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    Question

    Which of the following is considered a "financial asset"

    under the SARFAESI Act?
    A Debt or receivables, whether secured or unsecured Correct Answer Incorrect Answer
    B Only debt secured by immovable property Correct Answer Incorrect Answer
    C Only financial assistance from the government Correct Answer Incorrect Answer
    D Personal loans given to individuals Correct Answer Incorrect Answer
    E Non-repayable loans granted by banks Correct Answer Incorrect Answer

    Solution

        The SARFAESI Act defines "financial assets" broadly to include debt or receivables, whether secured or unsecured, and any right or interest in property that secures a debt, whether it is existing, future, or contingent.

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