The Hindu Business Line : `GTB staff to be retained at same salary for 3 years'

EMPLOYEES of the erstwhile Global Trust Bank (GTB) will be retained by the Oriental Bank of Commerce (OCB) at their existing salaries for the next three years but will receive no increments during this period, according to sources.

On Saturday, the scheme for amalgamation of GTB with OCB came into force, following which all GTB branches started functioning as branches of OCB.

RBI's draft scheme for amalgamation said, "All GTB employees shall continue in service and be deemed to have been appointed in OBC at the same remuneration and on the same terms and conditions of service applicable immediately before the close of business on July 24, 2004."

The scheme said that those employees of GTB who did not want to continue as employees of OCB shall be entitled to compensation, under the provisions of the Industrial Disputes Act 1947.

Branches of the erstwhile GTB in Mumbai have already started sporting OCB banners. Some GTB employees confide that their future in the organisation seems hazy at present.

"We have been told that we will be retained on our current salaries and there won't be any increments. Beyond this, we don't know much. We haven't yet been contacted by the bank's union, but talks will soon be initiated, we expect," said a GTB official.

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`GTB staff to be retained at same salary for 3 years'