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The city-based Global Trust Bank (GTB) yesterday launched its Internet banking service, ibank@gtb, and claimed to have to become the first bank in the country to provide customers access to their depository accounts through the Internet.

Formally launching the service, the Reserve Bank of India governor Bimal Jalan visualised that sooner than later, Internet banking would become as common as signing a cheque.

He commended the initiative taken by Global Trust Bank for the stage-wise launch and the emphasis on security features which would be essential for success in this new area.

The bank's chairman Ramesh Gelli said the launch of Internet banking was part of his bank's strategy to provide world-class products with superior service levels. According to the bank, its (National Securities Depository Ltd) demat account holders can look up their equity holdings and also conduct transactions on the Net.

Earlier this week, yet-unnamed financial institutions were reported to have picked up a stake in the bank following divestment by two foreign partners. Gelli confirmed the purchase, but did not reveal the identity of the new stakeholders.

According to a company official, the shares were acquired by members of the promoters' group of the bank who then placed these directly in the market where they had been picked up by institutions.

The deal was reportedly brokered by Credit Suisse First Boston (CSFB), though CSFB declined to comment on the issue when contacted in this regard.

Global Trust had earlier announced that it is seeking a tie-up with a foreign bank and is prepared to shed a chunk of its equity, after the pull-out of its two strategic partners, Hambrecht & Quist of the US and TA Enterprises of Malaysia, who were with the bank since its inception five years ago.

According to the bank, since 13 per cent of the holding has been vacated by the two foreign partners, the bank was looking to tie up with other partners. ergent