NMC Makes Structural Financial Messaging System Platform Compulsory For Generating Bank Guarantees

New Delhi: Through a recent notice, the National Medical Commission (NMC) has informed all the medical colleges that Bank Guarantees must be generated through Structural Financial Messaging System (SFMS) platform only instead of Physical Bank Guarantee.

Making SFMS system compulsory for generating Bank Guarantees, the apex medical education regulatory body has further clarified that "Bank Guarantees not generated through the SFMS platform will be accepted in exceptional cases only."

Structured Financial Messaging System has been developed as a secure messaging standard to operate as a platform for intra-bank and inter-bank applications. This system can be used to secure communication within the bank and between banks. 

Now this system has been made compulsory for all the medical colleges for generating Bank Guarantees. Clarifying this, NMC mentioned in the notice, "All the medical colleges are hereby instructed to furnish all the Bank Guarantees generated through Structural Financial Messaging System (SFMS) platform only instead Physical Bank Guarantee."

"Revised formats for the Bank Guarantee message (IFN760 COV) & Bank Guarantee Amendment message (IFN767COV) shall be used mandatorily while sending inland Bank Guarantee," the apex medical regulator mentioned in the Public Notice March 16, 2023.

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The Commission has also informed about the details of the NMC banking branch that will be notified as a beneficiary in the bank Guarantee. Such details include the name of the bank, the account number, branch name, IFSC code, and Branch Email ID.

The details of the NMC banking branch to be notified as a beneficiary in the bank Guarantee are given below:-

1. Bank Name - Canara Bank

2. Account No – 90682160000025

3. Branch - Sector 12A, Dwarka Branch, New Delhi-110078

4. IFSC Code - CNRB0019109

5. Branch Email ID – Ch19109@canarabank.com

National Medical Commission (NMC) is an Indian regulatory body of 33 members regulating medical education and professionals. It replaced the Medical Council of India on 25 September 2020. The commission grants recognition of medical qualifications gives accreditation to medical schools, grants registration to medical practitioners, monitors medical practice and assesses the medical infrastructure in India. It was established for 6 months by an ordinance in January 2019. It became a permanent law passed by the Parliament of India and subsequently approved by the President of India on 8 August 2019.

To view the notice, click on the link below –

https://medicaldialogues.in/pdf_upload/sfms-205245.pdf

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