Having burnt their fingers when cooperative banks went bust one after another, depositors in Gujarat thronged the ATMs of the ICICI bank and other private banks on Friday and continued to withdraw cash well past midnight.The rumour that the ICICI bank has gone bust spread like wildfire, so much so, that even other banks like HSBC, UTI and IDBI witnessed long queues outside their ATMs. It took scroll on major news channels, mobiles and word of mouth for the rumour to spread rapidly. By late in the night, the ICICI bank authorities panicked and issued continuous appeals on the television but that did not help. The scare that started from Valsad on Thursday spread to Surat on Friday and by late evening ICICI bank ATMs in all major towns, including Ahmedabad, Vadodara, Rajkot, Anand and Kheda, witnessed long queues, forcing authorities to deploy policemen.Frustrated depositors in Rajkot broke an ATM on Kalawad, while in Surat’s Parle Point area the police had to resort to a lathicharge. At the Parle Point branch, as much as Rs 40 lakh was withdrawn by evening.At some branches, the bank could replenish cash, but could not do so at all ATMs, adding to the fears of the depositors. Kirit Bhonde, an account holder at the Parle Point branch, said: ‘‘One of my friends in Valsad informed me about the bank going bust. Though it is hard to believe that a bank like ICICI can go bust, I am withdrawing money as a precaution.’’Neeraj Solanki, another depositor in Surat, said: ‘‘We have witnessed cooperative banks going bust in the city. We can’t take chances.’’ ICICI bank’s executive director Kalpana Morparia said: ‘‘There’s no reason to panic. Customers should not listen to any rumours. ICICI is the second-largest bank in the country and enjoys the highest rating from leading credit-rating agencies, signifying the highest levels of safety for depositors and investors money.’’ Bank officials allege a local news item in Surat started it all and then rumours took over.
