ICICI Bank Ltd, India’s most popular and most loved bank. This bank is not only famous for its large number of branches all over the India but is also known for its quality service and to standby the customers at the time when they need. As the stock market crashes down, global economy is a facing a major slowdown, the famous bank of India i.e. ICICI has faced some fingers turning on its name. To answer these critics, bank has been sending SMS, emails to all of its customers to ensure that they are stable and how they are not affected by the US economy breakdown. I am from IT software field and this way if banks are going down and the world is moving towards recession then its hard for us to survive even though IT is the major field to work upon.
This is what they have to say about the current position of the bank. The original text can be found here
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.