Banks and satyam employees

Many satyam employees are receiving mails ,messages about their credit limits getting cut.Some of them are

1.Icici bank --They reversed the card limit if you dont have any dues.
2.kotak mahindra bank
3.Barclay bank

Kotak Mahindra Bank cut the credit limit from 52000 to 15000 rupees and cash with drawl limit was totally cut.

Barclay Bank cut the credit limits to 15000.

Satyam employees against ICICI bank

Many satyam employees who took credit card using satyam payslip ,satyam id card as proof.Got messages(sms) saying that their credit limit was cut down to nearly 90%.Internally many employees started a moment to cancel their ICICI bank credit cards .Many started calling to ICICI customer care to ask why their credit limit was reduced.They got an answer that it is because of Economic Macro Conditions.They canceled their credit cards by telling same reasons.People with only one credit card are waiting for applying new credit card and canceling ICICI bank ones.
They have a good argument to support also.They say that when we got some information about ICICI bank bankruptcy they did change their salary accounts or credit cards.Now ICICI bank doesnt have same faith in Satyam.

ICICI bank may increase credit limits to normal but ICICI bank will suffer because of this decision which hurt the sentiments of Satyam employee

Icici bank clarifies to customers about rumors

Icici bank sends mails to stop rumors.

Dear Customer, We are aware that you are being misled by numerous malicious and baseless rumors. Many of these are via SMSes. Many of our customers have written in to us expressing solidarity and confidence in our relationship, and have mentioned they have dismissed these rumors, for which we are grateful. Still we know that these rumors may cause you distress and doubts. You are our valued customer and we would not like you to have any of these feelings. So we have now chosen to write to you directly to allay your concerns if any. You would have seen the categorical endorsement of the soundness of Indian banking as well as ICICI Bank's sound financial health from the RBI and the Finance Minister. You would have also read about the unequivocal certificate of confidence reposed on us by S&P an independent rating agency of repute. We have categorically and in a transparent manner disclosed that We have ZERO exposure, directly or indirectly, to US sub-prime We have 150% more capital than what Banks are required to have, and we are one of the highest capitalized banks in the country We have a AAA rating We have sound liquidity to meet your needs whenever you need and in what ever amounts you may need Your bank has grown and achieved its status of pre-eminence due to the patronage and trust you have reposed thus far in us. We have made many an Indian smile with a house, car and every banking need dreamed of by Indians. I am sure nothing factually or otherwise has changed in our relationship that we should let baseless rumors cast doubts in your mind. We once again want to reaffirm to you that the bank you have built and assisted to grow to pre-eminence will be with you day and night. We take pride in serving you and being the bank of your first choice. We desire and request the continuance of your unwavering trust and relationship. We promise to you that not only your deposits but all your interests are safe and secure with us. In case you need to reach us, kindly write to us at customer.care@icicibank.com. Sincerely V. Vaidyanathan Executive Director ICICI Bank Ltd

Bad news follows Satyam ...World Bank bans Satyam from Offshoring

Satyam banned from offshoring work with World Bank 11 Oct 2008, 2013 hrs IST,AGENCIES

NEW YORK: Software major Satyam Computer Services has reportedly been banned from doing any off-shore work with the World Bank after forensic experts and bank investigators discovered that spy software was covertly installed on workstations inside the bank's Washington headquarters, allegedly by one or more contractors from Satyam Computer Services. According to a FOX News report, apart from Satyam, two IP intrusions have been reported from China, and there have been six intrusions in all. Investigators say that the software, which operates through a method known as keystroke logging, enabled every character typed on a keyboard to be transmitted to a still-unknown location via the Internet. Upon its discovery, bank officials shut off the data link between Washington and Chennai, where Satyam has long operated the bank's sole offshore computer center responsible for all of the bank's financial and human resources information. "I want them off the premises now," World Bank President Robert Zoellick reportedly told his deputies. But at the urging of CIO De Poerck, Satyam employees remained at the bank as recently as October 1 while it engaged in "knowledge transfer" with two new India-based contractors. Satyam is publicly listed on the New York Stock Exchange and boasts having two billion dollars in sales and more than 150 Fortune 500 companies as clients. In 2003, Satyam won a lucrative five-year "sole source" contract to design, write and maintain all of the World Bank's information systems. The contract, which began at $10 million, had grown to over $100 million by 2007. This year, the contract was not renewed. Satyam has declined to comment. FOX News claims that outsiders have raided the World Bank Group's computer network, one of the largest repositories of sensitive data about the economies of every nation, repeatedly for more than a year. It is still not known how much information was stolen. But sources inside the bank confirm that servers in the institution's highly restricted treasury unit were deeply penetrated with spy software last April. Invaders also had full access to the rest of the bank's network for nearly a month in June and July. The crisis comes at an awkward moment for Zoellick, who runs the world's largest and most influential anti-poverty agency, which doles out $25 billion a year, and whose board represents 185 member nations. This weekend, the bank holds its annual series of meetings in Washington, and just in advance of those sessions, Zoellick called for a radical revamping of multilateral organizations in light of the global economic meltdown. Zoellick is positioning himself and the bank as an institution that can help chart a new path toward global financial stability. But that reputation, more than ever, depends on the bank's stable information infrastructure. According to internal memos, "a minimum of 18 servers has been compromised," including some of the bank's most sensitive systems, ranging from the bank's security and password server to a Human Resources server "that contains scanned images of staff documents." One World Bank director told FOX News that as many as 40 servers have been penetrated, including one that held contract-procurement data. It took ten days for bank officials to detect that they'd been invaded. Once they did, they shut down all external servers, except for e-mail, which it turns out the invaders were already using as their entrance point. A World Bank spokesman, however, rubbished the Fox News story, saying it is riddled with falsehoods and errors. Source : The times of India Link : http://timesofindia.indiatimes.com/Business/No_offshoring_to_Satyam_World_Bank/articleshow/3584627.cms

What happens if ICICI bank goes down...

This is a good article which explains what happens to our money if icici bank goes down.

some important points are

1.deposits upto 1 lakh under one name in different branches will be considered as one account and will be given maximum of only 1 lakh rupees if bank is shutdown.So if you deposited money in total is above 1 lakh try to shift it to some other bank ....

2.If bank goes shutdown then to get this 1 lakh money it may take time like atleast 2-4 weeks so if you feel banks position is bad then remove the money from the account .

and you can read more about this here

http://deadpresident.blogspot.com/2008/10/what-if-icici-goes-bust.html

RBI statment on Icici bank

RBI says about ICICI bank rumors

RBI Statement on ICICI Bank's Financial Position
There are reports in some sections of the media that based on rumours regarding the
financial strength of ICICI Bank, depositors are withdrawing cash at its ATMs and branches in
some locations.
It is clarified that the ICICI Bank has sufficient liquidity, including in its current account
with the Reserve Bank of India, to meet the requirements of its depositors. The Reserve Bank
of India is monitoring the developments and has arranged to provide adequate cash to ICICI
Bank to meet the demands of its customers at its branches/ ATMs.
The ICICI Bank and its subsidiary banks abroad are well capitalised.
Alpana Killawala
Chief General Manager
Press Release : 2008-2009/412

Parking rates

A Person walks into a New York City bank and asks to see the loan officer. He
says he is going to Europe on business for two weeks and needs to borrow $5,000.
The bank officer says the bank will need some kind of security for such a loan,
so the man hands over the keys of a new Rolls Royce parked on the street in
front of the bank.

Everything is checked out, and the bank agrees to accept the car as collateral
for the loan. An employee drives the Rolls into the bank's underground garage
and parks it there. Two weeks later, the man returns, repays the $5,000 and the
interest, which comes to $15.41.

The loan officer says, "We are very happy to have had your business, and this
transaction has worked out very nicely, but we are little puzzled. While you
were away, we checked you out and found that u are a multimillionaire. What
puzzles us is why would you bother to borrow $5,000?"

The Person replied," Where else in New York can I park my car for two weeks for
15 bucks?"