The Government of India passed the Recovery of Debts Due to Banks and Financial Institutions Act in.....

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Government of India passed the “Recovery of Debts Due to Banks and Financial Institutions Act” in____

A	1993
B	1992
C	1994
D	1990

Explanation:

Detailed explanation-1: -India Code: Recovery Of Debts And Bankruptcy Act, 1993. Long Title: An Act to provide for the establishment of Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions and for matters connected therewith or incidental thereto.

Detailed explanation-2: -(1) The Recovery of Debts Due to Banks and Financial Institutions Ordinance, 1993 is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of this Act.

Detailed explanation-3: -The main purpose of the Act is to establish Tribunals for expeditious adjudication and recovery of debts due to Banks and Financial Institutions.

Detailed explanation-4: -Section 2(g) in The Recovery of Debts Due to Banks and Financial Institutions Act, 1993.

There is 1 question to complete.