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ICICI — Loans - separated two accounts- requesting for making one account

Sir,

I am using ICICI bank credit card last 4 years. In this reason company is given one offer to me loan Rs 5, 00, 000/- (Five lakhs only) at the rate of interest 14.99% per annum for 4 years period and service tax applicable.

I have requested loan amount Rs 4, 00, 000 (four lakhs only). But company is sanctioned and given two separate accounts.

1. One loan account Rs 50, 000/- at the rate of interest 14.99% per annum for 4 years on blocking the credit limit on credit card.

2. Second loan account Rs 3, 50, 000 at the rate of interest 14.99% per annum for 4 years, separate loan account with out blocking the credit limit.

ICICI bank is divided separately two accounts with out my permission and sanctioned loan, and also I want make one point that bank people are promised to me make we will make in to one single account while giving second loan.

After loan disbursing finished bank is saying that now in not possible.

My problem is that I have two-deposit two separate cheques every month up to 4 years period; this will create for my self very inconvenient.

Please help in this regard

Thanks & regards
Ramesh Kovirineni
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September 30, 2008

Dear Sir/ Madam,

We greatly value your relationship with us. In the context of the developments in the international financial markets, we thought it pertinent to bring to you our perspective of the prevailing situation.

We would like to bring to your attention that the Indian banking system is well regulated and significantly insulated from global developments. This is because it is mandatory for all Indian Scheduled Commercial Banks to retain 34% of the deposit base in the form of Government Securities (SLR) and cash with RBI (CRR). Besides, sound policies of RBI have ensured prudent credit practices in the Indian Banking system.

ICICI Bank is already compliant with the BASLE II requirement in respect of risk management practices and capital adequacy. At 13.4%, ICICI Bank has one of the highest capital adequacy ratios in the Indian banking industry. Last year, ICICI Bank raised Rs. 20, 000 crores (US $ 5 billion) of equity capital, which almost doubled our equity capital base. We have a net worth of over Rs. 47, 000 crores (US$ 10 billion), again one of the highest in the banking industry in India We have consolidated total assets of over Rs. 4, 84, 000 crores (over US $ 105 billion), which is diversified across a wide range of asset classes across retail, wholesale and rural banking.

ICICI Bank is amongst the most profitable banks in India. In FY 08, ICICI Bank made a profit of Rs. 4, 158 crores (US$ 900 million).

ICICI Bank has the highest credit ratings in the Indian financial sector. We have AAA ratings for our instruments, such as senior bonds, subordinated bonds, and deposits. We have the highest foreign currency bond ratings assigned to any Indian bank from Moodys and S&P.

We continue to invest in growth, indicating our confidence in the opportunities in the Indian market. In 07-08, ICICI Bank added 650 new branches, taking the total strength to over 1400 branches.

We thank you for reposing trust in us over the years. We look forward to setting new benchmarks in service levels in India and to create a bank that you will continue to be proud of.

As a testimony to the above, please find below the clarification given by Reserve Bank of India.

Date : 30 Sep 2008
RBI Statement on ICICI Bank's Financial Position
There are reports in some sections of the media that based on rumours regarding the financial strength of ICICI Bank, depositors are withdrawing cash at its ATMs and branches in some locations.

It is clarified that the ICICI Bank has sufficient liquidity, including in its current account with the Reserve Bank of India, to meet the requirements of its depositors. The Reserve Bank of India is monitoring the developments and has arranged to provide adequate cash to ICICI Bank to meet the demands of its customers at its branches/ ATMs.

The ICICI Bank and its subsidiary banks abroad are well capitalised.

Alpana Killawala
Chief General Manager

Press Release :[protected]/412

Sincerely,

Uma Lakhani
Office of Head Service Quality
ICICI Bank Ltd.

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