Infosys choses ICICI over SBI Bank, KV Kamath influencing?

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Bangalore, Jan 17: In a shocking report, one of the major IT giants of the country - Infosys withdrew all its money, deposited in the largest commercial bank on India - State Bank of India (SBI).

According to sources, Infosys' deposits of Rs 457 crore (Rs 4.57 billion) in SBI were withdrawn when October-December quarter concluded.

However, the IT major chose ICICI Bank and HDFC Bank as Infosys doubled the amount of money deposited during the first nine months of this financial year.

While Infosys deposited Rs 1,500 crore (Rs 15 billion) at the end of the last calendar year, the IT giant deposited Rs 1,663 crore (Rs 16.63 billion) at the same time this year.

Infosys had withdrawn all its money deposited with ICICI bank during the recession that hit the world during 2008-09 and the IT giant parked the money in public sector banks, including SBI.

However, here it can be recalled that the successor of Narayana Murthy and the present chief of the Infosys is the non-executive chairman at both ICICI Bank and Infosys.

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