LS clears Bill for speedy recovery of bad loans
The Sarfaesi Act creates a central registry to maintain records of transactions related to secured assets
The Lok Sabha on Monday passed a Bill, which provides for expeditious recovery of bad loans by banks. The Bill, passed by voice vote, also proposes to move towards online debt recovery tribunals (DRTs).
The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, seeks to amend four laws -Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Sarfaesi), Recovery of Debts due to Banks and Financial Institutions Act, 1993, Indian Stamp Act, 1899, and Depositories Act, 1996. The Sarfaesi Act ...
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First Published: Tue, August 02 2016. 00:37 IST