Asserting that the reports regarding a run on ICICI Bank a few months ago was more of a panic reaction, Finance Minister Jaswant Singh on Tuesday gave a clean chit to the institution, describing it as a reputed and profit-making bank.
"ICICI Bank is a successful and a reputed organisation," Singh said replying to supplementaries during Question Hour.
It is business as usual: ICICI Bank On accounting problems between the Generally Accepted Accounting Principle followed in the United States and the accounting practices in India, Singh said it is a technical matter.
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Singh was responding to a query by Congress member Bimba Raikar who wanted to know whether recently the financial tally of the ICICI bank in the US was found to be adversely affected by the GAAP system, although it recorded profits in Indian operations.
Singh said: "There are technical differences in the basis of accounting between the US GAAP and India GAAP. Therefore, the financial statements under the US GAAP and Indian GAAP for ICICI bank are not comparable."
He said no country can doubt ICICI Bank's stability.
