Free Available Answers
on Banking Laws
Get Expert Advice Online
from Top Banking Lawyers
in India
Sorry did not find any Lawyers as per your selection!
Place your request by posting your matter we will get back to you with suitable options.
- 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.
Request a Callback
In case you want us to call you back to understand your legal problem then please submit your details with a brief description of the legal issue that you have. We will call you back.
Successful
Your Request has been successfully taken. We will contact you soon. Thank you !
Name must be provided !
Email must be provided !
Invalid Phone Number !
Details must be provided !
The most trusted and relied upon partner for finding lawyers for any kind of legal services.
Read Blogs to get more Insights
Consult Advocate {{lawyerName}}
Please select how would you like to Consult
Type of Consultation | Fees | |
---|---|---|
Phone Consultation | ₹ | |
Meeting Consultation | ₹ | |
Email Consultation | ₹ | |
Video Conference | ₹ | |
Request for quotation from the Lawyer. |
Review and Confirm
Consultation Request for Advocate {{lawyerName}} | |
Consultation Type : Meeting Consultation |
Charges : | ₹ | 118 | (with 18% GST) |
Successful
Your Request has been registered. We will get back to you soon.
Submit Your Query
Successful
Your Transaction is Completed
Payment Failed
Your Transaction is Failed
Confirm
Are you sure you want to request for this Advocate's number ?
Need Few Details
Please do not close this browser, and provide the following required details -
Verify OTP
If you haven't received any OTP, please click the Resend button below. You can change your registered mobile number by clicking on the Edit icon.
Login to Proceed Further
Successful
Your Request has been registered. We will get back to you soon.