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Showing posts from September, 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...

Online (Alternate) Dispute Resolution

  The Mediation Act, 2023 (Act no 32 of 2023) which received the President’s assent on 14th September 2023 and was published in the Gazette of India on 15 th September 2023 has given a new dimension to the Alternate dispute resolution mechanisms in India.   So let us first understand what Alternate Dispute Resolution (ADR) is. Disputes arise when one party raises an issue concerning another party , generally through legal channels. This means that one party initiates legal proceedings against the other party. Under the   normal dispute resolution process, the matter is adjudicated by a court of law with an inherent right to appeal by the litigant who doesn’t accept the adjudication. The appellate process is also multi-layered with High Courts and the Supreme Court being Courts of Appeal. This long legal process delays the final resolution of the initial issue, with delays sometimes stretching to years and decades. As of the en...