Banking Awareness - Banking Acts, Reforms & Risk Management
Under SARFAESI, banks can take possession of secured assets without court intervention at the:
Under SARFAESI, banks can take possession of secured assets without court intervention at the:
medium Q14 of 15
Step-by-Step Solution
Step 1: Understand the objective of SARFAESI
The Act aims to speed up recovery without long legal delays.Step 2: Identify the stage of action
Banks can act without court approval at the initial recovery stage.Final Answer:
Initial recovery stage → Option DQuick Check:
No court at first = faster recovery under SARFAESI ✅
Quick Trick: SARFAESI = early action, not late-stage litigation.
Common Mistakes:
MISTAKES- Believing court permission is mandatory before any SARFAESI action.
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