Specifies such NBFCs as defined in clause (f) of section 45-I of the RBI Act, 1934, having assets worth rupees 100 crore & above, which shall be entitled for enforcement of security interest in secured debts of rupees 50 lakh and above, as financial institutions – S.O. 856(E) dated 24-02-2020 – SARFAESI Act 2002

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MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 24th February, 2020

S.O. 856(E).—In exercise of the powers conferred by sub-clause (iv) of clause (m) of sub- section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), and in supersession of the notifications of the Government of India, Ministry of Finance numbers S.O. 2641(E), dated the 5th August, 2016, S.O. 4176 (E) dated the 27th August, 2018, and S.O. 5391(E) dated 24th October, 2018, except as respects things done or omitted to be done before such supersession, the Central Government hereby specifies such non- banking financial companies as defined in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934), having assets worth rupees one hundred crore and above, which shall be entitled for enforcement of security interest in secured debts of rupees fifty lakh and above, as financial institutions for the purposes of the said Act.

[F. No. 31/52/2018-DRT]
VANDITA KAUL, Jt. Secy.

 

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