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…
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Ombudsman Framework: Awards, Appeals, and Suspension of the Scheme
The Ombudsman Scheme provides a mechanism for passing an Award in favor of a complainant and establishes a structured right to appeal against such Awards or certain rejections; further, the scheme can be suspended by the Reserve Bank of India (RBI) if necessary for regulatory reasons. Passing of an Award Right to Prefer Appeal Suspension…
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Key features of amendment 2016 to SARFAESI ACT 2002
Latest: A few sections relating to registration of security interest by secured and other creditors, the effect of registration of transactions, right of enforcement of securities, and priority to secured creditors were not notified in the said amendment. In view of the foregoing Section 17 to Section 19 of the 2016 Act have been notified…
Read article MSMED Act, 2006 and Revised MSME Classification Norms (2025 Update)
The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 is a foundational legislation in India that aims to promote, develop, and enhance the competitiveness of micro, small and medium enterprises (MSMEs). For banking professionals, understanding its regulatory framework is crucial to effectively support MSMEs and comply with mandated standards. Objectives and Scope The MSMED…
Read article Understanding MSME Memorandum and Registration process
The Memorandum of Micro, Small and Medium Enterprises refers to the formal self-declaration process introduced for MSME registration, enabling enterprises to receive recognition and access government benefits. Previously known as the Entrepreneur Memorandum (EM-II) and Udyog Aadhaar Memorandum (UAM), this system is now replaced by the Udyam Registration—a fully online, self-declaration based procedure on the…
Understanding Coverage and updated definition of MSMED Act 2006
In India, the coverage of MSME is vast, encompassing businesses in both the manufacturing and services sectors that meet specific criteria for investment in plant, machinery, or equipment and annual turnover. The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 provides a comprehensive regulatory framework for the promotion, development, and competitiveness of MSMEs in…
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