Display of Information of Secured Assets Possessed Under SARFAESI Act

The RBI has, vide circular number – RBI/2023-24/63DoR.FIN.REC.41/20.16.003/2023-24 dated September 25, 2023, issued directions to its Regulated Entities (REs) who are recognised as secured creditors under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, to publicly disclose information regarding borrowers whose secured assets have been taken into possession by the REs.

The Regulated Entities are directed to:

• upload information on their website in the prescribed format.
• publish the list within six (6) months from September 25, 2023.
• update the list on a monthly basis to ensure the latest information is readily available.

The directions apply to all Commercial Banks including Small Finance Banks, Local Area Banks and Regional Rural Banks (excluding Payment Banks), Primary (Urban) Co-operative Banks, State and Central Cooperative Banks, India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NABFID), Non-Banking Financial Companies including Housing Finance Companies and Asset Reconstruction Companies.