Wednesday, October 1, 2008

A Run On India’s No.1 Credit Card Issuer Indicates Credit Crunch Contagion Has Spread To India

ICICI Bank Issues Clarification They Are Financially Sound

Thought to be largely immune to the fall-out from US banking collapse. ICICI Bank India have had to put measures in place and seek to assure Indian retail banking customers that they are safe!

Posted by ross travill @ 03:26 AM (661 views)
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3 thoughts on “A Run On India’s No.1 Credit Card Issuer Indicates Credit Crunch Contagion Has Spread To India

  • I believe we are seeing an Economic Virus at work here. Their assets derive their value from other assets (USA) in this wonderful ‘Global’ world every one ‘wants’ to be Part of (USA) — forgetting about being a Victim of it in the process.
    Derivatives— translate to : Who knows where or what is actually backing their assets? Are bound to cause instability if not panic. Looking at this part of the world and imagining panic is not too difficult.
    Nobody knows the exposure for certain,.Nobody trusts the official statements. The Laws of Economics are really in control and confidence is not being encouraged as such. This Virus seems to be spreading.

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  • landofconfusion says:

    I’m beginning to wonder if we’re going to see an Argentine-type scenario where the whole banking system locks up and no cash withdrawals are allowed.

    Also has anyone else noticed that Barclays online banking is currently down?

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  • So, given our previous experience of announcements of financial soundness, what are the odds ICICI is gone in a fortnight?

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