Bank of India refers over 3 lakh cases involving Rs 5,700 cr to National Lok Adalat

State-run Bank of India (BOI) on Tuesday said it has referred 3,20,116 cases amounting to Rs 5,700.16 crore to National Lok Adalat conducted on March 12, 2022. Of these, 12,224 cases were settled involving an amount of Rs 102.53 crore, the bank said in a release.

"An amount of Rs 23.76 crore have been recovered upfront on March 12, 2022. Efforts are on to recover the balance of compromised amount within the time frame stipulated in the award," the bank said adding that due consideration was given to Covid-affected customers while arriving at settlement terms.

The lender participated in the first National Lok Adalat of 2022 organised on March 12 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, offer 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.

It 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.