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Consult and get Expert Advice on Banking Laws matters from the Banking Lawyers in India.
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Consult Banking Lawyers in India

Abhradip  Jha

Abhradip Jha

Exp
Kolkata , West Bengal

Specialization

  • Banking
  • Criminal
  • Contracts and Agreements
  • Family
  • Divorce
Girraj  Prasad

Girraj Prasad

Exp
Jaipur , Rajasthan

Specialization

  • Banking
  • Divorce
  • Cheque Bounce
  • Consumer Protection
  • Criminal
Abhimanyu  Shandilya

Abhimanyu Shandilya

Exp
Kolkata , West Bengal

Specialization

  • Banking
  • Adoption
  • Civil
  • Criminal
  • Cyber, Internet, Information Technology
Total Answers Given : 4014
Prashant  Mane

Prashant Mane

Exp
Pune , Maharashtra

Specialization

  • Banking
  • Arbitration and Mediation
  • Cheque Bounce
  • Consumer Protection
  • Commercial
Total Answers Given : 53
KUNAL  SHARMA

KUNAL SHARMA

Exp
Jaipur , Rajasthan

Specialization

  • Banking
  • Criminal
  • Cheque Bounce
  • Writ
  • Anticipatory Bail
Total Answers Given : 8
Dsouza

Dsouza

Exp
Mumbai , Maharashtra

Specialization

  • Banking
  • Civil
  • Arbitration and Mediation
  • Cheque Bounce
  • Admiralty And Maritime
Shrikrushna  Tambde

Shrikrushna Tambde

Exp
Nagpur , Maharashtra

Specialization

  • Banking
  • Civil
  • Adoption
  • Anticipatory Bail
  • Cheque Bounce
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Your Legal Matter
  • 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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