GTB: RBI sets up helplines

The Reserve Bank of India has set up helplines to assist the members of public at Mumbai and Hyderabad. The public can contact the following officials of Reserve Bank of India:

At Mumbai

T B Satyanarayan: Tel. No.(O) 022 22150768
General Manager: (R) 022 24306785
Department of Banking Operations & Fax : 022 22183785
Development email: tbsatyanarayan
Reserve Bank of India @rbi.org.in
Centre I, World Trade Centre(5th Floor)
Mumbai 400 005

At Hyderabad

T V Gopalakrishnan
General Manager-in-charge Tel No. : (O) 040 23234324
Department of Banking Supervision : (R) 040 55515565
Reserve Bank of India Fax : 040 23234496
6-1-56, Secretariat Marg, Saifabad email: tvgopalakrishnan
Hyderabad 500 004 @rbi.org.in

Meanwhile, the finance minister assured the GTB depositors that their interests will be safeguarded. The Sebi too asked investors not to panic.

The finance ministry says:

• All deposits with GTB are safe
• Demat accounts will be allowed to operate

NSE says

• GTB is not a clearing bank for NSE
• NSE has not asked for fresh margins; they are not needed
• Only around 20 brokers have accounts with GTB
• No risk seen for Monday's NSE settlement
• NSE along with HDFC Bank to help brokers having accounts with GTB

GTB says:

• All GTB bank branches open on Monday
• Fort (Mumbai) branch of HDFC Bank open on Monday to help brokers with GTB accounts
• EMIs up to Rs 10,000 will be honoured
• Post-dated cheques upto Rs 10,000 will be honoured
• All demand drafts, pay orders issued till Saturday to be honoured
• Safe deposit withdrawals are being allowed
• Brokers can operate share accounts but not fund accounts

BSE says:

• GTB is one of the clearing bank for BSE
• Bank guarantees and FDRs of GTB not significant

ICAI says:

• GTB auditor for 2003-04 was PwC
• No communication received against auditors of GTB from RBI
• ICAI to consider action against auditors if required

Sebi says:

• There was no problem of settlement
• The stock market will function 'normally'
• No 'dislevelling' of terminals of the brokers who had furnished their deposits with GTB as guarantees.

The GTB Crisis: Complete Coverage