NARCL Received Approval from RBI to Register as an ARC

Current Context: The Reserve Bank of India has approved the National Asset Reconstruction Company (NARCL) with the licence to register as an asset reconstruction company (ARC).

• The approval was received from RBI’s Department of Regulation.
• The NARCL is seeking to turn around bad loans of Rs 2 trillion.
• The central bank granted the license under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002.
• Section 3 mentions that an entity cannot commence the business of securitization or asset reconstruction without obtaining a certificate of registration, and it should have funds of at least Rs 2 crore or an amount not exceeding 15% of the total financial assets acquired or to be acquired by the ARC.
• The NARCL is set up under the Companies Act, and 51% of it will behold by public sector banks. The rest will be held by private banks and financial institutions.
• The public and private sector banks have inducted Rs 5,000-6,000 crore in it, which it will use to pay 15% cash to the lenders while purchasing their bad loans. The rest of the 85% will be paid through security receipts guaranteed by the government.
• The NARCL expects to recover between Rs 50,000 crore and Rs 64,000 crore through the resolution of bad loans worth Rs 2 trillion.
• Static Part: 
• HQ of RBI: Mumbai
• Governor of RBI: Shaktikant Das
• NARCL is the new entity that buys bad loans of the banks. Recently, SBI, Union Bank of India, Indian Bank picked up 13.27% stake each in the NARCL, and Punjab National Bank acquired about 12% stake in it.

Question: 

Q.1 Under which act was NARCL granted with the approval from RBI with the license to register as an ARC?
a. Recovery of Debts due to Banks and Financial Institutions Act, 1993 (RDDBFI)
b. Depositories Act, 1996
c. Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI).
d. Indian Stamp Act, 1899