Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) is the online security interest registry in India. It was created to prevent fraudulent activities related to equitable mortgages. All scheduled banks, cooperative banks, NBFCs, financial institutions and other small finance banks must register the creation of security interest over the customers' property or asset with CERSAI.
Previously people used to take bank loans keeping their original property documents as security. This gave them a chance to take loans from other banks using the photocopies of the same property. When an individual tries to take multiple loans on the same property or asset from different banks, those banks were unable to identify it due to the lack of a centralized repository. Now, as every bank has registered the creation of security interest with CERSAI, the centralized repository of CERSAI helps to prevent these fraudulent acts by identifying the first grant of the loan. The CERSAI has enabled banks and financial institutions to put an end to individuals taking loans using the same property from multiple organizations.
Benefits of Using Digital Signature for CERSAI:
Here are some of the benefits of using digital signature for CERSAI:
In order to register with CERSAI and access the services, organizations must use their digital signature, which they can purchase from a licensed Certifying Authority. eMudhra, being the largest and most trusted Certifying Authority in India, provides you with the best digital signature services for registering with CERSAI.