General Studies · Banking Regulations and Acts
Which legal power conferred upon banks by the SARFAESI Act, 2002 significantly distinguishes it from previous slow recovery legal mechanisms?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The power to unilaterally write off the entire principal amount for a Retail Loan.
- 2The exclusive power to file a civil suit for debt recovery in the Debt Recovery Tribunal (DRT).
- 3The power to take possession of and auction the secured assets without the intervention of a court of law or tribunal.✓
- 4The power to compound the non-wilful defaults committed by the borrower through a Lok Adalat.
Correct answer
The power to take possession of and auction the secured assets without the intervention of a court of law or tribunal.
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