Union Bank Circular For Valuers , No Indemnity Bond Required
Sent:Thu 11/5/2015 1:12 PM
As per your guideline for empanelment of valuer (instruction Circular 9089, dated 5.10.2011 To all branches) 1 (D)(VII) you can not insist indemnity bond compulsion for valuers empanelment (anex. I).Ms Archana Nair & Shri Amrutkar insisting valuers to send indemnity bond.
Kindly follow the law and procedure as IBA guideline ( Handbook on policy, standards and procedures for real estate valution by Banks and HFLs in India- Feb 2011, page 31 , point no. 1.9 as obligations Of the banks/ HFls , para 6) and Union Bank circular ( attached).
Kindly do needful
Valuers Against Injustice Cell