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

Summary:

The Reserve Bank of India (RBI) has issued a circular to all commercial banks, small finance banks, local area banks, regional rural banks, primary co-operative banks, state co-operative banks, central co-operative banks, and non-banking financial companies. The circular mandates the display of information on secured assets possessed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. The regulated entities (REs) will upload the information on their websites in a prescribed format, with the first list to be displayed within six months of the circular and updated monthly thereafter. The information will include details such as borrower name, guarantor name (if applicable), registered addresses, outstanding amount, asset classification, date of asset classification, and name of the title holder of the security possessed.