PUNJAB NATIONAL BANK FAVOURS THE GENERATION OF VRIN FOR VALUATION CONDUCTED BY A REGISTERED VALUER UNDER THE IBC CODE, 2016.
NEW DELHI-17/08/2024: One of the largest nationalized banks in India The ‘Punjab National Bank’ favored the IBBI Circular Number IBBI/RV/75/2024 issued on 12th August, 2024 for “Generation of valuation report identification number for valuation conducted by registered valuer under insolvency and bankruptcy code, 2016”.
In its internal circular of SASTRA Division Circular No. 52/2024 issued on 13/08/2024 issued by PNB, Sastra Division, Head Office. Plot No.4, Sector-10, Dwarka, New Delhi-110075 said that IBBI vide Circular no. IBBI/RV/75/2024 dated 12.08.2024, in order to ensure authenticity and to have a unique reference number of the valuation reports, has decided to provide a Valuation Report Identification Number (VRIN) for each valuation conducted under the Code. An online module has been hosted on the IBBI website at https://www.ibbi.gov.in, where the RV/ RVE before submission of valuation report, shall generate a unique VRIN for each valuation report through the online module and shall mention the VRIN on the front page of the valuation report.
A facility has been provided on the IBBI website to allow stakeholders to verify the authenticity of the report by using the VRIN. The link for verification is https://ibbi.gov.in/en/vrin/verify-vrin. Generation and verification of VRIN shall be applicable to all the cases where the date of valuation report is on or after 12.08.2024. Please find enclosed herewith the IBBI Circular on the captioned subject. All field functionaries are to take note of this circular for meticulous compliance.
A senior valuation professional said that This news indicates that very soon in the coming days, PNB will only accept the reports generated with VRIN as per above said Circular, & we all registered valuers welcome this step taken by the PNB officials.
HOW TO GENERATE THE VRIN
You can use the following credentials to access IBBI website:
URL: https://ibbi.gov.in/en/users/
Username : RV-xxxxx
Password: The old password
The user id pattern for RV login is “RV-(last five digit of the RV Registration number)”
The user id pattern for RVE login is “RVE-00(last three digit of the RVE Recognition number)”
In case the password needs to be changed, you can reset the password using this url ( https://ibbi.gov.in/en/users/
In order to reset the password using the link, please use the registered email id and select role “RV” or “RVE”, as the case may be. Then email, to reset the password, will be received at the registered email.
