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ICICI bank may be the first Indian bank to face run and go bankrupt
With over 27 million customers and hundreds of thousands of investors, the bank should be worried. It has been in the news for all the wrong reasons. Comforting voices from the finance ministry and the Reserve Bank of India have not helped matters.
ICICI bank is deep trouble internally. The Ministry of Finance is worried that it followed American banking model and created the same meltdown effect that has made American financial institutions the biggest joke of the world.
ICICI bank competed with Citibank and others following the failed American business model. They are now bankrupt just like the Americans.
ICICI spokesperson said the bank was using all forms of communication to regain the trust of its customers. According to reports, customers have been queuing up at ATMs in Hyderabad and Mumbai.
Rumours about ICICI Bank’s international exposure to troubled outfits, bad credit portfolio, and even a cartel of short-sellers working against it have been floating in the air.
For the quarter ended June 30, the savings account deposits of ICICI Bank rose by about 35 per cent to Rs 43,465 crore from Rs 32,121 crore in the corresponding quarter last year. The bank has over 1,388 branches and 4,233 ATMs in India.
BIZ/FINANCE ARTICLES
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