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Shri AL Mhatre,

Treasurer,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard,
Mumbai-23.
Dt: 16th May 2016.

The President,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard,
Mumbai-23.

Dear sir,
(Through CEO, Naval Dockyard Co-Operative Bank Ltd.)
RESIGNATION FROM THE POST OF TREASURER

I had been elected as the Treasurer of Naval Dockyard Co-Operative Bank Ltd. By the
Board of Directors on 14th Sept 2015.

I strongly and sincerely feel that I will not be able to work upto the expectations and
trusts of majority of share holders by whom I have been elected, since my views are not
matching with the majority of directors and those are not being included in final decision
makings on various issues by the Board.

I further feel that I can work more efficiently and effectively in the Bank in order to meet
the interests of the share holders, if relieved from the post of Treasurer.

I am therefore resigning from the post of Treasurer and request your honour to kindly
accept it at the earliest.

Thanking you, Yours faithfully,

Copy to: (AL Mhatre)

Hon. Secretary,
Naval Dockyard Co-Op Bank Ltd.
Shri VP Mahale,
Director,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard,
Mumbai-23.
Dt: 16th May 2016.

The President,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard,
Mumbai-23.

Dear sir,
(Through CEO, Naval Dockyard Co-Operative Bank Ltd.)

RESIGNATION FROM THE SUB-COMMITTEES


(Purchase, Asset Liability management & Staff Relation)

I had been nominated as the member of Purchase, Asset Liability management & Staff
Relation Committees of Naval Dockyard Co-Operative Bank Ltd. by the Board of Directors.

I strongly and sincerely feel that I will not be able to work upto the expectations and
trusts of majority of share holders by whom I have been elected, since my views are not
matching with the majority of directors and those are not being included in final decision
makings on various issues by the Board.

I further feel that I can work more efficiently and effectively in the Bank in order to meet
the interests of the share holders, if relieved from the duties as member of Purchase, Asset
Liability management & Staff Relation Committees of Naval Dockyard Co-Operative Bank Ltd.

I am therefore resigning from all the above committees of Naval Dockyard Co-
Operative Bank Ltd and request your honour to kindly accept it at the earliest.

Thanking you, Yours faithfully,

Copy to: (VP Mahale)

Hon. Secretary,
Naval Dockyard Co-Op Bank Ltd.

Shri SG Limaye,
Director,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard,
Mumbai-23.
Dt: 16th May 2016.

The President,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard,
Mumbai-23.

Dear sir,
(Through CEO, Naval Dockyard Co-Operative Bank Ltd.)

RESIGNATION FROM THE SUB-COMMITTEES (Audit & Loan)

I had been nominated as the member of Audit & Loan Committees of Naval Dockyard
Co-Operative Bank Ltd. by the Board of Directors.

I strongly and sincerely feel that I will not be able to work upto the expectations and
trusts of majority of share holders by whom I have been elected, since my views are not
matching with the majority of directors and those are not being included in final decision
makings on various issues by the Board.

I further feel that I can work more efficiently and effectively in the Bank in order to meet
the interests of the share holders, if relieved from the duties as member of Audit & Loan of
Naval Dockyard Co-Operative Bank Ltd.

I am therefore resigning from all the above committees of Naval Dockyard Co-
Operative Bank Ltd and request your honour to kindly accept it at the earliest.

Thanking you, Yours faithfully,

Copy to: (SG Limaye)

Hon. Secretary,
Naval Dockyard Co-Op Bank Ltd.
Shri AL Mhatre,
Director,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard Mumbai-23.
Dt: 26th May 2016.

The President,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard,
Mumbai-23.

Dear sir,
(Through CEO, Naval Dockyard Co-Operative Bank Ltd.)

ISSUE OF BANK's LOGO

At the outset, I want to extend my sincerer thanks to your honour for accepting
my resignation from the post of Treasurer, in the Board of Directors meeting held on 24 th May
2016.
During March 2016, the Bank have manufactured about 200 Nos. visiting cards
in Bank's expenses, wherein Bank's logo has been printed and issued to all directors
including me. The said cards issued to me were printed with then post (Hon. Treasurer) and
since I am not holding the said post at present, the present visiting cards are of no use.
Therefore herewith I am surrendering the balance visiting cards to the CEO of our Bank.

Further it is my kind request to your office that I may be issued with the Bank's
logo so as to print the fresh visiting cards, letter heads in my name.

Thanking you, Yours faithfully,

Copy to: (AL Mhatre)

Hon. Secretary,
Naval Dockyard Co-Op Bank Ltd.
Shri VP Mahale,
Director,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard Mumbai-23.
Dt: 07th June 2016.

The President,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard,
Mumbai-23.

Dear sir,
(Through CEO, Naval Dockyard Co-Operative Bank Ltd.)

ISSUE OF BANK's LOGO TO PRINT LETTER HEAD

During March 2016, the Bank have manufactured about 200 Nos. visiting cards
in Bank's expenses, wherein Bank's logo has been printed and issued to all directors
including me.

Presently, I want to do communication on various issues pertaining to Bank to


the authorities like DDR, State Co-Operative Ministry, RBI etc, therefore it is required to
manufacture the letter heads in my name. Further it is my kind request to your office that I
may be issued with the Bank's logo so as to print letter heads.

Thanking you, Yours faithfully,

Copy to: (VP Mahale)

Hon. Secretary,
Naval Dockyard Co-Op Bank Ltd.
Shri Sunil G Limaye
Director,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard Mumbai-23.
Dt: 07th June 2016.

The CEO,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard, Mumbai-23.

Dear sir,

SUPPLY OF DRAFT MINUTES OF BOARD OF DIRECTORS MEETING

Please refer the Hon'ble President's (Naval Dockyard Co-Operative Bank Ltd.)
directives issued during the Board of Director's (BoD) Meeting held on 24 th May 2016,
particularly about the above subject wherein it was clearly instructed to you that the draft
minutes of the BoD meeting should be supplied well in time, prior to the next BoD meeting so
as to the same could be perused by all Directors and can raise necessary amendments if any.

Therefore, it is requested to your kind office to provide the draft minutes of the Board of
Director's meeting held on 24th May 2016, at least 15 Days prior to the next BoD meeting.

Thanking you, Yours faithfully,

Copy to: (Sunil G Limaye)

Hon. Secretary,
Naval Dockyard Co-Op Bank Ltd.
Shri AL Mhatre,
Director,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard Mumbai-23.
Dt: 7th June 2016.

The CEO,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard, Mumbai-23.

Dear sir,

INTRODUCTION OF ADDITTIONAL FIELD IN RECOVERY SLIPS / REPORTS FOR


DENOTING CENTRE NUMBER i.r.t. ALL NON-INDUSTRIAL AND MINISTERIAL STAFF
(SHAREHOLDERS)

Please refer my regular requests to your office on various occassions and in meetings
about insertion of Center Number of all Non-Industrial and Ministerial staff working in Naval
Dockyard Mumbai, who are our shareholders, in the database and at Recovery slips/ reports
generated through Intellect CBS system. Further you have assured to insert a field for the
same in consultation with CBS authorities.

It is necessary to have Center Number on the recovery slips which helps in easy
distribution and to identify the location of the shareholders.

In view of the above, it is requested to take up the matter with the concerned
authorities and introduce the field for centre number of all the shareholders on the recovery
slips at the earliest.

Thanking you, yours faithfully,

(AL Mhatre)
Shri VP Mahale,
Director,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard Mumbai-23.
Dt: 08th June 2016.

The CEO,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard, Mumbai-23.

Dear sir,

SUNDRY EXPENSES AND NPA ACCOUNTS

It is requested to provide the itemised details of Sundry expenses held during Jan 2016
to Apr 2016 at all branches including Head office of our Bank.

It is understood that the Bank has issued notices to the defaulters / Non Performing
Asset account holders in respect to settle the issues at the earliest. In order to examine the
present cases of defaulters / NPA account holders, it is requested to provide the details of all
the cases at the earliest.

Thanking you, Yours faithfully,

(VP Mahale)
Shri AL Mhatre,
Director,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard Mumbai-23.
Dt: 9th June 2016.
President,
Naval Dockyard Co-Operative Bank Ltd.,
Naval Dockyard, Mumbai-23.

Sir,
COMPULSORY DEPOSITS

(1) Please refer to our Bank's Bye Laws No. 15, wherein the minimum level of
services for becoming Active member has been prescribed as shown in the table below:-
Sr. Size of Bank (Deposits in Cr.) Minimum share And Minimum Or Loan
No. on the date of preparation of capital holding Deposits required
provisional list
2 Rs. 100.00 Cr. To Rs. 500.00 Cr 1000 5000 50000

It clearly meant that the above-said is the only eligibility criteria to remain member of
the Bank.
(2) Please refer Bye Laws No. 51 (e) , wherein at para (i) it has mentioned that-
'Every member of the Bank shall subscribe to the Compulsory Deposit Account every month.
A sum according to the following scales based on the amount of basic pay earned by him.
S.No. Basic Pay CD Contribution per month
1 Rs. 4750/- to Rs. 7499/- Rs. 200/-
2 Rs. 7500/- to Rs. 11499/- Rs. 300/-
3 Rs. 11500/- & above Rs. 400/-

And at para (ii) it has mentioned that, The rate of interest of Compulsory Deposit shall
be determined by the Managing Committee, but such not is less than 7.20% per annum at
any time. The interest payable shall be credited to members SB/CD/Loan etc. accounts,
before 30th April of every year. A member shall not be permitted to withdraw money from such
deposits account or any part of his shares as long as he remains as the member of the Bank.
(3) Whereas to obtain the membership of our Bank every individual has to pay
Share capital upto Rs. 7500/- and compulsory deposit by means of monthly installment
against his basic pay as mentioned in the table at (2). Once individual completes his said
contribution for ONE year he becomes eligible for obtaining Long Term and subsequently
Short Term Loan, Housing & other types of Loan from our Bank. Contd...2
-2-
Further from the below elaboration it will understand how the whole business takes
place -
Say a new eligible member with consolidated contributions of Rs. 12,300/- i.e. Share
capital Rs. 7500/- and Compulsory Deposit (CD) @ Rs. 400/- PM, will obtain Long Term Loan
(LTL) of Rs. 800,000/- @ 12% rate of interest (ROI).
As per the Loan policy, which was hardly prepared by the Board of Directors a
borrower shall have 20% amount of his requisite LTL in his CD account i.e. Rs.160,000/- in
above case. So either borrower shall deposit the said 20% through his own contributions or
the same will be managed at the time of sanction of Loan by deducting it from the requisite
LTL amount.
Normally none of the shareholders are depositing CD from their sources therefore
every member opt the second option wherein CD amount of 20% managed by deducting from
the requisite LTL amount. Since it is part of LTL amount the borrower has to pay ROI 12 %
on 20% amount deducted as CD contributions.
Therefore it is crystal clear that individual has to pay loan interest i.e. 12% PA on the
complete loan amount including the deposit compulsorily made for LTL eligibility. Further the
compulsory deposit is remain with Bank and unused by the borrower, for which at the end of
every Financial year borrower used to get interest @ 9 % on the said deposits. It means
merely 03 % difference interest has to bear by the borrower. The same is justified until a
member is Loanee.
Meanwhile in maximum cases members used to take Loan against Compulsory
Deposits i.e. Short Term Loan (STL), 90% amount of CD given as STL on 11% rate of
interest (ROI).
In view of the above, it is evident that a member depositing CD, which was deducted
from his LTL on 12 % ROI and further avails STL on 11 % ROI on the same CD, means he is
paying about 23% ROI on CD in case of availing both the loan at a time. Whereas he only
gets 9 % PA generated on the CD, at the end of Financial Year. So in this case the actually
14% difference interest has to bear by the borrower.
(4) The member has to complete his Loan tenure i.e. 120 months, through payment of
EMIs. Even though his loan repayment gets over his deposit i.e. CD 20% amount of LTL
forcibly kept with Bank in the name of CD. Further withdrawal from CD amount is denied
stating the provisions of the Bye-Laws 51 (e) (ii), as elaborated at para (2) above.
But actually it is complete misinterpretation of the said Bye laws which clearly states
that, A member shall not be permitted to withdraw money from such deposits account or any
part of his shares as long as he remains as the member of the Bank.
Nowhere it has mentioned that all amount of CD accumulated shall be restricted to
withdraw because the member has to maintain his membership eligibility as per the factors as
mentioned at para (1) above.
Furthermore as soon as the loan is repaid by the member, bank cannot bind him by
any loan policy framed by the Committee because the loan agreement signed by both parties
becomes void automatically on repayment. Contd...3
-3-
Therefore all members who do not possess LTL or STL ( Because no other Loan like
Housing Loan upto 45L, Mortgage Loan upto 25L & Education Loan upto 10L needs any amount of CD )
against their account shall be allowed to withdraw the amount of Compulsory Deposit keeping
minimum as required by the Bye Laws No. 15 for membership. Since no other provisions of
act like Compulsory deposit Scheme act, MCS Act, Banking Regulation Act have any binding
on the member for keeping the more amount than Rs. 5000/- as compulsory deposit.
Finally it is proposed to allow the withdrawal of CD amount from individual member's
account in absence of any LTL or STL pending against individual.
Thanking you, yours faithfully,

(A L Mhatre)
Dear friends,

In response to your queries regarding resignations from all the posts and sub-committees of
Naval Dockyard Co-op-Bank Ltd, by AINTSSA's all 03 Directors, I would like to inform u all as
under.

Our bank is suffering from lack of professionalization and effective co-operative governance.

It will be appreciated that Co_Op banks r run by the elected Board of Directors in adherance
with Rules/Acts of the state, Bylaws of the bank, guidelines from RBI and the inhouse
fraimed policies by the banks. Its sad that the Board of Directors r reluctant in framing formed
policies and our bank has no policies even in critical subjects like purchase, appointment,
transfer, discipline etc till to date. In absence of these policies some major irregularities have
been taken place in our bank. Though we dont claim that all these irregularities were
deliberately done, we sense more serious irregularities like financial mismanagement, scam,
diversion of funds to inappropriate institutions etc in future. The most unfortunate part is,
decision making power is more concentrated in few hands of the board. Even none of
the expense related financial documents r being placed before Treasurer for perusal or
approval.
We r planning to put all these issues in detail before the forth coming General Body, so that all
share holders will be aware.

Its not feasible to describe each issues in detail in this forum for which we will plan a date and
venue in near future in which our directors will inform about the above with documentary
evidences.
ADOPTION OF AMENDED BYE-LAWS OF NAVAL DOCKYARD CO-OPERATIVE BANK
LTD. DULY APPROVED BY THE CO-OPERATIVE COMMISSIONER, PUNE ON .............

The Co-operative Commissioner, Pune has approved our amendment to the Bye-Laws
w.e.f. ............. with a clear note that henceforth the earlier ..........section of the Bye-Laws
stands inhibited. With reference to the Maharashtra Co-operative Societies Act

Ms Suma Verma
Principal Chief General Manager
Department of Cooperative Bank Regulation
Reserve Bank of India
Central Office,C-7, 1st and 2nd floor
Bandra-Kurla Complex, Bandra (East)
Mumbai 400 051

Ms Malvika Sinha
Principal Chief General Manager
Department of Cooperative Bank Supervision
Reserve Bank of India,
Central Office, C-9, 1st floor,
Bandra Kurla Complex, Bandra (East)
Mumbai-400 051

Ms Mona Anand
Legal Adviser -in-Charge
Legal Department
Reserve Bank of India
5th Floor, Centre I, World Trade Centre,
Mumbai-400 005.

Smt. Surekha Marandi


Chief Vigilance Officer
Central Vigilance Cell
Reserve Bank of India
Central Office Building, 16th floor
Shahid Bhagat Singh Road
Mumbai 400001

The Governer,
Reserve Bank Of India,
( for Vigilance/Administration Dept),
SBS Marg Fort,
Mumbai 400 023.

SUB VIOLATION OF COOPERATIVE BANKING RULES.

Respected Sir,

The Naval Dockyard Co operative Bank Ltd is a salary earners bank registered under
Maharashtra co operative societies Act 1960.(Regd.No.6969 in the year 1931). An representation dated
22nd May 16(copy enclosed for ready reference) form Shri. Anil Kumar, a share holder of the above
said bank was received in office of this association. The representation states that a branch of this bank
has been established at Karwar without necessary approval/permission of respective authorities which
amounts to serious violation of banking regulations framed by the RBI and about 600 staff working at
Naval Ship Repair Yard(Karwar/Karnataka)have been enrolled fresh as members of the above stated
bank and a majority of these members have also been granted personal loans ranging from Rs. four
lakhs to Rs.eight Lakhs depending upon their salaries, data of transactions between this bank and State
Bank of India,Br. Arga & Br.Amdali(Karwar,Karnataka State.) branches can be viewed through Core
banking(RTGS/NEFT ) . As per the present laws of Maharashtra co -operative societies Act 1960
governing cooperative banks it is a clear violation of the geographical area of operation as specified in
the Act. It is also evident to mention that the said bank is not a Multi state co operative bank which
forbids operations outside the state of registration. The stamp duty and franking of the loan
application/agreement is done at Mumbai(Maharashtra) and the Revenue of the same is deposited in the
State government treasury hence the conditions stated in the agreement are bound in the territory of
state of Maharashtra.

In view of the above it is requested that a high level committee may be appointed to
investigate the above matter and to avoid interference/ tampering of evidence by board of directors and
to conclude a fair inquiry proceedings an Administrator to be appoint till completion of the inquiry.