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ICICI scrambles for funds to meet SLR, CRR before merger.
Byline: Subhash Mohanti
: JUST about every ICICI resource is now out in the market looking for money. The task is to garner some Rs 11,000 crore deposits which will enable the merged ICICI-ICICI Bank to meet its SLR and CRR requirements.
"At present our deposits are some Rs 7,000 crore. But we are confident that we will achieve our target by the stipulated time", said ICICI joint general manager Amitabh Chaturvedi.
ICICI will have to mobilise the required funds before the cut-off date of March 31, otherwise it may have to relinquish sizeable portion of its assets to other banks.
Reportedly, banks like SBI are waiting in the wings to acquire assets that ICICI may have to give up. Needless to say, these accounts will have to be those which possess good asset quality. Chaturvedi, however, feels that such a situation will not arise, even though the there is not much time.
Quite a large portion of this requirement could emerge out of short term borrowings like 91-days deposits of large corporates and public sector companies. Redemptions may be delayed and these depoits renewed to provide the much need funds ...
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