BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Negotiable Instrument Act
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Banking Regulation Act
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Offshore Banking Act
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SARFAESI Act
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Detailed explanation-1: -SARFAESI Act, 2002 provides power to a bank or financial institution to seize the property of a defaulting borrower. As per the SARFAESI Act procedure, the banks issue notices to the defaulting borrowers to discharge their liabilities within 60 days period.
Detailed explanation-2: -Debts Recovery Tribunals and Debts Recovery Appellate Tribunals. The Debts recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunal (DRATs) have been established under RDB Act, 1993 with the specific objective of providing expeditious adjudication and recovery of debts due to Banks and Financial Institutions.
Detailed explanation-3: -Section 51. Application of certain provisions to the State Bank of India and other notified banks. Section 51A. Powers of Reserve Bank not to apply to International Financial Services Centre.
Detailed explanation-4: -The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act India) empowers Banks and Financial Institutions to recover their non-performing asset (NPA) loan dues without the intervention of the Court.