Union Government appoints Praveen Kumar Sharma as CR, MD & CEO of CERSAI

The Union Government has appointed Praveen Kumar Sharma as the Central Registrar (CR), Managing Director (MD) and Chief Executive Officer (CEO) of Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).
He was appointed by the Appointments Committee of Cabinet (ACC) for the tenure of three years. Prior to this appointment he was Sharma General Manager at State Bank of India (SBI).

About Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI)

• CERSAI is a central online security interest registry of India. It is a Government company licensed under section 25 of the Companies Act, 1956. Its headquarters is in New Delhi.
• It was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks
• CERSAI provides the platform for filing registrations of transactions of securitization, asset reconstruction and security interest by the banks and financial institutions.
• Any person can also search and inspect the records maintained by the registry on payment of prescribed fees.

Month: Current Affairs - November, 2016