Tuesday, December 4, 2007

Citibank - Not safe

Would you place your most precious item in care of somebody who is careless, reckless and cannot take care of his/her own items?

Well its the same with Citibank. It has always been in deep trouble with respect to its finances. If they can't manage their own, then how do they expect to manage your money ( call themselves a bank!! ).

When Citibank was in deep trouble in 1990s, the Saudi prince Al-Waleed rescued it by buying a substantial portion of it and pumping in the much-needed capital.
Now with the sub-prime bubble bursting, it is finding itself in troubled waters again. Who would rescue it now?

The lesson for you, don't keep your life savings with Citibank. Keep it in one of the Indian banks where the deposit is atleast guaranteed by the Deposit Insurance and Credit Guarantee Corporation DICGC ( upto Rs. 1 lakh ). The Citibank deposits are not guaranteed by DICGC, while most other banks' deposits ( including ICICI and HDFC ) are guaranteed by DICGC.

1 comment:

  1. they are not just unsafe they are cheaters too...

    its not me who says this , one of here panel laywers too has this view who has to clear all shit thay there executives do, without a choice .