ATM machines in India run out of money as customers panic - central bank steps in to quell fears

[w¡n9Nµ7 §£@¥€r 123]

MUMBAI, India - The rumors started around noon Monday: What happened to banks in America could happen to banks in India. And if any Indian bank was going to go down, the students, software engineers, and housewives of Hyderabad figured it would likely be ICICI Bank Ltd, India's largest private bank and a darling of international investors.

By 3 p.m., most of the bank's ATMs in the southern Indian city, which is one of the hubs of India's IT industry, had lines of one to two hundred anxious customers pulling as much cash as they could from their accounts.

...

Some ATMs ran out of cash, locals said.

...

India's central bank stepped in Tuesday to quell concerns, saying in a statement that ICICI had sufficient liquidity to meet depositor needs.

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ICICI officials did not respond to requests for further comment.

Worries over India's exposure to the global financial crisis have centered on ICICI bank, which has sizable foreign ownership and about $5 billion in overseas investment, about 60 percent of which is tied up in U.S. and European banks, according to Enam Securities.

http://www.forbes.com/feeds/ap/2008/09/30/ap5490357.html

[payxibka 10,048]

FWIW it is not my fault. I have at no time ever had an account with any bank in India.

[PlatyPius 5]

Ah, one of my pet peeves....

" ATM machines in India run out of money as customers panic "

Automated Teller Machine machines.

Which is like PIN number: Personal Identification Number number.

And why DO people feel that they have to point out that Tuna is a fish? Is there a Tuna Dog? Tuna Cow? No? So why Tuna Fish?

BTY, CM

[payxibka 10,048]

And why DO people feel that they have to point out that Tuna is a fish? Is there a Tuna Dog? Tuna Cow? No? So why Tuna Fish?

My mom makes a killer tuna casserole.

What about the classic George Carlin.... hot water heater... If the water is hot, why does it need to be heated... maybe it should be referred to as a cold water heater

[w¡n9Nµ7 §£@¥€r 123]

[SpiritAlight 1]

More evidence that the world needs to bring things back home.

Know what I mean, jelly bean?

So sad, so sad.

If every person went to their bank and asked for their savings, they would discover that it doesn't exist.

It was lent out, invested, etc etc...and so...

Let the game continue?

Hmmm....

[w¡n9Nµ7 §£@¥€r 123]

Know what I mean, jelly bean?

It must be true if it rhymes.

[Peikko 1,575]

It's a.j's fault, he just wanted some spending money, gotta pay them dancing girls in cash!

Edited September 30, 2008 by Madame Cleo

[mawilson 2,133]

Ah, one of my pet peeves....

" ATM machines in India run out of money as customers panic "

Automated Teller Machine machines.

Which is like PIN number: Personal Identification Number number.

Is it anything like MasterCard card?

[spookyturtle 9,466]

Better there than here.