ICICI Bank has broken its silence and firmly denied the allegations surrounding a massive Rs 10,000 crore loan supposedly granted to the TGIIIC. In an official statement, the bank clarified that it has not sanctioned any mortgage loan either to the Telangana government or TGIIIC.
The bank further clarified that it has not mortgaged any land for the purpose of bond issuance by TGIIIC. ICICI’s involvement, it stated, was purely limited to acting as an account bank, handling the receipt of funds raised via bonds and managing the associated interest payments.
This statement comes in response to K.T. Rama Rao (KTR), who recently accused the bank of violating RBI norms by approving a loan backed by land in Kanch Gachibowli. He claimed that the ownership of the land in question was unclear and questioned how such a large loan could be approved without verifying property titles. KTR described the situation as a “Rs 10,000 crore scam” and demanded a central investigation.
In the aftermath of his comments, some BRS party supporters even began circulating rumors suggesting that ICICI Bank was at risk of bankruptcy, a claim the bank strongly refuted.
Now, with ICICI Bank’s official response on record, the spotlight is back on KTR. The bank has essentially challenged the minister to back his statements with facts. If he fails to provide clarity, experts suggest he may face criticism for spreading misinformation and damaging the reputation of a leading private sector bank without substantiated evidence.
