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shrikant v. sathe (retired)     13 November 2010

My complaint to R.B.I.


                                  I am an ex-employee of  co-op. bank in pune. In 1995 to 2002 bank had made supicious finance to somefake big bulls.On the consequence of this. it had to suffer a heavy loss.The bank had to curtail the staff number. As we ,the officers of the bank had to retire at the age of 55 instead of 58, causing a monetary loss of average 15 lacs each.After retirement I become the shareholder of the bank.I complained to reserve bank of India about the fishy finance made by the bank and the aftermath resulted into lack of dividend and  monetary loss of employees,reducing their retirement age. The bank did not publish the names of the defaulter borrowers and their sureties in local newspaper.What reserve bank will do in such type of a complaint made by shareholder means me.The bank threatened me to remember that I was an ex employee of the bank ,I told them that due to fishy lonas we were deserted .We were retired by you at the age of 55 instead of 58.What bank will do against me as an ex-employee or as a shareholder .Can any one give legal advice?


 3 Replies

JT Rajasuriya, Chennai (Advocate 98410 53790)     14 November 2010

The bank in question cannot act on you for these frivolous matters. No use to report to RBI - as you should know that RBI is the trainer to the banks for such actions. Regrets to the loss underwent by you.

Satya Narayana Palukuru (Advocates & Mediators.)     16 November 2010

I believe co-operative disputes can be refered to Arbitrator .Check relevent sections of act

Howfar effective ?

JT Rajasuriya, Chennai (Advocate 98410 53790)     16 November 2010


                Under the circumstances you should approach the courts and not the RBI for any remedy/ relief. If u are not too late then u can still approach the relevant court.


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