...and ICICI Bank gave it's depositors a billion scares !
The Reserve Bank of India (RBI) and ICICI Bank reassured the bank’s investors and customers about th efinancial health of the country’s second largest bank, saying ICICI Bank was well-capitalised and has enough cash to meet depositor demand. ICICI Bank shares which tumbled 12 per cent on Monday,bounced back by 8.42 per cent on theBombay Stock Exchange on Tuesday and the Bankex Index rose 4.9 per cent after the RBI issued a statement to clarify the bank’s financial position. KV Kamath, managing director and CEO, refuted the rumours about the financial ill-health of India’s largest private lender.
According to the RBI statement,there are reports in a section 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 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 and ATMs. ICICI Bank and its subsidiary banks abroad are well capitalised,”the RBI said.
According to the RBI statement,there are reports in a section 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 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 and ATMs. ICICI Bank and its subsidiary banks abroad are well capitalised,”the RBI said.
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