GTB
collapse rumours cause panic situation
Our Banking Bureau
7 June 2002
 Hyderabad:
Rumours about the collapse of Global Trust Bank triggered a panic
situation in Hyderabad late on Wednesday, resulting in
accountholders rushing to ATM centres in Hyderabad and
Secunderabad to withdraw cash to the maximum.
 Global
Trust Bank was, as a result, forced to come with an advertisement
in local dailies saying that the financial health of the bank is
stable and all deposits kept with it are safe. But the panicky
situation continued even on Thursday at ATM counters in the city.
The bank blamed some
unscrupulous elements for spreading the rumours about the
financial health of the bank. “We would like to categorically
state that there is no truth whatsoever in these rumours and GTB’s
financial position is absolutely sound,” says GTB managing
director Sudhakar Gande.
When contacted, the bank’s
spokesperson said they are investigating the  source
of the rumour. “It was localised in Hyderabad and none of the
other centres have been affected.”
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