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Banks may get power to auction ships in case of loan defaults

By Economic Times - 2 months ago
The government is considering amending the SARFAESI Act, 2002, to allow banks to hold security interest in shipping vessels, removing special exemptions for fishing vessels. This change aims to fast-track loan recovery processes and address ambiguities that delay recoveries. Other debt recovery laws are also under review for quicker resolution of non-performing loans.

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