Innovative Mediation Training for Financial Dispute Resolution
The Ministry of Finance and the Supreme Court of India's MCMP organized a mediation training program for financial executives to enhance dispute resolution skills. Held in late September, the 40-hour course covered mediation concepts, stakeholder roles, and negotiations, earning positive feedback from participants.
- Country:
- India
The Department of Financial Services, in collaboration with the Supreme Court of India's Mediation and Conciliation Project Committee (MCMP), conducted a specialized training program in mediation. This 40-hour intensive was designed for presiding officers of Debts Recovery Tribunals and senior executives of Public Sector Banks, according to the Ministry of Finance's official release.
The training aimed to equip participants with essential skills in mediation, an internationally acclaimed method for resolving disputes amicably. Detailed sessions covered various aspects, including an overview of mediation, contrasting it with judicial processes, understanding the roles and stages of mediation, communication strategies, and the art of negotiation and bargaining.
Participants were also briefed on the roles of important stakeholders such as referral judges, lawyers, and involved parties. Special emphasis was placed on cases under the Recovery of Debts and Bankruptcy Act, 1993, and the SARFAESI Act, 2002. The scope and depth of the topics impressed attendees, who lauded the Ministry of Finance and the MCMP for this enlightening initiative.
(With inputs from agencies.)
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