ICICI Bank

Jim_B_3

wilh wrote: »

icici website is down - has this bank folded?

http://www.icicibank.com/ looks fine to me.
http://www.icicibank.co.uk/ also looks fine.

The internet banking part has fallen over, certainly - perhaps under some kind of immense load.

Weluvdarling

Last weekend £2.5bn was withdrawn from Kaupthing edge - and look what happened this week.

If ICICI gets a mention over the weekend, the same could happen here.

While we sit and wait, there are no doubt many more withdrawing their funds.

Just read on the Fitch website, their bond rating is BBB- (one above Junk) and the same as Bradford and Bingley before they folded.

I'm not trying to panic people. look for yourself.

http://www.fitchratings.com/corporate/ratings/issuer_content.cfm?issr_id=80360493&grp_typ_id=4&mm_id=&sector_flag=3&marketsector=1&detail=

The likes of Lloyds, HSBC have a rating of AA

northern5

yeah... cheerio to the annoying slow website and call centre where they don't even speak english!

Weluvdarling

alchemistkevin vbmenu_register("postmenu_14875217", true); ... let me get this straight you have transferred funds TO ICICI or out of ICICI ?

Megalomaniac

Weluvdarling wrote: »

Last weekend £2.5bn was withdrawn from Kaupthing edge - and look what happened this week.

If ICICI gets a mention over the weekend, the same could happen here.

While we sit and wait, there are no doubt many more withdrawing their funds.

Just read on the Fitch website, their bond rating is BBB- (one above Junk) and the same as Bradford and Bingley before they folded.

I'm not trying to panic people. look for yourself.

http://www.fitchratings.com/corporate/ratings/issuer_content.cfm?issr_id=80360493&grp_typ_id=4&mm_id=&sector_flag=3&marketsector=1&detail=

The likes of Lloyds, HSBC have a rating of AA

Thanks for the link. I don't think people will withdraw... the website will crash as soon as 3 people use it. It was the reason I left. Can you trust a bank who can't even pay for servers to cope with the demand. At least KE could...

wilh

http://bolmamabol.blogspot.com/2008/09/is-icici-bank-closing-latest-news.html
and
http://indihot.com/news/icici-bank-going-to-be-next.html

work it out for yourselves!

I can't get the uk version to work

Former_MSE_Dan

Hi folks,

Thanks for highlighting this, and for everyone who has emailed too.

We are speaking to ICICI at the moment, as well as the authorities here in the UK. At this point I really want to remind everyone that ICICI is a fully UK registered subsidiary of it's Indian owner.

It's protected under the FSCS, fully in the UK, meaning that the firs £50k is protected and in the event of any claim, that would be made to the UK scheme.

We will update this with any info as soon as we get any!

Dan

mr_fishbulb

It's not on BBC.

As popular as it is, I don't think MSE members can bring down ICICI

MSE_Martin

Sadly at this time on a friday its tough to get hold of anyone - anywhere.

Moneysupermarket has apparently just spoken to ICICI which says there's no problem (Im trying to find more out now), I've got calls in at the Treasury and FSA but they're not the swiftest to respond.

Remember as Dan says above. ICICI is not like Icesave. It is a UK licenced bank with all the £50,000 limit protected; if you've less than that in there, there is no risk to your money whatsoever, regardless. Then again... if this is just a website probelm... it didnt exactly choose the best time!

Martin

Weluvdarling

The FSCS Ltd have a lot on their plate what with, HBOS merger, ICESAVE, Northern Rock, Kaupthing edge, Bradford-bingley.

ICICI bank Ltd would be the icing on the cake. Presumably the FSCS would pay out in 3 months, and they would cover the interest accrued on the term deposits ?

Thanks for your help Dan and Martin