Financial Daily from THE HINDU group of publications
Friday, Apr 18, 2003
Financial Daily from THE HINDU group of publications Friday, Apr 18, 2003 |
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Private Banks Money & Banking - Private Banks Bhagwati to probe withdrawals, says ICICI Bank Our Bureau
MUMBAI, April 16 ICICI Bank has appointed a one - man committee to inquire into the origin of the recent spate of heavy withdrawals experienced by it in Gujarat and Mumbai. According to the bank, former Chief Justice of India, Mr Justice P.N. Bhagwati, has agreed to undertake the enquiry. The Joint Managing Director of ICICI Bank, Mr H.N. Sinor, will assist Justice Bhagwati in the task. The enquiry, expected to be complete in a week, is aimed to understand what led to the panic withdrawals and the rumours about the bank's weakfinancial situation, said the bank's spokesperson. The bank had earlier confirmed that the withdrawals from the bank had overshot the normal levels by Rs 150 crore in the first three days. According to officials, from April 11 to 13 (the period of panic) the total withdrawals of deposits were capped at Rs 550 crore, of which, Rs 400 crore were attributed to as normal transactions. The bank utilised its current account balance maintained with the Reserve Bank of India and also resorted to its currency chest in order to cope with the withdrawals.
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