Section 2(1)(c) of the SARFAESI Act defines 'bank' to

Solution

Section 2(1)(c) defines 'bank' to include: (i) a banking company; (ii) a corresponding new bank; (iii) the State Bank of India; (iv) a subsidiary bank; (iv-a) a multi-State co-operative bank (inserted by Act 1 of 2013); and (v) such other bank as the Central Government may by notification specify. Regional Rural Banks (RRBs) are NOT expressly listed in Section 2(1)(c). However, they may be brought within the ambit of SARFAESI by a Central Government notification under clause (v). This distinction is tested in exams to check whether candidates read the bare Act provisions carefully rather than assuming all banking entities are automatically covered.