📝 One-liners · 66 cards
RECOVERY OF LOANS & SARFAESI
What does SARFAESI stand for?
SARFAESI stands for Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, enacted in 2002 to enable banks to recover NPAs without court intervention.
What is the full form of RDDBFI Act?
Recovery of Debts Due to Banks and Financial Institutions Act
Under SARFAESI Act, what is the minimum amount of outstanding dues required for a bank to invoke its provisions?
The secured debt must be above Rs. 1 lakh and the account must be classified as a Non-Performing Asset (NPA) for SARFAESI provisions to be invoked.
In which year was the SARFAESI Act enacted?
2002
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