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Current · Source: Reserve Bank of India · RBI/2023-24/63 · issued 25 Sep 2023 · ~2 min read
Quick answerRBI now requires all secured creditors to publicly display details of borrowers whose secured assets have been taken into possession under SARFAESI Act, 2002. First list must be uploaded within six months from September 25, 2023, and updated monthly thereafter.
The rule, in the simplest words
Banks must put on their website a list of borrowers whose things (like houses or gold) they have taken because the borrower didn't pay back the loan.
The first list must be uploaded within 6 months from September 25, 2023 (so by March 25, 2024).
After the first list, banks must update it every month.
The list must include details like the borrower's name, how much money is owed, and what was taken.
How it plays out — a real example
A credit & lending officer in Indore, Priya, is preparing the first list of borrowers whose gold was taken because they didn't repay. She checks the bank's records to make sure every borrower's name, the loan amount, and the date the gold was taken are correct. Then she uploads the list to the bank's website before the March 25, 2024 deadline, and sets a reminder to update it every month.
What changed
RBI has mandated that all regulated entities acting as secured creditors under SARFAESI Act, 2002 must display information on their website about borrowers whose secured assets have been taken into possession. The disclosure must follow a prescribed format and be updated monthly, with the first list due within six months of the circular date.
What it means for you
Banks and lenders must now publish borrower-level data on possessed assets, increasing transparency but also operational burden. This may affect borrower privacy concerns and require system changes to generate and update the prescribed format monthly. Non-compliance could invite regulatory scrutiny.
What you must do
Prepare to upload the first list of possessed assets on your website within six months from September 25, 2023.
Set up a monthly update mechanism for the SARFAESI possession data in the prescribed format.
Coordinate with legal and IT teams to ensure accurate data fields including borrower/guarantor details, outstanding amount, asset classification, and title holder.
Review current possession records to ensure completeness before the first upload.
Who it affects
All Commercial Banks including Small Finance Banks, Local Area Banks, RRBs, All Primary (Urban) Co-operative Banks, State Co-operative Banks, Central Co-operative Banks, All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI, NaBFID), All NBFCs including Housing Finance Companies, All Asset Reconstruction Companies
❓ Common questions
What is the deadline for the first upload?
The first list must be displayed on the RE's website within six months from the circular date, i.e., by March 25, 2024.
What data fields are required in the disclosure?
The prescribed format includes branch name, state, borrower name, guarantor name (if applicable), registered addresses, outstanding amount, asset classification, date of classification, details of security possessed, and name of title holder.
Does this apply to Payment Banks?
No, Payment Banks are explicitly excluded from this circular.
📜 Read the original circular — full text as issued by RBI
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2023-24/63 · issued 25 Sep 2023. The plain-English explanation above is BankPulse’s own independent summary.
Coordinate with legal and IT teams to ensure accurate data fields including borrower/guarantor details, outstanding amount, asset classification, and title holder.
📜 Compliance
Prepare to upload the first list of possessed assets on your website within six months from September 25, 2023.
Set up a monthly update mechanism for the SARFAESI possession data in the prescribed format.
Review current possession records to ensure completeness before the first upload.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are a Compliance officer at a bank this circular applies to (All Commercial Banks including Small Finance Banks, Local Area Banks, RRBs, All Primary (Urban) Co-operative Banks, State Co-operative Banks, Central Co-operative Banks, All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI, NaBFID), All NBFCs including Housing Finance Companies, All Asset Reconstruction Companies), your first concrete step on “SARFAESI Asset Possession Disclosures Mandated” is: “Prepare to upload the first list of possessed assets on your website within six months from September 25, 2023.” (RBI issued this 25 Sep 2023).
Action required: Prepare to upload the first list of possessed assets on your website within six months from September 25, 2023.
Action required: Set up a monthly update mechanism for the SARFAESI possession data in the prescribed format.
Action required: Coordinate with legal and IT teams to ensure accurate data fields including borrower/guarantor details, outstanding amount, asset classification, and title holder.
Action required: Review current possession records to ensure completeness before the first upload.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12539&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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