Friday, Nov 15, 2002
Friday, Nov 15, 2002 |
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Kerala-Thiruvananthapuram
By Our Special Correspondent
The RBI regional director, G. Gopalakrishna, told a news conference here today that the draft scheme had been forwarded to both the banks for their comments. The RBI, he said, had also invited suggestions and objections from the depositors and creditors of the two banks. The suggestions and objections should be received by November 30, he said. Mr. Gopalakrishna said the RBI hoped to complete scrutiny of the suggestions and objections by mid-December and come out with the final scheme by December end. The RBI wished to complete all the formalities at the earliest so that amalgamation of Nedungadi Bank with Punjab National Bank can take place well before February 1, 2003, till when the moratorium on Nedungadi Bank would remain in force, he added. The RBI regional director said the proposed amalgamation envisaged full protection of the public deposits. The RBI had been receiving several requests from depositors of Nedungadi Bank seeking permission to withdraw their deposits in excess of the permitted limit of Rs. 5,000 for various personal and other reasons. The RBI would consider such requests on a case-by-case basis and grant clearance depending on their genuineness. He conceded that the ceiling on withdrawals had been decided upon to avoid a run on the bank and panic withdrawals. The Nedungadi Bank had deposits in the region of Rs. 1,500 crores and it would be RBI's effort to ensure full protection the deposits. The draft amalgamation scheme, he said in reply to questions, did not envisage closure of Nedungadi Bank branches or implementation of any Voluntary Retirement Scheme. The interests of the entire work force of Nedungadi Bank would be protected, he said.
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