RBI asks banks to display info on borrowers linked to SARFAESI Act
The Hindu
The Reserve Bank of India (RBI) has asked Regulated Entities (REs), namely commercial banks and Non-Banking Finance Companies (NBFCs), to display information regarding borrowers whose secured assets have been taken into possession by the REs under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 in a given format.
The Reserve Bank of India (RBI) has asked Regulated Entities (REs), namely commercial banks and Non-Banking Finance Companies (NBFCs), to display information regarding borrowers whose secured assets have been taken into possession by the REs under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 in a given format.
This is part of the move towards greater transparency, the RBI said.
“REs shall upload this information on their website in the format as prescribed. The first such list shall be displayed on the website of REs within six months from the date of this circular, and the list shall be updated on monthly basis,” the RBI said in a circular.
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