Bank of India participates in National Lok Adalat on 12.03.2022

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).

Organised by Legal Services Authorities, 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 and is an expeditious 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.

Shares of Bank of India was last trading in BSE at Rs. 47.35 as compared to the previous close of Rs. 48.85. The total number of shares traded during the day was 545309 in over 3404 trades.

The stock hit an intraday high of Rs. 49.15 and intraday low of 47.00. The net turnover during the day was Rs. 26191479.00.

Source : Equity Bulls

Keywords

BankofIndia INE084A01016 NationalLokAdalat NALSA