ICICI Bank today appointed a one-man enquiry committee, headed by former chief justice of India P N Bhagwati (pictured), to probe the run on the bank last week.
The commission, to be assisted by an internal team headed by joint managing director H N Sinor, will submit its report in a week.
ICICI Bank faced withdrawals of Rs 550 crore over the weekend between April 11 and April 13.
The run was triggered by rumours last week that the bank had burnt its fingers in the market meltdown last Thursday.
The rumour started at Valsad in south Gujarat and later spread to Surat, Ahmedabad, Manipal, Pune, Delhi, Kolkata, Udaypur and even some parts of Mumbai.
Customers started withdrawing money from ATMs following a report in a local vernacular paper in Valsad and Surat that the bank was folding up.
Compared with normal withdrawals of between Rs 55 crore and Rs 60 crore withdrawals a day, the ATM withdrawals surged between April 11 and 13.
Withdrawals from ATMs was at around Rs 59 crore on April 10, which increased to Rs 61 crore on April 11, more than Rs 136 crore on April 12 and around Rs 72 crore on April 13.
Withdrawals, however, fell to below Rs 55 crore on April 14 and around Rs 47 crore on April 15. The bank has 1680 ATMs across the country.
ICICI Bank
