Banks refuse to give details on Satyam’s accounts

Banks refuse to give details on Satyam’s accounts
PTI
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First Published: Fri, Jan 09 2009. 06 56 PM IST
Updated: Fri, Jan 09 2009. 06 56 PM IST
Mumbai: Bankers of scam-tainted Satyam Computer on Friday refused to comment if the IT major’s accounts have been frozen, citing client confidentiality.
“We cannot comment on the matter due to client confidentiality,” the Citi Bank spokesperson said, responding to reports that the lender has frozen 30 trade receivable accounts of the software.
India’s fourth-largest outsourcing firm plunged into a crisis after its chairman B Ramalinga Raju admitted to gross manipulations in the company’s balance sheet and resigned.
Bank of Baroda, another banking partner of Satyam, said it did not have any material exposure to the company.
“Bank of Baroda has no major exposure to Satyam Computer except that we have some current account deposits of Satyam, which are collection accounts,” a senior Bank of Baroda official said.
ICICI Bank, another banking partner of the beleaguered company, said the private lender did not have any fund-based exposure to Satyam Computer other than a marginal exposure of about Rs3 crore on account of a forward contract.
“We are unable to comment on individual clients,” ICICI Bank executive director V Vaidyanathan told reporters.
HDFC Bank, said it has no “significant” exposure to the struggling client.
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First Published: Fri, Jan 09 2009. 06 56 PM IST
More Topics: Satyam | ICICI | HDFC | Citibank | Bank of Baroda |