Which of the following Acts was framed specially to deal more effectively with the problem of Non-Performing Assets in banking system? [Corporation Bank 2011]

BANKING GENERAL KNOWLEDGE

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

A	Companies Act
B	Banking Regulation Act
C	Foreign Exchange Management Act
D	SARFAESI Act

Explanation:

Detailed explanation-1: -Therefore, the SARFAESI Act, 2002 was passed after careful consideration, allowing banks and financial institutions to solve issues like liquidity, long-term assets, growing NPAs, and loan recovery delays (reconstruction).

Detailed explanation-2: -Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act)

Detailed explanation-3: -SARFAESI Act Was this answer helpful?

Detailed explanation-4: -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.

There is 1 question to complete.