Economics · Economy
What is the maximum period within which a bank, after classifying an account as NPA, must issue the mandatory notice to the borrower under Section 13(2) of the SARFAESI Act, 2002?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11 year from the date of NPA classification
- 2The Act prescribes no specific maximum time limit, but the action is subject to the Law of Limitation✓
- 360 days from the date of NPA classification
- 430 days from the date of NPA classification
Correct answer
The Act prescribes no specific maximum time limit, but the action is subject to the Law of Limitation
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