What about ICICI?

So, how scary can the American recession get for the Indian? Reality check: This evening’s rumor was that ICICI is going to be no more. Imagine shutting down all together. So fearful were public reactions that all long distance phone calls suggested people take out all their money from ICICI. Forget minimum deposit; forget accrued charges because of your impulsive actions because what good is maintenance of bank deposits if there’s going to be no bank at all. So, for a moment you fear.

Then you try to rationalize with those who fear. Your common sense prompts a thought. Can a bank you first heard of in your economics book in 1996 really shut down? Then it was about learning full forms to score so you mugged it, ICICI: Industrial Credit and Investment Corporation of India. Over the years I don’t know about industrial but it certainly serves as a brilliant personal bank. You pay your internet connection bills, pay your phone recharge vouchers, ask anyone for cash on broke days, send money to people, parents included, shop, watch movies, everything you can think of, ICICI does for me. So now if it just disappeared, I’d go back to the ice age.

People are cautious, the share markets spelling doom. ICICI share prices of 900 rupees, quoted 350 rupees today. Are you scared? Depositors rushed into endless queues to withdraw their hard earned money. The RBI issued a security statement and notices were posted outside all ICICI ATM’s stating that ICICI has enough funds to return all depositors funds. I believe ICICI will not liquidate; it’s just a passing tide. Obviously I need to believe because else all my NEFT transactions would come to a standstill. I also believe because since young I believed in everything red, my sports house, favorite clothes, football teams, my car colors, the red heart, everything. Today, I understand the consequence of my choices, Ferrari, Manchester United, Hastings House, and ICICI to name a few.

What started out as a red debit card with an understanding with HP, even though I don’t own a vehicle, it has come a long way. When the market is bleeding, hold your own, the market will turn. It’s a war between the bull and the bear, and when the bear sees red, you know what happens.