ICICI Bank withdrawals bypass normal level by Rs 150 crore

Mumbai: Withdrawals from ICICI Bank overshot the normal level by Rs 150 crore over the past three days after the bank was hit by rumours of a cash crunch, say bank officials.

Total withdrawals of deposits since 11 April touched around Rs 550 crore, of which about Rs 400 crore was attributed to normal transactions, the officials say. “This means that panic withdrawals, mainly from its ATMs, fuelled by the rumours amounted to only Rs 150 crore. Part of the higher withdrawal may also be due to the continuous holidays. Average withdrawal in a normal working a day is about Rs 100-130 crore.“

Despite being a holiday, the bank kept its branches open in Gujarat and Mumbai on 13 and 14 April. There were no large withdrawals and in fact the bank received some deposits, the officials add.