ICICI Bank Bankrupt Rumors Credit Crisis

Regarding the rumors that are going around about the Bankruptcy Problems & Rumors of ICICI bank, ICICI bank has come out strongly with explainations and clarifications regarding the same. They have used technology to inform the ICICI Bank customers about their part that there are no issues with the ICICI Bank liquidity and all the depositors money is safe with ICICI Bank and the Rumors regarding ICICI Bank Bankruptcy are baseless. Out of the total reported losses of around 4 billion Rupees loss by Indian Banks collectively, 75% of those losses have been taken by ICICI Bank i.e. 3 billion Rupees have been lost by ICICI Bank alone - this news appears to form the basis of the rumors going around about the ICICI Bank going Bankrupt.
ICICI Bank customers have been sent mass SMS mentioning the same and today there were certain emails received by ICICI Bank customers from the ICICI Bank Director V. Vaidyanathan, mentioning their point. Below, we present the text as it appears in the ICICI Bank email from V. Vaidyanathan.

Dear Customer,

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.

We desire and request the continuance of your unwavering trust and relationship. We promise to you that not only your deposits but all your interests are safe and secure with us. In case you need to reach us, kindly write to us at customer.care@icicibank.com.

Sincerely

V. Vaidyanathan
Executive Director
ICICI Bank Ltd

Let's hope that there is nothing wrong with ICICI Bank and the rumors come to a halt.