As per Section 3 of the SARFAESI Act, a company can carry the business of asset reconstruction only after obtaining a certificate of registration from RBI and, having the owned fund of not less than Rs 2 crore.
The Reserve Bank of India has superseded the Board of Directors of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) under Section 45-IE (1) of the Reserve Bank of India Act, 1934.
Rating agency Moody's Investors Service has upgraded India's sovereign rating outlook to 'stable' from 'negative', following an improvement in the financial sector and faster-than-expected economic recovery across sectors.
EXAMIANS