AndhraNews.Net - Moratorium on Global Trust Bank

Hyderabad
The Central Government has issued an order of moratorium in respect of Global Trust Bank which is in crisis ridden and specified that the depositors would be permitted to withdraw cash through bank upto Rs.10,000/- on any of their accounts through the branches. The ATMs of the GTB of the Bank or shared with others banks will not be permitted. The moratorium will be effective from the close of the business hours on July 24to October 23rd or at an earlier date.

The Reserve Bank of India will consider the various options including amalgamation of the GTB with any other bank and the public interest will be fully protected. Speaking to the reporters, the Managing Director of the Bank Sudhakar Gande said the management was working in close association with RBI and assured the interests of the depositors will fully protected.

Meanwhile panic broke at the GTB Branches and ATM's in Visakhapatnam, Vijayawada and Hyderabad where the bank has the maximum presence. The Bank staff had a tough time managing the crowd and took the help of the local police to control the crowd.

Global Trust Bank

July 26, 2004: RBI tells Global Trust Bank to consider merger with Oriental Bank of Commerce

July 24, 2004: Global Trust Bank Ltd. under Moratorium

Discussions on crisis at Global Trust Bank

Spandana for only redressel of grievances

Visakhapatnam
The District Collector has appealed the public that the 'Spandana' is only meant for redressel of grievances but not for submitting applications for house sites, ration cards, pensions etc., In a press statement, he said that the officials were not able to attend the grievances of the public as there were being flooded with applications for individual needs.

Japanese team inspects KC Canal

Cuddapah
A delegation of a Japanese financing agency, Japan International Cooperation Organization inspected the KC Canal works in Cuddapah district on Saturday. Several farmers urged the team to ensure steps to prevent draining of murky water into their fields and to construct culverts at some places along with canal.

Bus passengers robbed

Karimnagar
A four member gang robbed passengers of an RTC bus bound for Hyderabad from Mancherial via Karimnagar in the early hours of Saturday. Nearly Rs3 lakhs cash and golden jewellery were robbed. The police are investigating the case on war footing.

Police keep an eye on naxals

Vijayawada
The DGP SR Sukumara on a visit to the temple town on Saturday in connection with the inauguration of the AP Cricket Association has said that they are keeping an eye on the movement of naxals. He said there were no incidents of violence nor have any attacks on policemen by naxals for the past two months.

The police is marinating restraint to ensure a peaceful atmosphere and welcomed the naxals not resorting to violence in the light of peace initiatives by the Government. He said nearly fifty thousand police personnel would be deployed in Krishna, Guntur, Nalgonda, Mahabubnagar and Kurnool districts during the 12 days Krishna Pushakarams.

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