The Hindu Business Line : ICICI Bank refutes rumours on financial position

ICICI Bank has refuted rumours on bank's financial position. "Nothing abnormal is happening at the bank," according to its Deputy Managing Director, Ms Kalpana Morparia. She said that bank's fundamentals were very strong.

There were some apprehensions in the city about the financials of the bank, following trouble in the Global Trust Bank last month.

"Our capital adequacy ratio is 15 per cent. We have got good external ratings," she told newspersons here.

Ms Kalpana Morparia was in the city to address the Human Resources Conclave organised by the Confederation of Indian Industry (CII).

She said the bank would open 200 branches more this year. "We will open 16 more in Hyderabad to take the total to 30," she said.

On the weather insurance scheme launched through ICICI-Lombard, she said plans were afoot to rollout the scheme across the country. A pilot scheme was implemented in Mahboobnagar district in Andhra Pradesh to test the waters.

"The scheme will be rolled out in other areas depending on the proper information," she said.

Referring to loans to the farm sector, she said it was equally important to attend to post-harvest needs of the farmers.

She said the bank worked with supply chain associated with the agricultural sector to assist the farmers. The bank reached out the farmers via corporates that had established links with them.

She said industrial investments were beginning to trickle in. "Momentum is gathering," Ms Morparia said.