Wednesday, October 1, 2008

FM, RBI allay fears over ICICI Bank

Mumbai: Amidst a run on its branches and ATMs in some places in the wake of rumours over its financial stability, ICICI Bank yesterday got a shot in the arm with Finance Minister P Chidambaram and RBI coming out in its support to allay fears of investors and customers. Haunted by reports over its stability and its stocks taking a beating, Managing Director and CEO of ICICI Bank K V Kamath said that the bank was aware of rumours being repeatedly circulated in certain centres regarding its financial strength and described them as "baseless and malicious".The finance minister took stock of the situation in the capital markets with SEBI Chairman C B Bhave and said all Indian banks are "well capitalised and regulated". Earlier in the day, RBI stepped in to stem the tide following the rumours about ICICI Bank, saying the private sector lender has sufficient liquidity and was well capitalised.

No comments: