The merger will create a strong base for both the banks in terms of size, net worth, reach and profitability, Mr Gelli told waiting reporters at the venue where, earlier, he addressed the bank employees and clarified to them the decision to merge with UTI Bank. The combined balance sheet size as on March 31, 2001 will have about Rs 20,000 crore and a net worth of about Rs 1,000 crore, he added.

``Though the date of merger is yet to be decided in the coming days, as of now, we have agreed to bring out a combined balance sheet as on March 31, 2001,'' Mr Gelli replied when asked about the date of merger. Explaining that there will not be any problem in amalgamating, especially in the case of employees.

Mr Gelli said: "We will go on the basis of best fit model, this will be done very scientifically". There are about 1050 employees on GTB rolls while UTI Bank has about 1100 employees, he said. There will be a committee to be constituted for this purpose. "Both Dr PJ Nayak and Sridhar Subhasri will be involved in it", he said.