Banking Lawyers
Banking Lawyers

Banking Laws

Common questions on ‘Banking Law’

  • What are the banking laws in India?
  • What are applicable laws and regulations relating to banking?
  • Why do banking laws exist?
  • How does the government regulate the banks in India?
  • Can bank take money out of your account without your permission?

What are the banking laws in India?

Banking laws aim at providing a legal framework to Banking. These law are required for the smooth, and unquestionable process of working of banks, ambiguity or legal hassle of any sort w.r.t banks can result in massive monetary repercussions, these laws aim at the avoidance of those.

Some of the applicable laws to this topic:

  • Negotiable Instruments Act, 1881
  • Banking Regulation Act, 1949
  • Reserve Bank of India Act, 1934
  • Banking Companies (Acquisition and Transfer of Understandings) Act, 1970
  • Finance Act, 2011
  • Foreign Exchange Management Act, 1999

The period of present day banking backpedals to late eighteenth century. Bank of Hindostan was one of the first to be built up in the year 1770. It was the State Bank of India, which established the framework of present day banking in India post-independence in 1955. SBI was the amalgamation of 3 banks subsidized by the pre independence administration government, to be specific Bank of Bengal, Bank of Madras and Bank of Bombay. Concerning the focal banking expert (or might be alluded as statutory body), for long Presidency Banks acted in this position, till in 1935 Reserve Bank Of India (RBI), assumed control over the position, after the 1934 Reserve bank of India act was passed.

As per Section 131 of the Income Tax Act 1961, income tax authorities enjoy the same powers as those vested in a Court under the Code of Civil Procedure 1908. The banker may unveil the condition of his client's record keeping in mind the end goal to legitimately ensure his own particular interest. For instance, if the banker needs to recover the due loan from the client or the guarantor, exposure of important realities to the guarantor or the specialist ends up noticeably vital and is much legitimized.

RBI has made certain guidelines for the facilitation of better experience to the customers. The Banking Regulation Act 1949, gives the Reserve Bank of India (RBI) the ability to license banks, have direction over shareholding and voting privileges of shareholders; oversee the arrangement of the boards and administration; manage the operations of banks; set down guidelines for reviews; control ban, mergers and liquidation; issue orders in light of a legitimate concern for open great and on saving money strategy, and force punishments.

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Consult Expert Banking Lawyers in India

Advocate Abhimanyu Shandilya Best Banking Lawyer

Abhimanyu Shandilya

Kolkata

Area of Practice

  • Banking
  • Cheque Bounce
  • Divorce
  • Consumer Protection
  • Property
Total Answers Given : 2554 View All Answers
Advocate Advocate Anik Best Banking Lawyer

Advocate Anik

Bangalore

Area of Practice

  • Banking
  • Cyber, Internet, Information Technology
  • Cheque Bounce
  • Advertising
  • Commercial
Total Answers Given : 10955 View All Answers
Advocate Prithvi Raj Sikka Best Banking Lawyer

Prithvi Raj Sikka

Delhi

Area of Practice

  • Banking
  • Commercial
  • Insurance
  • Real Estate
  • Debt and Lending Agreement
Advocate Anish Palkar Best Banking Lawyer

Anish Palkar

Mumbai Thane Mumbai suburban

Area of Practice

  • Banking
  • Cheque Bounce
  • Domestic Violence
  • Cyber, Internet, Information Technology
  • Consumer Protection
Total Answers Given : 862 View All Answers
Advocate Shrikrushna Tambde Best Banking Lawyer

Shrikrushna Tambde

Nagpur

Area of Practice

  • Banking
  • Civil
  • Bankruptcy And Debt
  • Contracts And Agreements
  • Debt And Lending Agreement
Advocate Girraj Prasad Best Banking Lawyer

Girraj Prasad

Jaipur

Area of Practice

  • Banking
  • Divorce
  • Family
  • Criminal
  • Motor Accident
Advocate Karunasish Chakraborty Best Banking Lawyer

Karunasish Chakraborty

Kolkata

Area of Practice

  • Banking
  • Consumer Protection
  • Property
  • Adoption
  • Administrative Law
Advocate Abhradip Jha Best Banking Lawyer

Abhradip Jha

Kolkata

Area of Practice

  • Banking
  • Criminal
  • Property
  • Customs, Excise
  • Partnership
Advocate Vivek Tanwar Best Banking Lawyer

Vivek Tanwar

Gurgaon

Area of Practice

  • Banking
  • Criminal
  • Corporate and Incorporation
  • Sexual Harassment at Workplace
  • Arbitration and Mediation
Advocate S. BARURI Best Banking Lawyer

S. BARURI

Visakhapatnam

Area of Practice

  • Banking
  • Criminal
  • Child Custody
  • Cheque Bounce
  • Documentation