Section 14A of BRA : Section 14A: Prohibition Of Floating Charge On Assets

BRA

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Explanation using Example

Imagine a local bank, "SafeBank," wants to raise capital for expansion. Instead of going for a traditional loan, SafeBank decides to create a floating charge over all its assets. This means that if SafeBank fails to repay, the creditor can recover the debt from the assets covered by the charge.

However, under Section 14A of The Banking Regulation Act, 1949, SafeBank cannot simply create this floating charge. It must first get written certification from the Rese...

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