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Moratorium lifted; GTB becomes Oriental Bank
Monday, 16 August 2004, 19:30 IST
NEW DELHI: All branches of the troubled Global Trust Bank will now operate as offices of Oriental Bank of Commerce, with the government Saturday approving the merger of the two institutions, Finance Ministry officials said.
The depositors with the Hyderabad-Based Global Trust Bank can now heave a sigh of relief as the government's sanction also lifts the moratorium imposed on the withdrawal of money from the failed bank, officials added.
In a statement, the Reserve Bank of India (RBI) said customers, including depositors of the Global Trust Bank, would be able to operate their accounts as customers of Oriental Bank of Commerce with immediate effect.
"Oriental Bank of Commerce is making necessary arrangements to ensure that services, as usual, are provided to the customers of the Global Trust Bank," the RBI said.
The banking regulator said that following the amalgamation, if any surplus remains after meeting all the liabilities out of the realisation of assets of Global Trust Bank, its shareholders may receive payments on a pro-rata basis.
Global Trust Bank was put under a moratorium of three months on July 24 and its depositors were allowed to withdraw a maximum of 
10,000 from their accounts after the bank was found to have eroded its capital base.
Two days later, the Reserve Bank accepted a merger proposal from the New Delhi-based Oriental Bank of Commerce, prepared a draft scheme of amalgamation and gave the managements of the two banks time until Aug 7 to consider the scheme.
Source: IANS
10,000 from their accounts after the bank was found to have eroded its capital base.
Two days later, the Reserve Bank accepted a merger proposal from the New Delhi-based Oriental Bank of Commerce, prepared a draft scheme of amalgamation and gave the managements of the two banks time until Aug 7 to consider the scheme.
Source: IANS