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

[RuffRyder]

Hi All,

Lot of ICICI Bankruptcy news floating around..
Anyone has an update on this??

Got a call from a frnd in Hyderabad. People are going crazy thinking about the same and everyone is withdrawing cash from their accounts. Similar case reported in the North also.

[absynthguzzler]

Dont know much about this , but just this evening whilst withdrawing cash from an AXIS bank ATM, there was a customer complaining to the security guard that cash was not being dispensed. The guard then mentioned that all ICICI customers who have tried,the machine aint responding.Lo and behold , the man was using an ICICI card.

[aZa]

i did withdraw cash today from the ICICI atm it was working fine. but a lot of people were talking about a similar rumour in my college. Someone said that apparently the management is faking a "system down" on the atms to discourage people from withdrawing money.

[vivekiny2k]

yes, rumors. please spread the word (read rumor).

[RuffRyder]

Originally Posted by vivekiny2k

yes, rumors. please spread the word (read rumor).

this is like history repeating itself.."panic withdrawls" of 2003

ICICI to ensure ATMs, branches have enough money

[ph03n!x]

I wouldn't believe that ICICI (or any of the Indian banks) would go down because of the US turmoil...

[Ali]

It seems to be a rumor,but everyone here in hyd has taken it seriously.There were long queues in front of all branches of ICICI.That too till 2am in the morning.People tried withdrawing from all other bank but they too worked for sometime.Later the transaction requests were denied.

[ballkey]

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

[ImmortalZ]

It's a really funny situation. A bank, otherwise fine, can get into deep trouble when people do mass panic withdrawals. The rumour itself might cause ICICI to go bankrupt, even if it is perfectly fine otherwise.

[typeOnegative]

Originally Posted by ImmortalZ

It's a really funny situation. A bank, otherwise fine, can get into deep trouble when people do mass panic withdrawals. The rumour itself might cause ICICI to go bankrupt, even if it is perfectly fine otherwise.

It is called a 'Self Fulfilling Prophecy' - and many times the reason for a 'Run' on the bank.

[dadu]

I agree, we should not spread more rumours and panic unless someone has something concrete to prove it.

Thread should be locked.

Originally Posted by ballkey

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

[ashthedivx]

Originally Posted by dadu

I agree, we should not spread more rumours and panic unless someone has something concrete to prove it.

Thread should be locked.

Rather then spreading the rumor, one should help in stop the rumor wave. It ain't very healthy rumor.

[HappyWheels]

This was in the news two weeks back; started off with the 'news' that the top management are selling off their shares of ICICI.

The reason stated was ICICI has a 'huge' investment in Lehman Brothers!!! Well, they has few millions but nothing close to what might cause them to kaput!

This was clarified at that time itself; am surprised that this one is still going around.

Plain rumors!!!

[spadival]

Damn, I closed my home loan with them. Jokes apart, people have nothing better to do then spread such malicious rumours.

[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.