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Monday, October 13, 2008

Many Indian bank customers are panicking and either withdrawing their deposits or spreading them over several banks

Warning Signal:

News that many Indian bank customers are panicking and either withdrawing their deposits or spreading them over several banks should serve as a warning signal to the government and the Reserve Bank of India that they need to move quickly.

Finance minister P Chidambaran has already gone on record to assure citizens that their bank deposits are safe.

The RBI has also strongly confirmed the solvency of a major private sector bank that has been the victim of recent rumour-mongering.

However, this is not enough. When faced with a growing crisis of confidence in the banking system, the government needs to do much more. To read more, please, visit -Time to guarantee deposits

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Posted by Ravi Karandeekar at Monday, October 13, 2008

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