"As of now, we are not reviewing this merger at all... they came to us only on February 28. These things normally take 7-8 weeks as was the case with the HDFC Bank-Times Bank, and ICICI Bank-Bank of Madura mergers. We will review the merger, if the Sebi probe into insider trading throws up sufficient evidence for doing so," a central bank official said. The chief executives of both UTI Bank and GTB - PJ Nayak and Ramesh Gelli - were not available for comment on the matter. But it has been reliably learnt that there is no RBI review of the merger as of now. Meanwhile, neither UTI Bank nor GTB has approached SBI Caps for another revaluation. SBI Caps' managing director & CEO, Birendra Kumar, was categorical that both banks had not reverted to SBI Caps on the issue. Mr Kumar added that he was unaware as to whether UTI Bank had approached another party for undertaking a fresh valuation. SBI Caps was the merchant banker to the transaction and represented both UTI Bank and GTB. It was also pointed out that anothervaluation of the transaction by a new merchant banker does not mean that SBI Caps fell short of standards. "It is perfectly okay if either party wants to have another opinion. It has happened earlier... all I can state is that SBI Caps has performed its role," Mr Kumar said. The boards and shareholders of UTI Bank and GTB had given their nod for the proposed merger. Speculation has been rife that the proposed merger between UTI Bank and GTB has run into rough weather with the RBI. However, the view that seems to emanate from the RBI is that only standard appraisal procedures are on, and not a "review".