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Proposed Arbitration and Conciliation (Amendment) Bill, 2024: A Transformational Shift for Financial Dispute Resolution in BFSI

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Credgenics partners with Jupiter Council for Arbitration and Mediation (JCAM) for ODR in BFSI financial disputes

 NEW DELHI, Dec. 4, 2024 /PRNewswire/ — In today’s fast-paced digital era, the banking and financial services industry requires the ability to resolve financial disputes swiftly, transparently, and cost-effectively. Disputes, particularly those involving debt collections and financial recoveries, impose significant burdens on both lenders and borrowers, leading to prolonged litigation, elevated costs, and a loss of trust in the system.

To address these issues, the Arbitration and Conciliation (Amendment) Bill, 2024 has been introduced and is aimed at transforming the dispute-resolution landscape in the commercial and BFSI  sectors.

The Bill seeks to tackle the challenges posed by India’s traditionally slow dispute-resolution processes through Alternative Dispute Resolution (ADR) mechanisms. These proposed amendments aim to expedite dispute resolution, reduce associated costs, and restore confidence in the system by creating a more efficient and reliable globally accepted framework for resolving financial disputes in these critical sectors.

Key Features of the Proposed Bill

The Bill incorporates critical provisions to improve the arbitration framework. These features are  particularly beneficial for BFSI disputes resolution.

Minimized Court Intervention: The Bill curtails unnecessary judicial involvement, allowing disputes to be resolved more quickly and efficiently.Enhanced Procedural Efficiency: Faster arbitration processes reduce recovery costs and alleviate the burden on lenders and borrowers alike.Prioritization of Resolving Disputes The provisions ensure that high-priority cases are addressed promptly, meeting the demand for swift and efficient resolutions. By adopting these measures, the Bill aims to provide a structured, fair, and transparent mechanism for resolving disputes, ensuring mutual benefits for all stakeholders.

Jupiter Council for Arbitration and Mediation (JCAM) has emerged as a key player for financial dispute resolution in this evolving landscape of ADR that is rapidly becoming a preferred model across the globe. JCAM’s unique institutional arbitration framework for financial disputes is tailor-made to align with the objectives of the proposed Bill. In partnership with Credgenics, the leading platform for debt collections and resolution, JCAM delivers an integrated solution that addresses the unique challenges of BFSI financial dispute resolution.

JCAM’s framework is designed to provide:

Cost-effective Resolutions: Affordable arbitration processes reduce the financial burden on BFSI retail lenders and borrowers.Speedy Proceedings: Accelerated timelines for initiating, managing and concluding arbitration.Transparency and Neutrality: A fair and impartial system that inspires trust and confidence among disputing parties.

Alignment with Supreme Court Rulings
Recent judgments by the Supreme Court reinforce the principles of fairness and impartiality in arbitration, making JCAM’s framework even more relevant. Key highlights of these rulings include:

Prohibition of Unilateral Arbitrator Appointments: JCAM’s model is inherently compliant with this mandate, offering a structured and transparent process for arbitrator appointments. Through JCAM, parties benefit from an impartial selection mechanism that upholds trust and neutrality in every dispute resolution.Encouragement of Institutional Arbitration: Institutional frameworks, like JCAM, are recognized and encouraged for their fairness and efficiency.Recognition of Arbitral Awards: Decisions made through arbitration are fully admissible and enforceable in judicial and execution courts, boosting their credibility.

JCAM integrates these principles into its end-to-end solutions, utilizing Online Dispute Resolution (ODR) capabilities to ensure impartial and seamless arbitration processes. Customers can schedule seamless virtual hearings, access and download recordings / transcripts for completed meetings. JCAM with its user-friendly and simple interface also allows lenders to host and send legal communications and case proceedings for borrowers to respond and interact.

 Reflecting on these developments, Mayank Khera, Co-Founder & COO of Credgenics, highlighted the significance of the proposed Bill, “The proposed Arbitration and Conciliation (Amendment) Bill, 2024, is a major milestone for the BFSI sector. By embracing institutional arbitration and ODR platforms like JCAM, we are enabling banks and other non-banking lenders to resolve financial disputes with unmatched efficiency and transparency. The digital enablement not only reduces resolution timelines and costs but also builds trust in the dispute resolution process. At Credgenics, we are committed to providing a modern framework that aligns with such forward-looking reforms and strengthens the financial ecosystem.”

The Arbitration and Conciliation (Amendment) Bill, 2024 sets the stage for a transformative era in BFSI dispute resolution. By streamlining arbitration procedures and reducing reliance on courts, it promises quicker recoveries and lower litigation costs. Meanwhile, platforms like JCAM ensure that the financial dispute resolution processes remain fair, neutral, and transparent.

As the BFSI sector prepares for the Bill’s enactment, the collaboration between institutions like JCAM and industry leaders such as Credgenics underscores a shared commitment to building an equitable, efficient, and trustworthy financial dispute resolution system. These reforms not only address current challenges but also lay the foundation for a more robust financial ecosystem.

Reference: 
Jupiter Council for Arbitration and Mediation (JCAM): https://jcam.co.in/
Credgenics: https://www.credgenics.com/

Logo: https://mma.prnewswire.com/media/2573215/JCAM_Logo.jpg
Logo: https://mma.prnewswire.com/media/1844975/5060315/Credgenics_Logo.jpg

 

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Pastor taking flat earthers to Antarctica to end the debate

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DENVER, Dec. 4, 2024 /PRNewswire/ — A pastor from Colorado hopes to end the debate over the shape of the Earth. Pastor Will Duffy’s plan? To bring both flat earthers and globe earthers to Antarctica! On December 14th, four flat earthers and four globe earthers will fly to Antarctica for what is being labeled The Final Experiment.

“I created The Final Experiment to end the debate over the shape of the Earth…once and for all.” –Will Duffy

On the globe, Antarctica is an island continent at the southernmost part of the world. But on a flat earth, Antarctica is an ice wall that encircles all the other continents and holds in all the world’s oceans. For years, flat earthers have said that Antarctica holds the key to proving the Earth is flat. But not a single flat earther has ever been to Antarctica. The-Final-Experiment.com Why not? They said the Antarctic Treaty of 1959 prevented them from going. And one of the reasons they believe the Antarctic Treaty was put in place was to specifically prevent people from visiting Antarctica during the summer, which is right now in the southern hemisphere. Visiting Antarctica in the summer is important because on the globe, the sun should not set in much of Antarctica during the summer due to the tilt of the Earth. But on a flat earth, since Antarctica is an ice wall encircling the rest of the world, the sun must rise and set each day. It could never circle in the sky all 24 hours, like it does in Antarctica.

A little over three years ago, Pastor Will Duffy was made aware that people still believe the Earth is flat when a longtime friend of his posted about it on Facebook. And he decided to take matters into his own hands. Since flat earthers said for years that Antarctica will show the world the truth about the shape of the Earth, Duffy decided the easiest solution would be to just go to Antarctica. Will Duffy added, “I created The Final Experiment to end this debate, once and for all. After we go to Antarctica, no one has to waste any more time debating the shape of the Earth.” https://www.youtube.com/@The-Final-Experiment

On December 14th, Duffy and the other eight participants of The Final Experiment (four flat earthers and four globe earthers) will fly with Antarctic Logistics & Expeditions to Union Glacier, Antarctica. As soon as they get off the plane and onto the ice, the clock will start. For the next 24 hours, they will monitor and film the sun. If it stays in the sky for 24 hours, the globe is confirmed. The real question is: will the flat earthers change their mind?

MEDIA CONTACT:

Will Duffy
720-432-9455
thefinalexperiment2024@gmail.com
The-Final-Experiment.com

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SOURCE The Final Experiment

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Targus Expands Its Collection Of EcoSmart Laptop Bags And Tech Accessories Equipping People To Do More With Their Technology While Helping To Protect The Planet

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Demonstrates company’s continued commitment to creating a more sustainable future while delivering solutions designed to make the complex, simple

ANAHEIM, Calif., Dec. 4, 2024 /PRNewswire/ — Targus®, the number one third-party docking station and laptop case brand in the US1 and a leader in mobile computing accessories, today announced that it has expanded its EcoSmart laptop bags and tech accessories, further demonstrating its commitment to making sustainable, long-lasting products that help people and businesses do more with their technology.

The company’s latest additions include new laptop cases and tech accessories bundles designed for sustainability, including a new GeoLite™ EcoSmart® Collection, which includes a sleek, slim backpack and briefcase, an ultra-durable and versatile 15-16″ Terra EcoSmart® Backpack, and EcoSmart™ mice/keyboard bundles designed for sustainability and superior ergonomics.

“At Targus, we continually strive to reduce our impact on the planet, which includes incorporating the use of sustainable materials and technologies in our products, from our laptop bags to tech accessories,” says Jonny Yuan, Vice President, Design at Targus. “These latest EcoSmart products exemplify how Targus is doing more to impact less while delivering innovative, purpose-built solutions to our customers.”

The 12-16″ GeoLite EcoSmart Advanced Backpack and 15-16″ GeoLite EcoSmart Slim Brief are designed for busy professionals to protect their laptops while staying organized and looking sleek. Each of these EcoSmart bags features a dedicated laptop compartment to keep their tech safe, along with handy zippered pockets to keep everything in their place. Both laptop bags are water-resistant on the outside and eco-friendly on the inside. The interior lining of the backpack is made using GRS-certified recycled materials equivalent to six recycled bottles and the Slim Brief’s interior from the equivalent of two recycled bottles.

In addition, Targus has introduced a 15-16″ Terra EcoSmart Backpack that can be effortlessly transitioned from a work and commuting backpack to weekend adventure pack. Available in black and grey, this durable, exceptionally versatile backpack delivers all-day comfort in a sustainable design, whether transitioning from work to the trails or traveling through crowded city streets during the daily commute. Its protection features include integrated anti-theft fasteners on primary pockets, a rain cover, and secure front helmet harnessing to handle the elements and prepare for new adventures. With an interior lining made from recycled materials, repurposing eight plastic bottles, this bag not only protects your essentials, but the environment, too.

In 2023, Targus first introduced EcoSmart tech accessories that are made from 85% certified post-consumer recycled (PCR) plastic, operate on ultra-low-power Bluetooth® which is four times more energy efficient than standard Bluetooth, and come in recycled packaging. Now, Targus has expanded these offerings by offering them as a complete, bundled solution. They include an EcoSmart Ergonomic Keyboard & ErgoFlip™ Mouse Combo and Antimicrobial Full-Size Wireless EcoSmart Keyboard & Midsize Comfort Mouse Combo arriving this month and an EcoSmart Full-Size Wired Keyboard & Ambidextrous Wired Mouse Combo which will be available in Q1 2025.

Targus began incorporating recycled plastic in its products 16 years ago, and to date, has repurposed 32.2 million bottles – saving the equivalent of 2,008,477 lbs. of CO2 compared to virgin plastic.* In 2024, Targus also introduced a new Coastline™ Collection of laptop bags made from certified ocean-bound plastic and a high percentage of recycled material.

Read the Targus 2024 Global Sustainability Report to learn more about the company’s continued environmental progress and forward-looking roadmap.

About Targus

For more than 40 years, Targus has been helping people and businesses get the most out of their tech—keeping it safe, easy to use, and always within reach. Our mission is simple yet powerful: To carry, protect, and connect your tech everywhere. We aim to make life with technology better, not harder. At Targus, we don’t just sell tech accessories — we empower you to do your best, wherever life takes you. So, whether you’re working from home, commuting across the city, or jetting off somewhere exciting, our solutions work seamlessly with your devices, unlocking possibilities, simplifying tasks, helping you work smarter, travel lighter, and get more done —today, tomorrow, and for years to come.

As a global leader in docking, Targus has deployed more than 3 million universal docking stations around the world in more than 12,000 organizations – with more than 90% of Fortune 1000 companies using Targus products and maintains the number one spot in US B2B Universal Docks (3rd party only)2.

Headquartered in Anaheim, California, Targus has global operations in more than 24 offices and distribution in more than 100 countries. Discover Targus at Targus.com and on our blog, and connect with us on social media: PodcastLinkedInTwitter/XFacebookInstagramTikTok, and YouTube.

* Targus global sales results: units + revenue, 2019-2023.

1Source: Circana, US/Canada Retail and US B2B Reseller in Unit Sales, ending June 2024 (Laptop Bag case type = Briefcase, Sleeve, Attache, Slipcase, Messenger Bag)

2Source: Circana, US B2B Reseller, Docking Stations Unit Sales, ending June 2024

Targus, EcoSmart, GeoLite, ErgoFlip, and Coastline are trademarks or registered trademarks of Targus International LLC in the US and in certain other countries. All other trademarks and registered trademarks are the properties of their respective owners.

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SOURCE Targus

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ALLMIGHT Partners with Innovation & Technology Caucus to Establish Texas as the Crypto Capital of the U.S.

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AUSTIN, Texas, Dec. 4, 2024 /PRNewswire/ — ALLMIGHT, an organization focused on advancing U.S. leadership in cryptocurrency, is proud to announce its role as a Leadership Partner to the Innovation & Technology (IT) Caucus of the Texas House of Representatives. This partnership underscores ALLMIGHT’s commitment to fostering growth in Texas’ tech ecosystem, helping shape policy, and establishing the Lone Star State as the crypto capital of the United States.

“Engaging with partners like ALLMIGHT helps us shape informed policy.” — Spencer Ward, Exec. Director of IT Caucus

As a Leadership Partner, ALLMIGHT will help amplify the state’s efforts to advance cryptocurrency development, and provide expert insights to help inform lawmakers as they craft policies impacting the fast-growing industry. This partnership aims to grow Texas’ leadership in the field, attracting top-tier talent, businesses, and investment capital to the region.

“Our collaboration with the IT Caucus is a crucial step toward establishing Texas as a global leader in the next wave of technological innovation,” said Kevin Ricoy, Founder of ALLMIGHT. “By working hand-in-hand with lawmakers, we can help foster an environment that encourages innovation, supports founders, and drives long-term prosperity for Texas.”

A Focus on Talent and Capital Formation

ALLMIGHT’s involvement with the IT Caucus will not only focus on policy advocacy but also offering opportunities for direct engagement with founders and business professionals. This will help lawmakers better understand the needs of the crypto industry and create pathways for talent to flourish in Texas.

ALLMIGHT’s mission to grow U.S. leadership in crypto aligns perfectly with Texas’ growing prominence as a hub for technology and business. By offering the IT Caucus direct access to industry insights and the needs of entrepreneurs, ALLMIGHT will help lawmakers craft policies that foster innovation, attract investment, and sustain Texas’ status as a leader in the field.

“The IT Caucus is committed to ensuring Texas remains a leader in emerging industries like blockchain and cryptocurrency,” said Spencer Ward, Executive Director of the IT Caucus. “Engaging with partners like ALLMIGHT helps us connect with innovators and shape informed, forward-thinking policy.”

About ALLMIGHT
ALLMIGHT is on a mission to accelerate USA leadership in crypto. Taking a culture-first approach to affecting change, ALLMIGHT produces “next-generation Americana” designed to reach and inspire the masses while hosting engaging events to unite, grow, and support the US crypto community. The goal is help cultivate talent, capital, and mindshare in the United States.

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SOURCE ALLMIGHT

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