SARFAESI Act (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002) is a law in India that empowers banks and financial institutions to recover loans from borrowers who default on payments. The act was introduced to enhance the recovery process for non-performing assets (NPAs) and to streamline the process of asset reconstruction. The SARFAESI Act allows banks and financial institutions to take possession of assets (such as property) used as collateral for loans, without the intervention of courts, making the recovery process faster and more efficient.
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