BANKING AFFAIRS

Detailed explanation-1: -Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) is a central online security interest registry of India. It was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks.

Detailed explanation-2: -The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is set up under section 20 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

Detailed explanation-3: -The main objective of CERSAI is to maintain a centralised registry of equitable mortgages in order to crack down on fraudulent property loans taken using counterfeit deeds or multiple loans on the same property.