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Pravesh DabasAdvocate Delhi, India

06 · Banking, Finance & Insurance

Banking & Financial Disputes

Banking and financial disputes involve banks, non-banking financial companies and other lenders — loans, guarantees, accounts and recovery action.

What this covers

  1. 01Loan and guarantee disputes
  2. 02Recovery proceedings by banks
  3. 03Enforcement of security
  4. 04Complaints about banking services
  5. 05One-time settlements

How it generally works

Banks and financial institutions can recover dues through the Debt Recovery Tribunal, enforce security under the SARFAESI Act, 2002, or file civil suits, depending on the amount and the security held.

Complaints about banking services can be made to the bank and then to the Reserve Bank of India's Integrated Ombudsman. Consumer commissions may also hear complaints about deficiency in banking services.

Borrowers and guarantors have specific rights at each stage, including the right to be given notice and to object.