GTB collapse rumours cause panic situation

Our Banking Bureau
07 June 2002

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 GTBs financial position is absolutely sound, says GTB managing director Sudhakar Gande.

When contacted, the banks spokesperson said they are investigating the source of the rumour. It was localised in Hyderabad and none of the other centres have been affected.