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The GovernorReserve Bank of IndiaMumbai.
Subject
:A)Request to ANNULL the scrutiny note of the inspections conducted at Federal Bank Ltd, Erode branch on 13
th
and 14
th
October 2003 and the Head Office followingcomplaints from Whitefield Cottons Private Limited, on record at the Reserve Bank of India, disclosed to us recently as per request made under the Right to InformationAct; to annul any other scrutiny notes not disclosed to us so far;B)request to RETRACT the unverified, misleading narration and erroneous remarksplaced on record by the scrutiny note(s) , which might also have been communicated
verbatim
or rephrased in any communication that the Reserve Bank of India mighthave sent to the Ministry of Finance and other higher organs of the Government of India including the Office of the President of India, as inferred from explicitreferences to our communication to the President of India placed both at thebeginning and end of the Scruntiy Note.C)Request for a FAIR SOLUTION to the problem in the face of persistent attempts bythe bank to aggressively evade and cover up the original issues, encouraged by theslipshod scrutiny and the absence of timely judicial redress.
References
:a)Our complaint against Federal bank Limited and the various follow up email messagesand letters to various departments of the RBI on various dates - Our complaints tothe RBI on March 1, 2002, our complaint with the Banking Ombudsman filed onAugust 28,2002, our email dated August 31, 2003.b)Letter from the Powerloom Development Export Promotion Council (PDEXCIL)dated August 16,2004 and other communication from Pdexcil on various dates.c)Any available record that RBI might have on our meeting with Mrs. Makhija, Chief General Manager, at her office at Mumbai 29
th
March 2004.d)Letter by RBI IECD No 4329 dated 04.02.03 / 2003-2004 dated March 25,2004 whichhastily closed the complaint without a fair scrutinye)Our letter dated 27 November 2004 addressed to Smt Usha Thorat, sent by SpeedPost ( No EE 42032410 3IN ) with copies to PDEXCIL on the inaccurate, unverifiedcomments by RBI vide its letter dated 04.02.03 based on choice papers madeselectively made available by the Bank during an “Inspection”.f)our application to RBI under the Right to Information Act and the Informationfurnished by the RBI vide DAPM CO RIA / 07.05.0-1 / 2006-2007 dated April 10,2007 under the Right to Information Actg)The scrutiny report released as part of papers released vide DAPM CO RIA /07.05.0-1 / 2006-2007 dated April 10, 2007 under the Right to Information Act
Sir,This is a request to the Governor to examine and annull the erroneous and damaginglymisleading RBI scrutiny note(s) pertaining to our complaint against Federal bank Limited filed during March 2002, filed with the RBI with a vivid chronology on the majorproblems dating back to the year 1996. This complaint on our repeated representationwas examined with a slipshod “scrutiny” which placed on internal record “scrutinynotes”, hitherto remained classified and undisclosed, doing us plenty of harm.
Theseare records that are completely misleading to deter the top executives of RBI and the Ministry of Finance to whom the complaint had been addressed /copied, from paying due attention to the problem.
The scrutiny note(s) pertain to inspections conducted at Federal Bank Limited on 13 &14 October, 2003 as directed by the General Manager (Department of BankingSupervision), but these scrutiny notes were not disclosed to us, nor were theirexistence known as the cause for perceived inaction by the higher executives of RBI andthe Ministry of Finance. The existence of the scrutiny note(s) were known to us afterwe filed a query under the Rights to Information Act (2005) and one of these classifiedscrutiny note(s) was disclosed to us on April 10, 2007.The background summary of the company and the terminal banking limits :
➔
Company: Whitefield Cottons P Limited, Erode, Tamilnadu, India.
➔
Name of the Bank: Federal Bank Limited, Erode, Tamilnadu Branch
➔
Commencement of Banking Transactions: March 1996
➔
Terminal Credit Limits: Rs 80 lakhs pre-shipment export packing credit (PCL)
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