Nixing of Sec 9 to boost bank asset recoveries

 With Section 9 of the BR Act out of their way, banks and FIs can afford to wait for an opportune time to dispose of the seized immovable assets. The extant section requires them to dispose of the assets within seven years of their acquisition.

 Section 9 of the BR Act, which deals with disposal of non-banking assets, says that no banking company can hold any immovable property, howsoever acquired, except such as is required for its own use for any period exceeding seven years from the acquisition thereof or from the commencement of this Act, whichever is later.