Tactic boomeranged!

Tactic followed by ICICI Bank got boomeranged. It is their method to issue loans to customers and resort all inhuman tactics to get back the loan and that too with blade interest. The bank has now approached police with a complaint of economic terrorism and at least two text messages seeking to spread malicious rumours. The bank has accused some brokers of rumour-mongering aimed at beating its share price and spreading panic among investors as well as depositors. The bank had suffered heavy losses on the stock markets following report that it could fall prey to the global credit crisis because of its exposure abroad.

So it is test time for bank to have a rethink of the policies that had taken so far. And it is the time for them to withdraw all the mind-boggling advertisement given in channels to woo the investors. If the financial position of the bank is so strong they should immediately payback the deposits to investors without further dialogue. Meanwhile they should learn lessons from other private sector and public banks who were not gone panic in the present crisis. .
The bank should also enquire whether ICICI officials had sold their holdings in the bank.

K A Solaman