Hello Friends,
thanks for reading and for your support on my earlier article on ICICI Bank Home loan - strategy. Within a month I write again on the recent developments with ICICI.
Referene - Please read TOI Jan 14th 2009 edition -page 20. Infosys discloses cash-parking points.
A snippet for the article below for your understanding.
In an interesting subtext, Infosys has shifted Rs 1, 000 crore from ICICI Bank to State Bank of India over the past nine months. Today, it has a mere Rs 10 crore with ICICI Bank. Its deposits with SBI have doubled from Rs 1, 000 crore in March 2008 to Rs 2, 000 crore in Dec 2008.
Infosys has parked Rs 500 crore each in State Bank of Mysore, Bank of India and Axis Bank. It has Rs 535 crore in Punjab National Bank and Rs 528 crore in Canara Bank.
Clearly shows companies like Infosys, are moving away from MNC such as ICICI. In fact only the salary account of the employees are still maintained with ICICI and the rest of their cash deposits is lying with all leading Indian banks. ICICI bank is surely heading for a disaster, or else companies like Infosys etc are not doing these without some market knowledge on the future of ICICI bank.
The day is NOT far off . I wont be surprised if this happens in less than 6 months. again let me say to you . DO NOT BANK WITH ICICI . Get your home loan, auto loan, personal loan and everything out of here. DO NOT even leave your salary stay in the account for more than a day. move it to your other banks. leave a Standing instruction to make the Transfer.
Ironically, the salary account of Satyam is also with ICICI Bank . imagine starting February 2009, ICICI bank is not going to have the salary of 53000 odd employees money come in . which is going to be another BIG HIT on them .
Let me wish Good Luck again, this time NOT to you people who are reading this . but to ICICI
Gerald Victor