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Showing posts from July, 2023

Artificial Intelligence and Indian Banking sector

What is Artificial Intelligence (AI) According to WIXEncyclopedia “ AI is a branch of computer science that develops machine systems capable of demonstrating behaviours linked to human intelligence. AI programs use data collected from different interactions to improve the way they mimic humans in order to perform tasks such as learning, planning, knowledge representation, perception and problem-solving ”   Thus, AI is the science of making a computer or a software think intelligently just like a human brain, towards learning how to solve a problem. In a way it helps personalise interaction between a human being and a machine. AI tools are based on three main cognitive skills of learning, replicating and reasoning. AI makes a machine, generally a computer, capable of thinking and responding like a human being. The tasks involving a set of algorithms become automatic through intelligent programming based on learning through experience. Artificial Intelligence (AI) has been stea...

Debt Resolution Process - Indian perspective

In this blog, we shall discuss evolution of Debt Resolution process in India and provisions of three main debt resolution legislations. The blog is meant to present the subject in a nutshell, to any person who is interested in this subject. Debt resolution or settlement   is an arrangement whereby creditors settle their dues from the debtor / borrower for a certain reduced amount, which ensures that they are able to recover at least part of their dues as against the possibility of a total loss. Thus the process tries to protect and balance the interest of both creditors and debtors. Historical perspective Reference to the concept of debt resolution can be found in early Roman law doctrine of Cessio bonorum   (Latin for "surrender of goods"). It meant a voluntary action by a debtor to surrender goods   to the creditors . It did not include a discharge from liability unless the property ceded was sufficient for the purpose, but it secured the debtor from personal arrest. T...