Exporters have recently complained that a few private banks are threatening to put their names in the Cibil defaulters' list . This issue arises at a time when the validity of foreign exchange derivative products being considered as hedging options to protect investors from foreign currency fluctuations is being questioned in various courts of law.

"Notices were served by a few private banks recently threatening exporters that their names will be listed in the caution list or wilful defaulters list maintained by Credit Information Bureau of India (Cibil)," said Raja M Shanmugham, president, Forex Derivatives Consumers' Forum.

"Once the account gets listed in the Cibil list, exporters would face difficulties in availing credit from banks," he said.

It has been noticed that garment exporters in Tirupur alone have incurred losses amounting to Rs. 400 crore in these derivative products which they had taken in 2008 as a hedging tool.

The exporters have appealed to Finance Minister Pranab Mukherjee that RBI should be advised to bring out a circular directing banks that they should not put exporters in the cibil blacklist till the time this dispute does not reach a settlement.