Question

For initiating recovery proceedings under the SARFAESI Act, the minimum amount outstanding in the account should be

• A. ₹1 lakh
• B. ₹2 lakh
• C. ₹3 lakh
• D. ₹5 lakhs

Answer 1

Answer:

A. ₹1 lakh

SARFAESI Act applies only if the outstanding amount is ₹1 lakh or more and the account is classified as NPA.