ICICI Bank Bankruptcy News...Rumour?? (EDIT: Yes it was an absolutely baseless rumor)

[tabrez02]

Originally Posted by ballkey

I think this thread needs to be knocked off. Or atleast hidden till there's something declared.

After declaring ? what will you go and withdraw, even i heard ICICI is going in a bad situation. could be a bankrupcy as few of my friends where in the banking industry were mentioning about ICICI.

[bblost]

Originally Posted by suvi

If the total amount of money you have with ICICI bank (SB + FD) is < 1 lakh, do not bother to withdraw. It is insured by a department of RBI.
I personally don't think any Indian bank will become bankrupt owing to American crisis.

Learn something new everyday.
Team-BHP rocks.

btw I did withdraw money from the icici ATM on Banjara Hills Rd #1.
No crowds or any problems with the atm.
Time was about 5 PM.

[ASHISHPALLOD]

Its rumor.
I think, ICICI bank is tasting its own meal. They had bankrupted some credit card holders and now they are facing same problem them self though it is rumor.

[car_crazy1400]

AFAIK, Its nothing but a rumor. Its the biggest private sector bank in India & IIRC, the second largest banking institution in India, after SBI. If this bank goes down, one can very well imagine the way our economy is headed. American economy crisis or no crisis.

I do have large amounts of money in ICICI Bank S/B accounts & I don't see any reason for panicking.

P.S. I don't have any other association with ICICI other than being a regular customer.

How ever its possible that they may have done some things to avoid cash withdrawals from their systems as Its the half yearly ending for all banks today & they do want to present the markets some good balance sheets & enough liquid funds in hand to acquit themselves from the rumors floating around daily.

[aaggoswami]

This is the second time I heard this. This is purely a rumour. Earlier also the strategy of the bank was to make sure people could withdraw cash, etc.

[suren181]

Guys, why should we be instrumental in spreading rumors, after all nothing is concrete. Just hearsay, should not be given importance IMHO.

Mods don't you think that this thread need to be locked until and unless someone has concrete proof?

[evo]

Bah. I`m quite sure these are unfounded. Infact it may be time to buy ICICI Stock!

[ravibhat]

Yes suvi is right, If any bank is closing down and if money is more than 1 lacs. then one need to think about withdrawing, Untill 1 lac. money is safe in every Bank since its insured.

ICICI Bank Bankruptcy is nothing new. That Bank is known for that multiple times. Community (group) who floated that bank came from Manipal finance (thats what people telling few years back and when I checked with many trusted circle, they said yes) which has shut down after collecting huge cash from all type of people, I know few daily wages workers invested and lost money, but rich people who invested crores got their money back, This is India!!

Finance Ministry says Indian Banks are safe does that mean only PSU Banks or private bank ? Very confusing statements for sure.

Regards,

Ravi.


PS My gut feeling is it would not go Bankrupt but panic/rumor will create investors withdraw money and Bank will save on paying huge interest and end up with paying less so its loss will come down. Next day when people realize its rumor they again withdraw in more quantity hence Bank will receive more investments.

[Sam Kapasi]

I have heard from an unreliable source that Rakhi Sawant might also be going bankrupt because of the Brothers Lehmann. She had close relations with them.

[greenhorn]

I for one dont mind taking part in this self fulfilling prophesy. I wouldnt mind seeing these unethical ****'s ruined.
I'm planning to move all my balance to dad's nationalized bank account ( better safe than sorry )
EDIT: from what i've read about sub prime lending , pretty much sounds like what ICICI does, so event if it might not be imminent, I'm not sure about the long term

[sam003]

I don't think we should worry, as I was talking to some in ICICI Insurance they said, yes Bank lost 600+ crores of Rs because of Lehman, but this is one quater earning for ICICI. Even if they lost it no worry.

[Sam Kapasi]

Originally Posted by greenhorn

I'm planning to move all my balance to dad's nationalized bank account ( better safe than sorry )

If that doesn't work out, let me know- I'll PM you my account number.

[mav2000]

This is absolulty rubbish. I was a part of ICICI Bank the last few times that this has happened and nothing absolutly nothing was wrong. I dont know why people insist on creating such rumors. Just because they have an exposure to subprime, which by the way is less than 0.1% of its balance sheet people start such rumors. Please dont believe such things.

Disclaimer: I am not a part of ICICI Bank or any of its subsidarys for the last two years. I have no interest in the company.

[srijit]

Originally Posted by car_crazy1400

the second largest banking institution in India, after SBI. If this bank goes down, one can very well imagine the way our economy is headed.

It doesnt reflect on Indian Economy, but on the way ICICI has conducted its business. Giving indiscriminate loans without any hope of recovering them will drive any bank to its knees.

Originally Posted by car_crazy1400

I do have large amounts of money in ICICI Bank S/B accounts & I don't see any reason for panicking.

Other people are not as level-headed as you. When the majority of people try to withdraw their savings from the bank, the bank goes down, as was mentioned earlier, in a Self-fulfilling prophecy.

Originally Posted by car_crazy1400

How ever its possible that they may have done some things to avoid cash withdrawals from their systems as Its the half yearly ending for all banks today & they do want to present the markets some good balance sheets & enough liquid funds in hand to acquit themselves from the rumors floating around daily.

That is quite possible. However, in Kerala, there was a news item saying that ICICI cheques had been bouncing. It was in a local paper and I think it was 2 days ago. Since I dont have an account with, I didnt bother to see what type of cheques were bouncing and that too from which branch. ( I think it was in Ernakulam )

Originally Posted by Sam Kapasi

I have heard from an unreliable source that Rakhi Sawant might also be going bankrupt because of the Brothers Lehmann. She had close relations with them.

She needn't worry. She already knows how to dress herself in minimal clothing.

Originally Posted by mav2000

This is absolulty rubbish. I was a part of ICICI Bank the last few times that this has happened and nothing absolutly nothing was wrong.

ICICI was handed a bailout by a public sector bank a few years ago. It was not made public and I have no corroborating details. But high level bank employees of the PSU bank knows.

ps: ICICI can just come out with a public announcement that they are all right. That will calm people down much quickly than if this thread is locked.

[PAVAN KADAM]

Why cant we LOCK this thread for the time being.

We are spreading this RUMOUR like a forest fire.

And i feel T-BHP should not support such RUMOURS., unless untill substantiated.

MODS: Kindly take note.