Financial Daily from THE HINDU group of publications
Tuesday, Apr 15, 2003
Financial Daily from THE HINDU group of publications Tuesday, Apr 15, 2003 |
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Private Banks Money & Banking - Private Banks ICICI Bank withdrawals overshoot by Rs 150 cr Our Bureau
MUMBAI, April 14 WITHDRAWALS from ICICI Bank overshot the normal level by Rs 150 crore over the past three days after the bank was hit by rumours of a cash crunch, bank officials today confirmed. Total withdrawals of deposits since Friday touched around Rs 550 crore, of which about Rs 400 crore was attributed to normal transactions, officials said. This means that panic withdrawals, mainly from its ATMs, fuelled by the rumours amounted to only Rs 150 crore. Part of the higher withdrawal may also be due to the continuous holidays, the official clarified. Average withdrawal in a normal working a day is about Rs 100-130 crore, they said. Despite being a holiday, the bank kept its branches open in Gujarat and Mumbai on Sunday and Monday. There were no large withdrawals and in fact the bank received some deposits, officials said. As on December 31, 2002, the bank's total deposits increased to Rs 41,316 crore from Rs 32,085 crore as on March 31 2002, with nearly 60 per cent of outstanding deposits being from retail sources. Making it unequivocally clear that the bank was not facing any liquidity crisis, ICICI Bank in the statement said that it has more than sufficient funding resources available to meet all its liability payments and other commitments. In fact, the bank had met all the withdrawal demands over the last three days from its own resources, the statement claimed. "Like all other banks, ICICI bank maintains at least 25 per cent of its demand and time liabilities in the form of liquid government securities to meet the SLR requirement, apart from 4.75 per cent in the form of cash with the RBI to meet the CRR requirement,'' it pointed out.
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