OBC drops acquisition plan for a year

 Regarding the distribution of proceeds to shareholders, Narang said it was determined by the scheme of amalgamation. The entire procedure as per government norms is expected to take 12 years.

 "But we will try to advance it," he added. Asked why OBC zeroed in on GTB for acquisition, Narang said the bank was scouting for one in South India as OBC was mainly based in North India.

 With GTB, the OBC could get 10 lakh new customers in south, which fitted the bill for OBC. In fact, it took OBC 60 years to make 8 customers whereas GTB within five years had built 10 lakh customers, Narang said, adding unlike public sector banks the staff strength was as low as 1300, making restructuring easy.