Post-withdrawal, Crisil reaffirms ICICI Bank’s outstanding ratings
By Our Banking Bureau | 15 Apr 2003
Mumbai: Crisil has reaffirmed the outstanding ratings of ICICI Bank following withdrawal of deposits during 11 to 13 April 2003. Crisil had assigned an AAA rating to ICICI Bank's bonds and debentures issues, while it had assigned an FAAA rating to the bank's fixed deposits programmes and a P1+ rating to the bank's short-term deposits programmes.
The total cash withdrawal over the weekend, including the regular banking transactions from ICICI Bank's counters, was to the order of Rs 550 crore.
The bank managed it comfortably by utilising a part of its current account balances with the Reserve Bank of India and the excess holdings of government securities, says Crisil.
This incident highlights the issues all banks face under these circumstances, including timely availability of system support, operational issues of cash management with large ATM networks and the need for banks to maintain varied sources of liquidity, Crisil adds.
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