IBA CIRCULAR NO-OPR/CIR/2043 DATED-04/02/2017
PROCEDURE OF EMPANELMENT OF VALUERS BY BANK
OTHER IMPORTANT REFERENCES
RBI/2014-2015/164 DNBS (PD) CC. No.41/SCRC/26.03.001/2014-2015
Reporting to Indian Banks’ Association (IBA) – In terms of the same circular, banks are to report to IBA the details of the recalcitrant CAs, Advocates and Valuers who have committed serious irregularities in course of rendering their professional services. Likewise, the SCs / RCs are to report to IBA the details of such CAs, Advocates and Valuers for placing it on the IBA database of Third Party Entities involved in fraud. However, the SCs/RCs will have to ensure that they follow meticulously the procedural guidelines issued by IBA (Circ. No. RB-II/Fr./Gen/3/1331 dated August 27, 2009) and also give the parties a fair opportunity to explain their position and justify their action before reporting to IBA. If no reply / satisfactory clarification is received from them within one month, the SCs/RCs may report their names to IBA. SCs / RCs should consider this aspect before assigning any work to such parties in future.
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