While cataclysmic events began to unfold in the US financial services sector last September, with Lehman Brothers' demise and Bank of America's takeover of Merrill Lynch, the Indian banking industry also witnessed a crisis of public confidence.
A run began on the country's largest private sector bank and second biggest lender, ICICI Bank. There were concerns that its UK subsidiary had an $80m exposure to Lehman Brothers, leading to several hundred customers lining up to withdraw their cash from branches and ATMs in several Indian cities.
