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THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 ARRANGEMENT OF SECTIONS CHAPTER I PRELIMINARY SECTIONS 1. Short title, extent, commencement and application. 2. Definitions.
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Asset reconstruction companies specialize in acquiring and resolving non-performing assets from banks and financial institutions.
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The purpose of asset reconstruction companies is to help banks and financial institutions manage and recover non-performing assets, ultimately improving their financial health.
Asset reconstruction companies must report their financial performance, asset quality, and compliance with regulatory requirements.
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