NMC to return expired bank guarantees to Medical Colleges, Lays Down Conditions

New Delhi: Taking note of the large number of expired Bank Guarantees (BGs) lying with the Commission, the Medical Assessment and Rating Board (MARB) of the National Medical Commission (NMC) has decided to return those BGs on a formal request of the colleges/Institutions.

However, for returning those BGs, the Apex Medical Education Regulatory Body has laid down certain conditions. The conditions are as follows: 

(i) The validity period of Bank Guarantee has expired ,which is three-years for PG Courses and five-years for UG Courses

(ii) At least one Batch of PG students has passed out after completing the course: and

(iii) At least one Batch of UG students has passed out after completing the course.

In this regard, the Commission has asked all the medical colleges/institutes concerned to accordingly make a formal request to return of these expired VGs immediately on the authorised e-mails of MARB, NMC.

Submission of Bank Guarantees is a requirement that the medical colleges need to fulfill to open new medical colleges or start/increase MBBS and PG medical seats. Medical Dialogues had earlier reported that last year NMC MARB had asked the applicants to submit the required Bank Guarantees within October 20, 2023.

Later, issuing a notice on October 20, 2023, NMC further extended the deadline till October 31, 2023. Back then, NMC had clarified that if the applicants fail to submit the necessary Bank Guarantees within the deadline, their applications shall not be considered for the Academic Year 2024-2025.

NMC MARB issued a notice on February 01, 2023, addressing the large number of expired BGs and mentioned, "It has been observed that a large number of expired Bank Guarantees(BGs). submitted by the various medical Colleges/Institutions in connection with the UG/PG medical courses, are lying in the National Medical Commission."

Announcing its decision to return those BGs on a formal request of the Colleges/Institutions, NMC has laid down certain conditions for the same. Asking the medical colleges/institutes to make a formal request for the return of these expired BGs, the Commission mentioned in the notice, "All medical Colleges/Institutions concerned are accordingly informed to make a formal request for return of expired BGs immediately on the authorised e-mails of MARB, NMC available on the links given in the notice below...This issue with the approval of the Competent Authority, NMC."

To view the NMC notice, click on the link below:

https://medicaldialogues.in/pdf_upload/nmc-expired-bank-guarantees-231409.pdf

Also Read: Relief to Medical Colleges: NMC extends deadline to submit Bank Guarantees by colleges toStart, Increase MBBS, PG Medical Seats