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Indemnity Bond by Central Bank of India, Mumbai, 1 lakh FDR
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Value Add Consultant



Joined: 17 Jun 2013
Posts: 94

PostPosted: Sun Feb 02, 2014 2:47 pm    Post subject: Indemnity & Central Bank Reply with quote

Dear Valuers, It is good news that based on the our various level efforts and effective letter sent to Central Bank and later on my personal liaison with Central Bank Empanelement Department (Credit Department ) at Head Office. Finally Central Bank has removed the Indemnity Bond and 1 Lac FD Condition. Cheers Valuers. In their guidelines now they have decided to empanel diploma civil engineer to conduct retail loan valuation below 5 Cr. I do not know what is the reaction among-st valuers. This is due to the reason IBA hand book allowed Diploma Civil Engineers as well to carry out valuation. However there is a correction which IOV and Other professional bodies should suggest to IBA. As while framing IBA Handbook based on representation received from Architects that in five years course of architecture after 12th standards, a diploma in architecture degree is awarded which is equivalent to degree by some of the Institute of Architecture in India. This may be true for Architecture Discipline, however it is no way true for Diploma Civil Engineers. Diploma Civil Engineering is a three year course after 10th Standard. Having said that while framing the guidelines IBA team understood that both Diploma in Civil Engineering and Diploma in Architecture is equivalent to Degree Course. Hence they have kept above guidelines of empaneling valuers how got Diploma. Please suggest your concerns to write authority and do needful. Also regarding Company Bill it is not yet finalised, we have still chance to amend it before it become legislation kindly activate your contacts and do needful. Best Wishes, Mohti Mehta mohit_mehta1 valueadd Value Add Consultant
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ValueAddConsultants



Joined: 27 Feb 2014
Posts: 97

PostPosted: Mon Jul 21, 2014 8:19 pm    Post subject: Union Bank of India Reply with quote

Dear Valuers,

Union Bank of India ask for an Indenmnity Bond to sing to appear on the panel. What do you all say ?

1) Shall Valuer submit Indenmnity to banks or they should ask an Indenmnity from Bank and Client ?

2) I always ask an Indenmnity from my client

3) recently even one branch manager in UBI ask me to submit Indenmnity along with report.

Becasue of ignorance of certain people others have to suffer.

What is worng in publishing a book which give guidlines how to practice as a valuer by IOV which will help every one i.e. valuer, bankers,client and third parties.

If we come up with common things instead of doing seminars and publishing it which many of already know. There is nothing wrong in learning more technical aspects related to valuation,

However it is very much more important to first learn how to practice as valuer to protect our own interest as well other valuers interest, profession interest and clients interest.

If Vehicle Driver get licence before knowing how to drive he will not harm himself but to others as well by making accident.

Hope you all will ask to professional body to come up with minimum non negotiable professional ethics and publish book on the same which every valuer must keep with him every day and give exam to IOV regualarly to renew it's membership.

Thanks,

Mohit Mehta

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Thu Jul 24, 2014 8:40 am    Post subject: Reply with quote

Dear friends,

Only IOV who is proud of 20000 members can take up this INDEMNITY ISSUE.IT IS THE MOST UNJUSTIFIED ACT OF SOME OF THE BANKS. MORE SO WHEN CHAIRMAN advises his local members to agree for the same and HE NEVER SIGNS IT!

YOU CONTINUE TO LOVE SUCH CHAIRMAN!

 

Regards

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