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.
Other financial sector managers include:
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:
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.
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.
Lawyers for banking matters understand the legal aspects that are relevant to the customers:
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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