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Which of the following government initiatives has been launched for reducing NPAs in India? Identify the incorrect statement along with its launch year.

1. Debt Recovery Tribunal - 1993
2. National Asset Reconstruction Company Ltd. - 2021
3. SARFAESI Act - 2005
4. Insolvency and Bankruptcy Code - 2016

Correct answer: SARFAESI Act - 2005

Solution

The SARFAESI Act was enacted in 2002, not 2005. The other options are correctly matched with their respective years. Hence, the incorrect statement is 'SARFAESI Act - 2005'.

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