Banking Law

  • LAWYERS FOR BANKING MATTERS IN CHANDIGARH

    Law is dynamic in nature thus it is in accordance with this dynamic nature it is imperative for the law to adopt the subsequent changes over years. As far as Banking law is concerned, from banking regulations act, 1949 to 2017 many amendments took place showing its dynamic nature. To bring up a broad concept, banking law in India is based upon 2 major acts (legislation) in India; first being banking regulations act, 1949 and secondly reserve bank of India act, 1934, these 2 acts are the building blocks of any banking law in India. Since the legal framework of the banking business and financial services are administered primarily by the Banking Regulation Act, 1949. The Reserve Bank of India Act, 1934 (RBI Act) authorizes (RBI) to issue rules and regulations, along with some directions and guidelines on a wide range of issues. RBI is the central banking institution of India, controlling all the monetary policies of India. It makes sure that India is not out of shares even during the economic crises. We at B&B Associates have a team that has vast experience in the areas of banking and finance. Best lawyers for banking matters in Chandigarh are skilled in dealing with vital aspects of banking and finance such as debt restructuring, project finance, customer related issues, etc.

    The best lawyers for banking matters in Chandigarh are well informed with the RBI rules, regulations and its functioning.The functions of RBI included:

    • Proposing rules for setting up and licensing banks (including branches of foreign banks in India)
    • Corporate governance
    • Setting up of monetary policy
    • Regulation of money, foreign exchange, government securities markets and financial derivatives.
    • Debt and cash management for the government.
    • Oversight of payment and settlement systems.
    • Currency management.

    Other financial sector managers include:

    • Securities Exchange Board of India (SEBI)- regulatory authority for the securities market in India.
    • Insurance Regulatory and Development Authority of India (IRDAI)- regulating the insurance sector.

    The RBI often communicates closely with the SEBI, IRDAI, working together to regulate banking activities. Also, The Ministry of Finance, through its Department of Financial Services:

    • Supervises and legislates the functioning of banking institutions
    • Prescribes norms for the operation and functioning of public sector banks
    • Examines legislative measures for the recovery of bank debts,
    • Establishes judicial mechanisms.

    If an entity wants to conduct any banking services, it is important that they obtain a license by applying to the RBI. Once the license is obtained, that banking company can conduct supplementary business such as borrowing and lending, trade finance, guarantee, and indemnity business, financial leasing and hire purchase. If an entity proposes to deal in foreign exchange, then it needs a separate license from the RBI issued under Foreign Exchange Management Act. Only authorized dealers have approved powers to facilitate foreign exchange and cross-border transactions. To have a bank license application is given to the RBI which is set out according to the norms of Banking Regulation (Companies) Rules, 1949. It is important for the Foreign banks before they carry on banking business in India, to obtain a banking, notwithstanding whether they are licensed in their home state.

    Best lawyers for banking matters in Chandigarh are well-versed with other forms of banks and their laws that operate in India.

    1. State-owned banks (Public Banks)- State Bank of India (SBI) is the largest state-owned bank in India established and governed by a special statute, the State Bank of India Act, 1955. SBI has also acquired several other state-owned banks, which are governed by the State Bank of India (Subsidiary Banks) Act, 1959.
    2. Investment Banks-SEBI governs the investment related services.The activities that are undertaken by investment entities are licensed by and registered with the SEBI.
    3. Universal banks, retail banks, commercial banks- They are full-service banks. These banks are further categorized into private sector banks, public sector banks, and foreign banks
    4. Private banks- These are domestic entities or foreign banks operating through a branch in India. In India these are those banks where greater parts of share/equity are not held by the government, instead, there are private shareholders.
    5. Other banks- Certain other types of banks have been introduced by the Indian Banking. For instance, co-operative banks that cater to the rural sector and small borrowers. Such banks are organized on a co-operative basis and are administered by the state and central government laws.

    In order to promote small businesses, migrant workers, unorganized sectors, RBI has introduced the following categories of banks: Payment banks, Small finance banks.There are some non-banking financial companies (NBFCs) which are registered with RBI. These companies do undertake financial activities such as investment, hire-purchase, leasing, factoring and lending, subject to the RBI Act and RBI regulations but are not regulated as banks. The organizational requirements of banks are governed under The Banking Regulation Act where such business can only be conducted by a company. Private banks are incorporated under as a company under the companies act and the State-owned banks are incorporated under specific statutes. With the new Banking Regulation (Amendment) Bill 2017, the power of RBI will increase with respect to issues related to Stressed assets. Any proceedings that will take place, will be under the Insolvency and Bankruptcy Code, 2016.

    Best Lawyers for Banking Matters are skilled in dealing with the legal aspects of banking operations.

    Lawyers for banking matters understand the legal aspects that are relevant to the customers:

    • Cheques
    • Indemnities
    • Guarantees
    • Deposit Accounts
    • Handling customer complaints.

    The team of best lawyers for banking matters in Chandigarh does understand what the client wants to achieve and provides focused and beneficial practical approach. The clientele of B&B Associate include multinationals, non-banking financial companies, public and private sector banks (both national and international).

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    B&B Associates LLP

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    Head Office SCO 45-46, Sector 11, Panchkula, 134109

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