COVER STORY: Defiant banks not resistant to global flu

ICICI Bank is the Indian financial institution worst affected by the credit crisis. Its desire to expand aggressively overseas prompted market paranoia and it was forced to reassure customers that their deposits were safe. But it won't be alone in feeling the pain. Domestic counterparts are set to see bad loans climb and profits dip as tightening credit and high inflation take hold. The question is: has the market had its heyday already? Ruth David reports.