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Recent unsolicited news and rumors made India’s second largest bank’s, ICICI, status to red and customers panic. Branches of the bank crowded by its customers to withdraw there money immediately. This rumor related to ICICI banks shares with Layman. Presently bank is trying build trust with its customers. Below is a mail received to my mailbox is the best example for that:
Here is a mail I have received to my inbox by yesterday with the from field: Message from Mr. V.Vaidyanathan, Executive Director ICICI Bank Ltd
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 needYour 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 firstname.lastname@example.org.SincerelyV. VaidyanathanExecutive Director
ICICI Bank Ltd.
This is a clear example on how baseless rumors can put the status of a bank in red. There may be elements purposely working behind such action. It is pitiable and should not happen in an economy like India were we have an efficient banking system and solid regulatory. Officials should take initiative to find out the source of such humors and should present them in front of the law. Or, such incident can happen again on any other bank. This will put the customers in confusion and as a result, people loose the trust on the banking system. This can effect the economy very badly.This is one of the best example for the same and we should learn from it.