Here is a message i recieved from Mr. V.Vaidyanathan, Executive Director ICICI Bank Ltd in relation to the ICICI Bankrupt scenario and the bank financial positions. RBI had also announced that the funds of the investors is completely safe with ICICI bank and no one had to worry, followed by statements from ICICI Bank officials regarding this issue.
We are aware that you are being misled by numerous malicious and baseless rumors. Many of these are via SMSes. Many of our customers have written in to us expressing solidarity and confidence in our relationship, and have mentioned they have dismissed these rumors, for which we are grateful. Still we know that these rumors may cause you distress and doubts. You are our valued customer and we would not like you to have any of these feelings. So we have now chosen to write to you directly to allay your concerns if any.
You would have seen the categorical endorsement of the soundness of Indian banking as well as ICICI Bank’s sound financial health from the RBI and the Finance Minister. You would have also read about the unequivocal certificate of confidence reposed on us by S&P an independent rating agency of repute. We have categorically and in a transparent manner disclosed that
* We have ZERO exposure, directly or indirectly, to US sub-prime
* We have 150% more capital than what Banks are required to have, and we are one of the highest capitalized banks in the country
* We have a AAA rating
* We have sound liquidity to meet your needs whenever you need and in what ever amounts you may need
Your bank has grown and achieved its status of pre-eminence due to the patronage and trust you have reposed thus far in us. We have made many an Indian smile with a house, car and every banking need dreamed of by Indians. I am sure nothing factually or otherwise has changed in our relationship that we should let baseless rumors cast doubts in your mind. We once again want to reaffirm to you that the bank you have built and assisted to grow to pre-eminence will be with you day and night. We take pride in serving you and being the bank of your first choice.