MEDIATION OF FINANCIAL DISPUTES IN INDIA
( Pp. 290-293)
More about authors
Ivanovskaya Natalia V.
kand. yurid. nauk, docent, docent kafedry grazhdanskogo prava i processa i mezhdunarodnogo chastnogo prava
RUDN University Law Institute
RUDN University Law Institute
Abstract:
The article notes that the modern system of mediation was first introduced in India in accordance with the Arbitration and Conciliation Act 1996. Currently, India's regulations establish two types of mediation: private mediation (conciliation) and judicial mediation (court-annexed mediation). Judicial mediation has become widespread in India: there are 24 centers for judicial mediation in the High Courts of States. Private mediation is not yet sufficiently developed in India. However, companies are showing an interest in using mediation to resolve disputes with suppliers and consumers. Banks, producers of durable goods and service providers are potential areas for launching internal dispute management systems. In India, unofficial use of mediation began: banks and insurance companies have ombudsman schemes, developed by industry regulators to resolve disputes. For example, under the Reserve Bank of India, since 1995, the Banking Ombudsman operates, which operates under the Bank Ombudsman Scheme approved by the Bank Council.
How to Cite:
Ivanovskaya N.V., (2018), MEDIATION OF FINANCIAL DISPUTES IN INDIA. Sociopolitical Sciences, 5 => 290-293.
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