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Banks refuse to give details on Satyam's accounts
January 09, 2009 19:09 IST
Bankers of scam-tainted Satyam [Get Quote] Computer on Friday declined to comment if the IT major's accounts have been frozen, citing client confidentiality.
"We cannot comment on the matter due to client confidentiality," Citibank spokesperson said, responding to reports that the lender has frozen 30 trade receivable accounts of the Hyderabad-headquartered software firm.
India's fourth-largest outsourcing firm plunged into a crisis after its chairman B Ramalinga Raju admitted to gross manipulations in the company's balance sheet and resigned.
Public sector Bank of Baroda [Get Quote], another banking partner of Satyam, said it did not have any material exposure to the company.
"Bank of Baroda has no major exposure to Satyam Computer except that we have some current account deposits of Satyam, which are collection accounts," a senior Bank of Baroda official said.
ICICI Bank [Get Quote], another banking partner of the beleaguered IT major, said the private lender did not have any fund-based exposure to Satyam Computer other than a marginal exposure of about Rs 3 crore (Rs 30 million) on account of a forward contract.
"We are unable to comment on individual clients," ICICI Bank executive director V Vaidyanathan told reporters when asked whether the bank will freeze Satyam's accounts.
HDFC Bank [Get Quote], said it has no 'significant' exposure to the struggling client.
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