Financial Daily from THE HINDU group of publications
Monday, Jul 26, 2004
Financial Daily from THE HINDU group of publications Monday, Jul 26, 2004 |
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Money & Banking
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Private Banks Customers throng GTB branches for withdrawals Our Bureau
MAD RUSH: The employees of Global Trust Bank unloading cash from a vehicle at Vidyanagar branch in Hyderabad on Sunday morning. Depositors thronged the bank branches to withdraw amounts up to Rs 10,000 allowed by the RBI. Many branches of the bank were kept open on Sunday to deal with the rush. - A. Roy Chowdhury
Hyderabad , July 25 NEAR normalcy was restored in the operations of Global Trust Bank (GTB), which came under the purview of the three-months of moratorium imposed by the Reserve Bank of India (RBI) from Saturday. Around 70 branches out of the bank's total network of 104 spread across the country that worked on Sunday (seven-day working branches) with adequate police protection have entertained withdrawals by depositors in terms of moratorium cap of Rs 10,000 per depositor. According to bank officials, each of these 70 branches was equipped with a cash of Rs 1 crore to meet the needs of customers on Sunday. Extending the banking time by a couple of hours on Sunday, the bank expected to serve the cash withdrawal needs of nearly one lakh customers, the officials said. The bank has a customer base of nearly one million. Apart from providing the required cash to the GTB branches, RBI officials were also seen moving around the branches of GTB in a bid to boost the confidence of depositors. The GTB board had an extensive meeting at the RBI regional office here to work out the modalities on payments and operations for the period of moratorium, sources said. According to GTB officials, the RBI has reiterated that the objective of the moratorium was to protect the interests and safety of the funds of depositors. The RBI officials have announced that measures were being initiated to ensure return to normalcy. The RBI officials said all GTB branches would continue to remain open as per their normal working hours to help customers make the permitted withdrawals. The apex bank has also assured that it would meet any cash requirement of the GTB branches for making permitted payments under the order of moratorium. While clarifying that the demat accounts and safe deposit lockers of GTB customers would be allowed to be operated as usual, the RBI has also set up help lines to assist the public at Hyderabad and Mumbai, the GTB officials said.
More Stories on : Private Banks | Andhra Pradesh | Investor Grievances
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