RBI Notification

Display of information- Secured assets possessed under the SARFAESI Act, 2002

The notification was issued on 25 September 2023 to:-

1. All commercial banks, such as small finance banks, Local Area Banks and Regional Rural Banks other than Payment Banks;
2. All primary (urban) Co-operative Banks/State Co-operative Banks/ Central Co-operative Banks;
3. All India financial institutions (Exim Bank, NABARD, NHB, SIDBI and NABFID);
4. All non-banking Financial Companies, including Housing Finance Companies;
5. All Asset Reconstruction Companies.

The notification related to the display of information-secured assets under the SERFAESI Act, 2002. To ensure greater transparency, it has been decided that the Regulated Entities (REs) of the Reserve Bank, which are secured creditors as per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, shall display information in respect of the borrowers who secured assets have been taken into possession by the REs under the Act.

REs are mandated to upload this information on their website in the format specified below:-

Sl. No.

Branch Name

State

Borrower Name

Guarantor Name (wherever applicable)

The registered address of the Borrower

Outstanding amount (in Rs.)

Asset Classification

Date of Asset Classification

Details of security possessed

Name of the Title holder of the Security possessed

The first such list shall be displayed on the REs website within six (6) months from the date of this circular, and the list shall be updated monthly.

RBI-issues-notification-regarding-Display-of-information-Secured-assets-possessed-under-the-SARFAESI-Act-2002