1.sarfaesi act means what?

Question

Accepted Answer

SARFAESI Act is a legal act that allows banks to recover their non-performing assets without court intervention.

SARFAESI stands for Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act
It was enacted in 2002 to provide a legal framework for banks to recover their bad loans
Under this act, banks can take possession of the collateral security and sell it without the intervention of the court
It applies to all secured loans above Rs. 1 lakh
The act also provides for the establishment of Debt Recovery Tribunals and Appellate Tribunals to deal with disputes related to the recovery of bad loans

Accepted Answer

Whenever a person does not pay the loan EMI, the bank has the right to take possession of his mortgaged property under the SARFAESI Act without any court intervention.

Accepted Answer

Sarfaesi act is law it allows banks and other financial institution

1.sarfaesi act means what?

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