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ICICI: Is it a "run-on-the-bank" ?

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Stung by rumours that it was passing through a troubled phase, ICICI Bank Tuesday asked its customers not to panic, saying rumours about the financial strength of the bank are baseless and malicious.

"ICICI Bank is aware that rumours are being repeatedly being circulated in certain centres regarding the financial strength of the bank. "The bank states that these rumours are baseless and malicious," ICICI Bank CEO and Managing Director K.V. Kamath said Tuesday.

The statement comes amidst reports that the bank's customers were queuing up before its branches in some cities particularly in Karnataka and Andhra Pradesh fearing that ICICI were facing major financial crunch.

Debunking suggestions that there could be a 'run-on-the-bank', ICICI statement gave detailed financial position to establish that it was in a very sound position with assets of over Rs 4,84,000 crore and a networth of over Rs 47,000 crore. 

Press Release - KV Kamath (PDF)

RBI Statement (PDF)

 

 
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