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TMI BlogEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 approved.X X X X Extracts X X X X X X X X Extracts X X X X ..... Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 approved. - News and Press Release Dated:- 13-10-2011 - News - Press Information Bureau Government of India Ministry of Finance 13-October-2011 13:46 IST Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 approved The Union Cabinet today approved introduction of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 in the next session of Parliament. The proposed amendments would enable banks to improve their operational efficiency, deploy more funds for credit disbursement to retail investors, home loan borrowers, etc. without fearing for recovery, thus bringing about equity. Further, mandatory registration of subsisting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... security interest (equitable mortgages) would promote innovation in credit information. The suggested amendments would strengthen the ability of banks to recover debts due from the borrowers, enhance the ability of the banks to extend credit to both corporate and retail borrowers, reduce the cost of funds for banks and their customers and reduce the level of non-performing assets, The Bill se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eks to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act and Recovery of Debts due to Banks Financial Institutions (RDBF) Act so as to strengthen the regulatory and institutional framework related to recovery of debts due to banks and financial institutions through the Enforcement of Security Interest and Recovery of Debts Laws (A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mendment) Bill, 2011. Background: The banks and financial institutions (FIs) were facing numerous problems in recovery of defaulted loans on account of delays in disposal of recovery proceedings. The Government, therefore, enacted the RDBF Act in 1993 and SARFAESI Act in 2002 for the purpose of expeditious recovery of non-performing assets (NPAs) of the banks and FIs. Although these two acts h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave helped in reducing the NPAs, banks have sent certain suggestions for further strengthening of the secured creditor rights. *** SC/SK/SM - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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