customer.care@icicibank.com.
Sincerely
V. Vaidyanathan
Executive Director
ICICI Bank Ltd
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