Grievance Redress by Courts in Consumer Finance Disputes

NIPFP Working Paper No 331

33 Pages Posted: 22 Mar 2021 Last revised: 3 Sep 2021

See all articles by Karan Gulati

Karan Gulati

NIPFP

Renuka Sane

National Institute of Public Finance and Policy

Date Written: March 1, 2021

Abstract

This paper studies how courts in India have dealt with consumer finance disputes. It presents the organisation of the courts that hear consumer finance cases. It reviews the 60 most cited cases to study the position that courts have taken in banking and insurance disputes. For the cases studied, it finds that courts have generally granted relief to consumers in banking disputes. In the case of insurance, courts have emphasised contractual compliance. This is so even if the contracts themselves were opaque or had unfair terms. The paper also finds that courts award low compensation and take a long time for adjudication. It suggests that courts should put in place systems to facilitate class action suits and bring in specialisation to deal with consumer finance disputes.

Keywords: Consumer Finance, Grievance Redress, Courts

Suggested Citation

Gulati, Karan and Sane, Renuka, Grievance Redress by Courts in Consumer Finance Disputes (March 1, 2021). NIPFP Working Paper No 331, Available at SSRN: https://ssrn.com/abstract=3797435 or http://dx.doi.org/10.2139/ssrn.3797435

Karan Gulati (Contact Author)

NIPFP ( email )

18/2, Satsang Vihar Marg
New Delhi, 110067
India

Renuka Sane

National Institute of Public Finance and Policy ( email )

18/2, Satsang Vihar Marg
New Delhi, 110067
India

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