The Reserve Bank of India (RBI) has appealed to all Non-Bank Finance Companies (NBFCs) to participate in the Lok Adalat being organised by National Legal Services Authority (NALSA) on November 23, 2013.

The Department of Financial Services, Ministry of Finance communicated that the National Legal Services Authority (NALSA) is organising an All-India Lok Adalat on November 23, 2013 in all the districts of the country, to settle long pending cases of dues, including those pending under the Negotiable Instruments Act, 1881. Hon’ble Mr. Justice G.S. Singhvi, Judge Supreme Court of India and Hon’ble Executive Chairman, National Legal Services Authority have desired that all the banks (public/private/foreign) and non-banking finance companies may be directed to participate in the Lok Adalat.  

Alpana Killawala

Principal Chief General Manager

Lok Adalat settlement urged for banks and NBFCs to resolve long pending dues including negotiable instruments disputes. Reserve Bank of India urged Non Bank Financial Companies to participate in an All India Lok Adalat organised by the national legal services mechanism to settle long pending dues, including negotiable instrument disputes, and the Department of Financial Services communicated the desire that banks and NBFCs be directed to take part to facilitate institutional engagement in debt resolution through ADR.