Date:27/07/2004 URL: http://www.thehindubusinessline.com/2004/07/27/stories/2004072700761200.htm

Back Crisis in GTB may not affect FCCCI

Our Bureau

Kochi , July 26

THE crisis in Global Trust Bank is unlikely to make any serious impact on the First Commodity Clearing Corporation of India (FCCCI), in which the bank is a stakeholder, and the India Pepper and Spice Trace Association (IPSTA).

The IPSTA President, Mr Kishor Shamji, told Business Line that the Association had "taken back its deposits from the bank about three years back and it might have only Rs 5-6 lakh with the bank now.

However, the FCCCI, which was set up for clearing futures trading in the IPSTA's international commodity exchange would have around Rs 50 lakh with GTB. At the same time, the Bank has a share of Rs 70 lakh in the FCCCI, he said. The international division of the IPSTA exchange had not commenced any operations so far, he said.

Other banks having stakes in the FCCCI are IndusInd Bank and the Union Bank of India.

The staff members of IPSTA have their accounts in the bank as its extension counter has been functioning in its premises. Many have deposited their savings in the bank as it was offering interest at rates higher than other banks, he added.