Under which Act can action be taken against wilful defaulters of banking loans ?

Under Section 420 of IPC

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SEBI Act

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Banking Regulation Act

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act)

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Solution

The correct option is D Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act)
The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 is an Indian law. It allows banks and other financial institution to auction residential or commercial properties to recover loans.
SARFAESI Act 2002: SARFAESI Act or Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 lets the banks as well as other financial institutions of India auction commercial or residential properties for the purpose of loan recover.

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Similar questions

Which of the following is/are correct about SARFAESI Act, 2002?

Code:

यह बैंकों और वित्तीय संस्थानों को उधारकर्ताओं से ऋण की वसूली हेतु आवासीय और वाणिज्यिक संपत्तियों की नीलामी का अधिकार देता है।
यह अधिनियम केवल अनुसूचित वाणिज्यिक बैंकों पर लागू होता है।
सहकारी बैंक, SARFAESI अधिनियम के तहत परिभाषित 'बैंक' की परिभाषा के अंतर्गत नहीं आते हैं।

Which of the following securities comes under the provisions of the Banking Regulation Act, 1949?

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