|Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was enacted by the Parliament to enable banks and financial institutions to go on the fast tract for recovery of their non-performing assets. Division I and II analyse the statutory provisions of the Act and the Rules. Adequate support has been drawn from the judicial pronouncements at appropriate places. The RBI circulars and guidelines and the Institute of Chartered Accountants Guidance Note on Accounting for Securitisation have been reproduced for a complete understanding of the subject. Division III gives the relevant material pertaining to the Recovery of Debts Due to Banks & Financial Institutions Act, 1993 and Division IV gives an insight of the Banking Ombudsman Scheme, 2002.