ICICI Bank going bankrupt ??

• Monday, September 29, 2008, 13:48
• Business
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6 Comments on “ICICI Bank going bankrupt ??”

• 
  Jamnaprasad Kersari Lal wrote on 30 September, 2008, 4:29

  No.
• 
  Anshuman wrote on 30 September, 2008, 5:29

  its a hoax and its funny …
• 
  ICICI Bank Service Team wrote on 30 September, 2008, 6:00

  September 30, 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 2008     
  RBI Statement on ICICI Bank’s Financial Position       
  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. 
  Alpana Killawala
  Chief General Manager
  Press Release : 2008-2009/412

  Sincerely,

  Rakesh Sah
  Office of Head Service Quality
  ICICI Bank Limited
• 
  abc wrote on 13 October, 2008, 11:47

  Hi All,

  ICICI Bank is gonna SUCK badly.
  The rumour that the bank is running out of liquid cash will soon become reality.
  Even if we think that it was a rumour there have been lots of ppl who have taken away their money from the bank resulting in a further slump in their liquidity.

  And further moves from the bank prove that they are running out of cash…
  Like not allowing third party transfers .
  ATMs are not stocked .
  And bank officials replying to forums saying it is not true.

  And the main reason could be that they have lots of investors in ICICI Insurance which are getting affected by the sensex hitting an all time low..

  It might have started as a rumour but will definetly become true.
  Sincerely,

  Rajesh Saw
  Office of Head Service Quality
  ICICICICICICI Bank Limited
• 
  Bharat Bhushan wrote on 14 October, 2008, 20:36

  Please save the ICICI bank. All my money of 500 Crores is over there.
  How to take lout this amount? Bank is not paying me back. They say terrible things. I have been withdrawing this from ATM continuosly for last 2 weeks.
  Can anyone suggest something?
• 
  Enrique Iglesius wrote on 24 January, 2009, 10:36

  Go To World Bank….They’ll help you….

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