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3-mth moratorium on GTB
July 24, 2004 17:58 IST
The Union government has issued a three-month moratorium on Hyderabad-based Global Trust Bank, effective close of business on Saturday in the interest of public and depositors.
The moratorium would be inclusive of October 23, 2004 or an earlier date, until an alternate arrangement is made,
Reserve Bank of India said in a release in Mumbai on Saturday.
During this period, RBI will consider various options, including amalgamation of GTB with any other bank and finalise the plans in public interest and protect public deposits.
The depositors would be permitted to withdraw upto Rs 10,000 from their saving banks or current account or any other deposit account through any of the branches of the bank.