Understanding SARFAESI Act: Empowering Banks for Loan Recovery

Sat, 20 Apr 2024 12:38:06 +0000

In India, the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act of 2002 stands as a significant legislation empowering banks and financial institutions to efficiently recover defaulted loans. Enacted to address the mounting issue of non-performing assets (NPAs) and to strengthen the financial sector, sarfaesi rules provides a streamlined mechanism for asset reconstruction and facilitates the enforcement of security interests. Let's delve into the key provisions and implications of this crucial piece of legislation.