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SSC Economics Sample Paper NCERT Sample Paper-7

  • question_answer
    Which of the following are the provisions of SARFAESI Act which enables banks to reduce their non-performing assets (NPAs)?
    1. Enforcement of Security Interest by secured creditor (Banks/ Financial Institutions).
    2. Transfer of non-performing assets to asset re-construction company, which will then dispose of those assets and realise the proceeds.
    3. To provide a legal framework for securitization of assets.
    4. Assisting banks in making the credibility track record of customers under Credit Information Bureau of India (CIBIL).

    A)  1 and 2

    B)  1, 2 and 3

    C)  2, 3 and 4        

    D)  1, 2, 3 and 4

    Correct Answer: B

    Solution :

    [b] The Securitisation and Reconstruction of Financial Assets, and Enforcement of Security Interest Act, 2002 (SARFAESI) empowers Banks / Financial Institutions to recover their non-performing assets without the intervention of the Court.


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