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<html><body><h2 id="content-id-5340286179-2"><b>Current Affairs Questions Overview</b></h2><p>Current Affairs Questions have a good weightage in the Ssc Chsl Exam and the type of question asked in Ssc Chsl exam is similar to the question mentioned below. It has been solved and explained by KD Live Experts under the guidance of Neetu Mam and they have tried to elaborate the concept used in Current Affairs Questions.</p><h2 id="content-id-6805479321-3"><b>Question On Current Affairs </b></h2>The SARFAESI Act allows banks and financial institutions to auction residential or commercial properties to recover loans. Which of the following is a mandatory condition for a bank to initiate action under this Act?
<div class="row show--dificulty--bar" style="margin-top:8px;"><div class="col-sm-6 show--dificulty--bar" style="display:inline-flex !important;border-right:0.1px solid #eee;"><h3 style="font-size:12px !important;">Difficulty : Easy </h3></div><div class="col-sm-6 show--dificulty--bar" style="display:inline-flex;"><h3 style="font-size:12px !important;"> Average Time : 36 Seconds </h3></div></div><h2 id="content-id-9027534168-4"><b> Current Affairs Questions Options</b></h2><ol><li><p>The loan must be a "Standard Asset" with high probability of default.</p>
</li><li><p>The amount due must be more than â&#130;¹1 Lakh and the account must be classified as an NPA.</p>
</li><li><p>The security being seized must be agricultural land.</p>
</li><li><p>The borrower must have repaid at least 80% of the principal amount.</p>
</li><li><p>The bank must obtain a court order before taking possession of the collateral.</p>
</li></ol> <h2 id="content-id-9576201348-5"><b> Current Affairs Questions Solution</b></h2><p>The correct answer is <strong>Option 2 </strong>i.e. <strong>The amount due must be more than â&#130;¹1 Lakh and the account must be classified as an NPA.</strong>  </p>

<p>The <strong>SARFAESI Act, 2002</strong> (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act) empowers banks to recover dues without court intervention. However, to initiate action, specific mandatory conditions must be met:</p>

<ol start="1">
	<li>
	<p><strong>NPA Classification:</strong> The borrower’s account must be officially classified as a <strong>Non-Performing Asset (NPA)</strong> by the secured creditor in accordance with RBI guidelines.</p>
	</li>
	<li>
	<p><strong>Minimum Dues:</strong> The total outstanding dues must exceed <strong>â&#130;¹1 Lakh</strong>. Furthermore, if the borrower has already repaid <strong>80% or more</strong> of the principal and interest, the bank cannot use SARFAESI provisions.</p>
	</li>
	<li>
	<p><strong>Demand Notice (Section 13(2)):</strong> The bank must issue a formal 60-day notice to the borrower to discharge their liabilities. Legal action can only proceed if the borrower fails to comply within this period.</p>
	</li>
	<li>
	<p><strong>Nature of Security:</strong> The act <strong>does not apply to agricultural land</strong>, pledge of movables, or properties where the debt is less than 20% of the principal.</p>
	</li>
</ol>

<p>These triggers ensure a balance between a bank's recovery rights and protecting the borrower's procedural interests.</p>
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With reference to the new - Current Affairs Questions for Ssc Chsl

Which of the following ty - Biology Questions for Ssc Chsl

The correct answer is Option 2 i.e. Th - Current Affairs Questions are asked in Ssc Chsl exams and your question has been explained by experts like Neetu Mam.

 Current Affairs Questions Tips and Tricks

The SARFAESI Act allows b - Current Affairs Questions for Ssc Chsl

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