Posted: Wed Dec 10, 2014 1:43 pm Post subject: A CIRCULAR BANKS WISH THEY WOULD NEVER HAVE PUBLISHED !
The following extract is from Circular number S&P/56 of 2004-05 issued on 22nd November 2004 and very well guarded by Banks (Specially State Bank Group), After about 16 seperate RTI applications and after fighting the case upto CIC level, We were able to get the complete circular ( We used to get the circular except for certain pages which were very well guarded just like BOOK OF SECRET of US president.
I am hereby reproducing the contents which were being guarded by banks, I have decyphered them and would encourage every brother and sister to give their enterpretation as well.
Now if we interpret this we can conclude that
(1) Bank Manager / Loan in charge once satisfied about Borrower/ Location of property/ Identity of site and loanee will give the valuation assignment to any Valuer.
(2) First Inspection is to be done by Banker.
(3) Borrower is not given any power for choosing a Valuer or for paying any fee to him.
(4) Specific letter addressed to Valuer is to be issued by Bank upfront.
(5) Details of valuers / List of Valuers not to be given to client ( This is main point where Valuers face embarrassment when clients are given a list and they negotiate Valuation fees by calling all Valuers on this list)
The above circular can be used while giving any witness in court or while recording your statement with Investigating agencies and can be produced as a supporting document clearly stating that " once the banker was satisfied with the Identity of Borrower and with the Site being mortgaged , He initiated the Valuation" so the first person to verify the Identity of borrower and to do some homework about the site being mortgaged is BANKER and not VALUER.
The above circular has saved many of our friends and colleague and should be kept handy by all VAluers.
Please share any information which any of our friend has obtained under RTI or directly by their own efforts , I encourage all fellows & friends to upload all such documents so that a Library can be built .
Thanks and Regards
Secretary- Institution OF Valuers-Ludhiana Branch
Vice-Chairman- Practising Valuers Association Of Ludhiana
Posted: Fri Dec 12, 2014 7:01 pm Post subject: A CIRCULAR BANKS WISH THEY WOULD NEVER HAVE PUBLISHED
Dear Er.Manish Joshi,
Exellent work. If this is implemented by bank it would be fine. In actual practice Bank Manager visits the site first with borrower then only entrust the work to valuers. When they issue assaignment letter to valuer they must mention that they have already inspected and identified the propertyalong with borrower to make things more clear.
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