Secured assets possessed under the SARFAESI Act, shall be displayed by creditors: RBI

RBI on Monday asked all the Regulated Entities (REs) of the Reserve Bank to display information on secured assets possessed under the SARFAESI Act, 2002.

“As a part of the move towards greater transparency, it has been decided that the Regulated Entities (REs) of the Reserve Bank which are secured creditors as per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, shall display information in respect of the borrowers whose secured assets have been taken into possession by the REs under the Act”, it said.

The first such list shall be displayed on the website of REs within six (6) months from the RBI circular dated 25.09.2023, and the list shall be updated on a monthly basis.

Information on secured assets possessed under the SARFAESI Act, 2002 with the following details.

Branch Name, State, Borrower Name, Guarantor Name, (wherever applicable), Registered address of the Borrower, Registered address of the Guarantor (wherever applicable), Outstanding amount (in ₹), Asset Classification, Date of Asset classification,     Details of security possessed, Name of the Title holder of the security possessed.

Surendra Naik

Share
Published by
Surendra Naik

Recent Posts

Four types of economic systems explained

Economic systems can be classified as Traditional Economies, command economies, market economies, and mixed economies.…

18 hours ago

Framework for project financing and provisioning in infrastructure and real estate sectors

The Reserve Bank of India issued draft guidelines to provide a harmonised prudential framework for…

2 days ago

RBI relaxes norms for margin for derivative contracts and maintenance of Non-resident deposits and accounts

RBI has recently issued two notifications. The first notification is about Margin for Derivative Contracts…

3 days ago

Explained: Fundamentals of microeconomics and macroeconomics

Economists may define the subject of economics in several ways considering different aspects of the…

6 days ago

Priority sector lending norms explained

The total target and sub-targets set under priority sector lending for all scheduled commercial banks…

1 week ago

Issues facing Indian Economy

(This post elucidates Poverty Alleviation, Jobless growth, Rising Inequalities, Migration and excessive pressure on resources,…

1 week ago