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Introduction - A brief overview about IBA

Indian Banks’ Association abbreviated as IBA, is a managing committee for the banks operating in India. The major responsibilities of IBA is to develop, coordinate and strengthening of Indian banking, and assist the member banks in various ways including implementation of any new systems and adoption of standards among the members. It was formed on 26 September 1946 with a vision to work proactively for the growth of a healthy, professional and forward looking banking and financial services industry in a manner consistent with public good. It was setup initially with 22 members to discuss issues of common interests. Now IBA with over the years has emerged as the “Voice of Indian Banking Industry”. IBA adopts a consultative approach to give its views on any issue pertaining to banking sector. The bank voice their views and reach a consensus for the common good of the industry, while maintaining the competitive spirit. The policy of IBA is well received by all the stakeholders in the industry. IBA is managed by a managing committee which consists of one chairman, 3 deputy chairmen, 1 honorary secretary and 26 members. The 26 members comprises of Public Sector Banks. Private Sector Banks, Foreign Banks having offices in India, Co-operative Banks, Regional Rural Banks, All India Financial Institution. The list of members is: –

Public Sector Banks

Private Sector Banks

Co-operative Sector Banks

Payments Banks and Small Finance Banks

What is an IBA Approved Packers and Movers ?

The IBA has approved a number of packers and movers across India, based on its internal verification. These packers and movers hold a proper valid license for offering packing and moving services to the banks’ members after getting approval from IBA. The license is valid till a specific date, and it needs to be renewed after the expiration date.  All the IBA approved packers and movers have a unique code for their registration under IBA.  The banks’ members get benefits such as discounts or reimbursement on the bill for their shifting needs from their respective banks when they hire IBA approved packers and movers.

Eligibility requirements for the issue of an Application Form
  1. Only transport operators, who own a  minimum of seven Heavy Commercial Vehicles – trucks (HCVs) of the conventional type are eligible to apply for our Association’s recommendation. However, in the case of Light Commercial Vehicles ( LCVs) 2 such vehicles will be considered equivalent to one Heavy Commercial Vehicle. Both the types of the vehicles must, however, possess national/zonal permits. Please note that National Permit for atleast two vehicles is mandatory. The trucks more than 15 years old will not be accepted. Dumpers, tippers, tractors and tankers are not considered for the Association’s recommendation.
  2. In case of Public and Private Limited Companies these trucks should be owned by and stand registered in the name of the company and their values should be reflected on the assets side of the audited Balance Sheet of the Company and the break-up value should be shown in the Schedule of Fixed Assets, accompanying the audited Balance Sheet. Submit copy of Income Tax Return and Audited Accounts for the last two years.
  3. In case of Proprietary/Partnership firms, while the trucks may stand registered in the names of the concern firm and or its Proprietor/Partners, their values may be reflected on the Assets side of audited Balance Sheet produced by such concern firm and the break-up value of the trucks should be shown in the schedule of Fixed Assets accompanying the audited Balance Sheet of the Firm.
  4. In the case of all operators – whether Public/Private Limited Company, Partnership Firm or Proprietary Concern – the Profit and Loss Account, the Balance Sheet and the Schedule of Fixed Assets should be audited by their Chartered Accountants. Capital requirement for the Scheme should be more then Rs.20 Lakhs
  5.  Transport operators should have their own OFFICES/BRANCHES or AGENTS who are authorized to issue Lorry Receipts, and GODOWNS at places where the transport operators accept booking of consignments and also at places where the consignments are dispatched. Kindly note that branches and godowns should be in more than one State.
  6. A Statement showing all routes served should be furnished.
  7. The goods transport business should be more then 50% of the total business of the firm.
  8. The transport Operator should carry goods at Carriers Risk.
  9.  The scheme is meant for a Transport Operator who is engaged in the business of Transport for more than two years.
  10. The Association may request the transport operator to change his name suitably to include in the empanelled list of transport operators before applying for the Association’s recommendation under the following scenarios, The name belongs to transport already recommended by the Association; The name belongs to the transport operator who has already been permitted to apply for the recommendation or whose application is pending with the Association; The name is not synonymous with transport business.     
  11. Debt to equity Ratio should be within the range of 10:1
  12. Current Asset to Current Liability ratio should be above 1.
  13. If the Company/Firm has incurred loss consecutively for the last two years, the applicants will not be considered.
  14. A statement indicating all suits over Rs.25,000/- each in respect of carriage of goods and other suits over Rs.25,000/- filed agains the Transport Operator by anyone and pending on the date of application should be furnished.                         

Benefits of shifting with an IBA approved packers and movers.

  • Safe and Secured – Since all the IBA approved packers and movers are properly registered and licensed, we do not need to worry about the safety of our goods while relocating with them. They also have proper physical offices in multiple cities, so you can visit their offices for any inquiry.
  • Professionalism – The great thing about all IBA approved packers and movers is the professionalism in their work which they have mastered through years of industry work experience. These packers and movers have well-trained staffs to carry out the moving process with all proper guidelines. All the tools and packaging materials used by IBA approved packers and movers are of high quality. They never compromise on the quality of packing.
  •  Insurance – Securing your goods with a proper insurance plan while shifting is important when you have expensive items. The insurance covers your loss in the case of any bad event like a road accident. All the IBA approved packers and movers offer insurance plans which you can opt for the safety of your goods.
  • On-time Delivery – All the IBA approved packers and movers have their own vehicles for the transportation of goods. This makes them possible to provide on-time delivery of your goods. Also, the safety of your goods increases when the packers and movers have their own transport systems.
  • Wider Geographical Reach – Most of the small packers and movers operate in very small geographical areas, but all the IBA approved packers and movers companies operate in multiple cities with proper physical offices and warehouses. This makes them a better choice for your next shifting partner, especially for inter-state shifting.
  • Reimbursement – Most banks provide reimbursement when you relocate to a new place. It is important that the bill provided to you by your shifting company is valid enough to get reimbursement. It is always a good choice to hire IBA approved packers and movers, as they provide a proper valid bill to you. Also, it’s easier to get reimbursement because your bank might already have the name of your shifting company on the IBA recommend list of packers and movers.

How to identify an IBA approved Packers and Movers in Kolkata ?

Generally, most of the companies that are recommended by the IBA provide transportation services. Transport companies are very less interested in providing packing and moving services. Most of the packers and movers companies partnered with any one of the transport companies in its city to provide IBA approved packers and movers service on behalf of the transport company.  They take complete responsibility for packing, loading, transporting, unloading, and unpacking the goods. The bill provided to the bank’s customer will be issued by the partnered transport company respectively. Is it very important to verify whether the packers and movers you have decided to shift with are partnered by the IBA? With so many packers and movers companies around you, sometimes it’s very difficult to actually check the approval of these packers and movers. But to make it easier for you we are providing below the list of some of the best packers and movers companies in Kolkata offering an IBA approved packers and movers service. 

Top 5 IBA approved packers and movers in Kolkata.

  1. Murti Packers and Movers
  2. Om Packers and Movers
  3. Agarwal Packers and Movers
  4. Euro Packers and Movers
  5. Rajput Packers

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