Session 3: Conflict Resolution in the NBFC and FinTech Sector
[L-R – Ms. Kritika Krishnamurthy; Mr. Sameer Karekatte; Mr. P K Malhotra; Mr. Ashok Barat]
Owing to recent scams that have been uncovered, the regulatory supervision of NBFCs has been tightened. At the same time, there is a need for effective dispute resolution of existing disputes between various participants of the NBFC ecosystem. Ease of dispute resolution shall also assist in streamlining the system, making it more efficient in terms of time and finances for both NBFCs and other stakeholders. Inter alia the panel discussed the need for looking at the demand side of conflict resolution in India and the scope of the same to diametrically reduce the same by resorting to various ADR mechanisms.