Banking Awareness - Banking Acts, Reforms & Risk Management
Which of the following institutions can directly invoke the SARFAESI Act for loan recovery?
Which of the following institutions can directly invoke the SARFAESI Act for loan recovery?
easy Q13 of 15
Step-by-Step Solution
Step 1: Recall who SARFAESI empowers
The Act mainly empowers banks and notified financial institutions.Step 2: Identify the eligible institution
Scheduled commercial banks fall directly under SARFAESI provisions.Final Answer:
Scheduled commercial banks → Option CQuick Check:
Banks + secured loans = SARFAESI applicability ✅
Quick Trick: Think ‘banks first’ when SARFAESI is mentioned.
Common Mistakes:
MISTAKES- Assuming all financial entities can use SARFAESI powers.
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