RBI Governor: Are Banks authorised to contravene laws? Please stop defrauding
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1. Dr. Urjit Patel, RBI Governor
2. Shri Arun Jaitely, Minister of Finance, Govt of India
Sub: Banks exercising power excess to as vested on it by provisions of law reserving right to contravene
Even without FRDI Bill, our deposits with Bank are no more safe. I say this with conviction as conveyed in writting by Sr. Authorities of Bank of Baroda, involving MD & CEO, in a mail dtd 20th Dec'17 in a matter of fraud and moral perversion pending with them ever since 2012. They reserve the right to repudiate and contravene all laws, be it civil law (contractual mandate not driven by any non-obstante clause) or banking laws, though barred under Section 36 A (7) of Banking Regulation Act. They also have refused to undertake any responsibility while maintaining safety, security and secrecy of accounts and reserved the right to pay our deposits to any person matching name without due diligence.Acting in derogation of all laws, beside defeating the purpose of contract with banks, not only demeans provisions of various laws, banking codes, RBI Guidelines, policies etc but amounts to drawing excess power to as vested upon by various Regulations, Rules and Acts.
Explicit repeated approval of such wrong is insinuating that prompts bank employees to repeat such wrong/fraud and launder our deposits at any given opportunity. This is extremely alarming that warrants immediate kind intervention of your good offices. THIS HAS PUT ALL DEPOSITORS ACROSS COUNTRY AT A GREAT RISK.
Whereas, all my attempts for conciliation across almost six years utilising all channels namely Bank, Banking Ombudsman, Department of Financial Services, directly and through Hon'bl Prime Minisiter's Office and Directorate of Public Grievances stands frustrated. Bank has dared to say so with a copy of mail to Shri P.K.Agawal, SVP, Banking Codes and Standard Bank of India. They dared despite Transparency International having forwarded my complaint to Vigilance, Bank of Baroda during end Nov'17. They also dared despite my Petition before Department of Banking Regulation/Supervision, Reserve Bank of India is pending ever since 6th Dec'17.
This proves unofficial authority has already been accorded to Banks to launder our deposits even without FRDI Bill. For the sin committed by Banks, elite class and corporates, ordinary citizens cannot be taken for granted to make up their loss due to high NPAs.
It is high time for Reserve Bank of India to take congnizance of such serious offence immediately before any other depositor faces similar situation losing his/her life time hard earned money.
It is also mandatory to derive simple and easy recourse for citizens to redress their grievances in a matter of such fraud and money laundering without any loss of time and to avoid irreperable loss to customers, since officials at branch, regional and zonal level still prefer not to register complaints in SPGRS. Banking Omudsman too being biased are inclined towards bank. They also are not reliable.
It is now apparent that in the matter of redressal of depositors grievance, particularly in a matter of moral perversion, the system, including Banking Ombudsman, appears to be instrumentally combined interrelating and interacting artifacts designed to work as a coherent entity. This has to be dealt with seriously and quickly to avoid irreperable loss to depositors, customers of bank and common citizens of India.
Your immediate action with expemplary punishment to perpetrators and pecuniary penalisation to bank in such cases of fraud and moral perversion under Section 46 of Banking Regulation Act and easy recourse to depositors with immediate action will surely check this menace.
Trust your good offices will be able to retain public trust and faith over Indian Banking system, or, else all the effort of Hon'bl Prime Minister to check corruption devoiding banking route will lead the country towards economic disaster.
My petition with Dept of Banking Regulation/Supervision, Reserve Bank of India must be adjudicated immediately within the provisions of Section 46 (4) ensuring exemplary punishment to perpetrators and pecuniary penalty as mentioned in my petition.
Manoj Kumar Trivedi
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