Mumbai: The Reserve Bank of India (RBI) on November 14 said it has notified the draft scheme of amalgamation of Nedungadi Bank Ltd with Punjab National Bank.

The scheme has been forwarded to both the banks for their comments and has invited suggestions or objections by November 30, RBI said in a statement.

The apex bank on November two had placed the Kerala-based bank under moratorium up to February 1, 2003 and restricted depositors from withdrawing more than Rs 5,000 during this period.

Allaying fears of depositors, the RBI said the proposed amalgamation envisaged full protection of public deposits and it would make all efforts to complete the due process for the proposed merger as early as possible.

RBI said it would consider requests on case to case basis following requests from depositors of Kerala-based bank to allow them to withdraw their deposits in excess of the limit of Rs 5,000 for personal and other reasons.

The bank chairman and the regional director for Kerala have been issued with necessary instructions in this regard, RBI said.

PTI