LEGAL AND REGULATORY ASPECTS OF BANKING (LRAB) 

Unit - 25: Miscellaneous Provisions 

​Legal & Regulatory Aspects of Banking - 

Unit - 25 : Miscellaneous Provisions 
Non - applicability of the provisions of the SARFAESI Act in certain cases :
The Objective is to give powers to the banks and financial institutions to enforce the securities given to the loans and advances by the borrowers.
Therefore, Section 31 provides the exclusions for the securities that can be taken possession of and to some other specific securities to which the act is not applicable . 
Protection of Action taken in good faith:
Secured Creditors and their Officers are protected for actions taken in good faith.

The actions that creditor can take against the security Under the SARFAESI Act are required to be taken within the limitation period as per Section 36 of the Limitation Act  .

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