The Union government has issued a three-month moratorium on Hyderabad-based Global Trust Bank, effective close of business on Saturday in the interest of public and depositors.

The moratorium would be inclusive of October 23, 2004 or an earlier date, until an alternate arrangement is made,

Reserve Bank of India [ Get Quote ] said in a release in Mumbai [ Images ] on Saturday.

During this period, RBI will consider various options, including amalgamation of GTB with any other bank and finalise the plans in public interest and protect public deposits.