The Hindu : Justice Bhagwati begins enquiry into ICICI Bank panic run

Online edition of India's National Newspaper
Friday, Apr 18, 2003

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Justice Bhagwati begins enquiry into ICICI Bank panic run

MUMBAI APRIL 17. The former Chief Justice of India, Justice P. N. Bhagwati, today began an enquiry into the recent panic withdrawals by ICICI Bank customers in Gujarat and is expected to submit his report in the next 7-10 days.

ICICI Bank decided to institute a one-man enquiry committee into "the origin'' of recent events (withdrawals), which commenced following rumours about the financial health of the country's largest private sector bank.

"He will also visit Gujarat and is expected to submit his report in the next 7-10 days. An ICICI Bank team led by H. N. Sinor, Joint Managing Director, will assist him in this fact finding probe,'' a bank official said here today.

Panic withdrawals in some parts of Gujarat began on April 11 and spread to the commercial capital, Mumbai, the next day, which lead to the Reserve Bank of India clarifying that the bank was in sound financial health. The bank, which has an asset base of Rs. 100,000 crores, kept its branches in Gujarat and Mumbai open on Sunday and Monday despite being holidays to restore customer confidence.

PTI

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