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      Question

      The SARFAESI Act also provides for the establishment of

      ARCs regulated by RBI. What is the full form of ARC?
      A Asset Recovery Companies Correct Answer Incorrect Answer
      B Asset Reconstruction Companies Correct Answer Incorrect Answer
      C Asset Restructuring Corporation Correct Answer Incorrect Answer
      D Asset Reimbursement Companies Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      The SARFAESI Act, 2002 is meant to empower banks and other financial institutions, to attach the secured assets (that serves as security) of a loan defaulter. The SARFAESI Act also provides for the establishment of Asset Reconstruction Companies (ARCs) regulated by RBI to acquire assets from banks and financial institutions. The Act provides for sale of financial assets by banks and financial institutions to ARCs.

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