 "RBI asks NBFCs to take part in Lok Adalat on Nov 23")
The Reserve Bank today asked all the non-banking financial companies (NBFCs) to participate in the Lok Adalat on November 23 for settlement of any pending cases or dues.
"RBI has appealed to all Non-Bank Finance Companies (NBFCs) to participate in the Lok Adalat being organised by the National Legal Services Authority (NALSA) on November 23, 2013," the central bank said in a release.
Referring to a communication from the Department of Financial Services in the Ministry of Finance, RBI said the Lok Adalat will be organised in all the districts of the country to settle long pending cases of dues, including those pending under the Negotiable Instruments Act, 1881.
"Justice G S Singhvi, Judge, Supreme Court of India and 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," RBI said.
"RBI has appealed to all Non-Bank Finance Companies (NBFCs) to participate in the Lok Adalat being organised by the National Legal Services Authority (NALSA) on November 23, 2013," the central bank said in a release.
Referring to a communication from the Department of Financial Services in the Ministry of Finance, RBI said the Lok Adalat will be organised in all the districts of the country to settle long pending cases of dues, including those pending under the Negotiable Instruments Act, 1881.
"Justice G S Singhvi, Judge, Supreme Court of India and 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," RBI said.
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