Bengaluru, 15th March: Bank of India participated in the first National Lok Adalat of 2022 organised on 12.03.2022 by the Legal Services Authorities across the country, under the aegis of National Legal Services Authority (NALSA).
National Lok Adalats which are conducted across the country offers an Alternative Dispute Resolution platform where cases are disposed on the basis of amicable settlement without any expense on the part of litigants and it is free of cost and is a speedy method of bringing litigating parties on the same side, saving them from the rigours of trial / adjudication which is generally time consuming, complex and costly. Besides, Lok Adalats reduce the burden on arrears of the court disposal of long pending litigation between the parties.
Bank of India referred 320116 cases for National Lok Adalat conducted on 12.03.2022 involving an amount of Rs. 5700.16 crores out of which 12224 cases were settled involving a settlement amount of Rs. 102.53 crores. An amount of Rs 23.76 crores have been recovered upfront on 12.03.2022. Efforts are on to recover the balance of compromised amount within the time frame stipulated in the award. Due consideration was given to Covid affected customers while arriving at settlement terms.