The Hindu Business Line : GTB clients fume at RBI's sudden move

SHUT down a bank without any notice? This is daylight robbery. Why should depositors be penalised for no fault of theirs? Deposits are our money, why this Rs 10,000-limit on withdrawals? Why not RBI supersede the board of GTB and run it?

These are among many questions being asked by infuriated depositors of the Hyderabad-based Global Trust Bank (GTB) which was placed under a moratorium by the Government on Saturday, notwithstanding RBI's assurances to protect their interest.

Depositors who queued up at a GTB branch at Churchgate on Sunday morning to withdraw the maximum Rs 10,000 allowed per account, were not sparing any words to lambast the Government's sudden action. Among them were small businessmen, housewives, employees, and even domestic servants who work for the elites in the posh Churchgate area.

While businessmen were wailing over their current and demat accounts, rich neighbourhood women were worried about their jewels in the bank's lockers, a newspaper boy was anxious to know the fate of his meagre monthly recurring deposit.

This GTB branch, one of the 23 in Mumbai, which operates on Sunday also, was known for its prime location and excellent service. But the sudden decision of RBI has left customers virtually stranded on the vast street, outside the swanky branch.

``How do we run our business when our accounts are frozen for three months? On what basis did RBI decide on the Rs 10,000 limit? Why we should get RBI permission to withdraw our own money? We haven't committed any crime. The Reserve Bank of India is the culprit. They (RBI) should have warned us if the bank was in trouble. Their people were on the bank's board. What have they been doing all these time, asked a visibly angry Sandeep, a businessman who has a current account with the bank.

Almost all the GTB customers whom this correspondent talked to were praising the bank's customer service.

"I have been operating my current account in this branch for the past four years. The service has been excellent, so I continued with it. The location of the branch is good, front-office people were courteous and helpful. I have no idea that the bank was in trouble," said Mr J. Jhaveri, a businessman from Colaba dealing in chemicals.

T.D Yadav, a newspaper boy at Churchgate, who has a recurring deposit with the GTB branch (besides his SB account) was in tears as he was not sure whether he will get back his money. "Saab, mein char saal se paise bharthe hain. Kiya mera paise vapas milaga? Sub lok bolthe hain, bank tho bandh hone wala hai," Yadav said, standing in the queue to withdraw the Rs 700-balance he has in his account.

Not Yadav alone, but many rich customers of GTB are also in the dark about the fate of their deposits.

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