ICICI Bank stocks plummet, customers panic

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ICICI Bank
New Delhi, Oct 11: Just a week after the rumours circulated about ICICI Bank going bankrupt proved false, now it seems there is some fact to it. Repeated assurances from both Reserve Bank of India (RBI) and the bank management went unheard as panicked customers began queuing up to withdraw their savings from the bank.

ICICI Bank Joint Managing Director and CFO Chanda Kochhar reassured the customers further. "We have adequate rupee liquidity given the current circumstances. And not just rupee, even in our international operations we have sufficient liquidity. We have a liquidity of Rs. 12,000 crore in our international subsidiary. We do not use out rupee fund to fund the growth of our international operations," Kochhar said.

ICICI has been in the spotlight since the US subpime crisis unfolded earlier this year. But on Friday even Union Finance Minister P Chidambaram assured that money in banks is safe.

"We assure depositors that the deposits are safe. I say that because our banks are well regularised, well regulated. There is no need to worry about deposits," Chidambaram said.

 

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