Press Information Bureau

Government of India

Ministry of Finance

25-November-2016 17:23 IST

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the Recovery of Debts Due to Banks and Financial Institutions Act (RDDB & FI Act) have been amended for speedier resolution of defaulted loans through ‘The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (44 of 2016) and it was notified in the Gazette on 16th August, 2016..

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

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DSM/KA

Enforcement of security interest amendments aim to expedite recovery of defaulted loans through amended SARFAESI and RDDBFI laws. Amendments to the SARFAESI Act and the Recovery of Debts Due to Banks and Financial Institutions Act were enacted by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 to accelerate resolution of defaulted loans; the Amendment Act was notified in the Gazette and announced by the Minister of State for Finance.