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Reserve Bank of India's scheme of amalgamation of Global Trust Bank with Oriental Bank of Commerce

Global Trust Bank Ltd., (GTB) was placed under an Order of Moratorium on July 24, 2004. The option available with the Reserve Bank was to compulsory merger under section 45 of the Banking Regulation Act, 1949. Oriental Bank of Commerce (OBC) interest was examined by the Reserve Bank of India keeping in view its financial parameters, its retail network and its synergies as well as strategic advantages. Taking into account the interests of the millions of depositors of GTB, as well as the bank’s strengths and weaknesses, the Reserve Bank prepared following draft scheme of amalgamation of GTB with OBC.

The Government of India has sanctioned the scheme for amalgamation of the Global Trust Bank Ltd. with the Oriental Bank of Commerce. The amalgamation came into force on August 14, 2004.

Draft Amalgamation Scheme

Chapter- I... Read full text
Chapter - II... Read full text
Chapter- III... Read full text
Chapter- IV... Read full text
Chapter- V... Read full text
Chapter- VI... Read full text

Global Trust Bank is now Oriental Bank of Commerce... Click here
Moratorium Notification of Reserve Bank of India ... Click here
Countdown to moratorium ... Click here
What is in store for customers? ... Click here
Clarifications from RBI ... Click here
Global Trust Bank (GTB)- Who is the loser? ... Click here



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