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ICICI Bank has no liquidity problem: Kamath
October 13, 2008 10:12 IST
ICICI Bank [Get Quote] has no liquidity problem as it has Rs 90,000 crore (Rs 900 billion) in government securities, besides the global subsidiaries have $2.5 billion in cash, country's leading private sector lender's chief executive K V Kamath said.
"We have Rs 90,000 crore investment in government securities... As of Friday (October 10) we did not borrow from the call market... our global subsidiaries are with $2.5 billion of cash," Kamath told NDTV.
Asked whether ICICI Bank is being targeted, Kamath said "you spread a rumour the stock reacts... someone is trying to build a vicious circle...there is an organised attempt to spread rumour."
Explaining about the safety of depositor's money, he said, "I assure you they are safe... we have a cash adequacy ratio of 150 per cent of the normal requirement... the bank is liquid."
Clarifying further, he said, "We have a very small exposure in the US. None at all in sub-prime. We are well capitalised... and cushion to take shock is there in the balance sheet."
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