The current economic crisis has brought a downturn in almost every industry the world over. First the USA and its banking companies came across the subprime lending crisis leading to the fall of some leading financial institutions that had gone deep into the lending space without taking all the necessary precautions and becoming too liberal to lure the customers from the competitors. Then came the fall of an insurance giant. This had repercussions throughout the banking industry across Europe and Asia too. This was also felt by the banking industry in India.
A simultaneous sms and online campaign by some rogue stock brokers in India spread rumors bout the fall of the largest private sector Indian bank. It was advertised by the brokers that ICICI was on the verge of becoming bankrupt due to exposure to the bad loans in the US although the situation was not so grim in reality as ICICI had limited exposure to the subprime lending that lead the US banking industry to the downfall. Even as the exposure to ICICI was bigger than SBI, it was not on the verge of becoming bankrupt. ICICI experienced huge customer unrest due to this and had to take some special PR measures to prevent any casualty. The biggest private bank of the country was threatened for its existence due to such a small issue of SMS campaign by some rogues. Continue reading “Get LEAN during the Mean economic crisis”