Friday At ICICI
Some savers with Indian bank ICICI were unable to access their accounts on Friday afternoon.
This article was revised on the morning of Saturday, October 11th.
Friday's problems were worrying for UK savers, as they followed a poor day's trading for the bank. Shares finished 20% down in Mumbai trading, meaning the bank was the worst performer among financial stocks in Asia on the day. The FT reported that the shares fell on concerns about the bank's operations outside India. However, the bank has a strong capital adequacy ratio of 13.4% compared to the regulatory requirement of 9%.
There were reports on Tuesday of Indian depositors with the bank queuing up at branches and ATMs in the cities of Karnatka and Andraha Pradesh and withdrawing their cash.
However, the good news is that we can access the site on Saturday morning.
A spokesperson for ICICI told Fool.co.uk that there had been no problems with ICICI's server on Friday. It was an issue with some, but not all, internet service providers accessing the site.
The spokesperson stressed that all transactions had been accepted as normal over the telephone, and extra callers in the bank's call centre had been laid on to deal with any extra enquiries. The UK number is 08081 314 151.
Are my savings safe?
Savings with the bank are protected under the Financial Services Compensation Scheme up to £50,000 - and as with Icesave, the Government is likely to step in if there is a problem.