SARFAESI
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
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Free sample — 8 of 65 rapid-fire Q&A cards.
What does SARFAESI stand for?
SARFAESI stands for Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, enacted in 2002.
What is the full form of CERSAI?
Central Registry of Securitisation Asset Reconstruction and Security Interest
In which year was the SARFAESI Act enacted?
The SARFAESI Act was enacted in 2002 and came into force on 21 June 2002.
Under SARFAESI, within how many days can a borrower raise objections to the 60-day notice?
15 days from receipt of the demand notice
What is the primary objective of the SARFAESI Act?
The primary objective is to enable banks and financial institutions to recover non-performing assets (NPAs) without the intervention of courts by enforcing security interests directly.
Which Section of SARFAESI empowers banks to issue demand notices to defaulters?
Section 13(2) of the SARFAESI Act 2002
Which authority regulates Asset Reconstruction Companies (ARCs) under SARFAESI?
The Reserve Bank of India (RBI) regulates and supervises Asset Reconstruction Companies under the SARFAESI Act.
What is the time limit for filing an application before DRT under SARFAESI?
45 days from the date of possession or action taken
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