Will it be ICICI, HDFC, UCO, Federal or Indian Bank that will take over the beleaguered United Western Bank Limited (UWB) which received a memorandum from the Reserve Bank of India on Saturday posing restrictions on the transactions of the bank? The ICICI Bank is a forerunner in the race and will be holding a meeting of its top bosses today to discuss strategy. The other banks are also lining up their strategies.

depositors could withdraw money today. However, depositors can withdraw only upto Rs. 10,000, they said. The bank has closed down all its ATM services and has stopped cheque and draft clearing facilities from September 2. The RBI has not issued any guidelines pertaining trading of stocks.

According to sources, the bank is not totally at loss, it has liquidity. But the cap on withdrawal at Rs. 10,000 has alarmed depositors. The RBI has decided to amalgamate the bank. Apart from ICICI, the Calcutta-based United Commercial Bank, the Federal Bank from Kerala, and Indian Bank are also interested parties. The RBI has kept the option open for any scheduled bank to take over the reins at UWB.

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