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      Question

      What is SARFAESI about? 

      A 1) It is a government scheme for providing employment opportunities to unskilled youth Correct Answer Incorrect Answer
      B 2) It is a law that enables banks and other financial institution to auction residential or commercial properties to recover loans Correct Answer Incorrect Answer
      C 3) It is central government’s scheme to make 100% Financial Inclusion in all villages having population more than 1000 Correct Answer Incorrect Answer
      D 4) It is a refinance scheme by NABARD under which banks get refinance of the loans given to marginal and small farmers Correct Answer Incorrect Answer
      E 5) Loan waiver to marginal and small farmers for loans upto Rs.1.0 lakh Correct Answer Incorrect Answer

      Solution

      The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (also known as the SARFAESI Act) is an Indian law. It allows banks and other financial institution to auction residential or commercial properties to recover loans. The first asset reconstruction company (ARC) of India, ARCIL, was set up under this act.

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