2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banking Regulation Act
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Banking Assets Act
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Personal circulation Act
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Personal Identification Act
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Detailed explanation-1: -The SARFAESI Act 2002 has helped a lot in recovering the defaulting loans and reducing the levels of non-performing assets (NPAs) in banks and other financial institutions.
Detailed explanation-2: -Legal Basis: The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 provides the legal basis for the setting up of ARCs in India.
Detailed explanation-3: -The National Asset Reconstruction Company Limited (NARCL) was incorporated in July 2021 as a ‘bad bank’ to help dispose of the stressed assets of the commercial banks.
Detailed explanation-4: -Context: Finance Minister Nirmala Sitharaman recently announced that the National Asset Reconstruction Company (NARCL) along with the India Debt Resolution Company (IDRCL) will take over the first set of bad loans from banks and try to resolve them.