These days I am trying to avoid taking a peak at newspapers or news channels as they are laced with terrible news.
Bombs, riots, accidents (Stampedes) have become everyday occurance. To top it all the US financial meltdown is threatening the entire world economics. These days a menacing rumour is doeing rounds. It says that ICICI, one of the most respected private sector banks in India, is on the verge of collapse threatening life savings of numerous people. I saw people frentically waiting outside ATMs yesterday. The panick is understandable. People trust these banks with everything they have got. Moreover, these people having savings account in such banks shouldn't pay for the cupidity of the bosses. In case ICICI falls, it is highly unlikely that Reserve Bank of India will bail it out. However, such situation seems very improbable in the light of present statements from the Bosses of RBI and ICICI.
Next to me in the queue in one of the few functioning ATMs of ICICI was a watchman who looked extremely perturbed. He confessed that he had not slept for past 48 hours as he could not locate any working ATMs and considered his limited savings gone.
Indeed..these are tough times.....The gool ol days seem so yesterday
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