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B&B Associates LLP standout with its thorough knowledge, experience, and diligent dealings in the legal arena. Whether there is a need for legal advice in banking and finance matters or complete legal assistance for banking issues, our banking and finance lawyers in Chandigarh can come up with the most viable recourse.

As far as Banking law is concerned, from the Banking Regulations Act, 1949 till now 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 the 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. Then 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. Predominantly, 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 crisis.

We at B&B Associates have a team that has vast experience in the areas of banking and finance. Our veteran 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.

Our Distinguished Banking Lawyers in Chandigarh Are Well Versed With RBI Rules

With the passage of time, digitization has also evolved to a greater extent in the banking sector. Digital payments are more preferred and the cashless economy is being promoted hugely. But with that, banking frauds and other related issues are on an increase. In addition to assisting clients in such fraudulent matters, our team of experienced banking and finance lawyers in Chandigarh are also sought for legal advice due to being well informed with the RBI rules, regulations, and 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.

Banking and Foreign Exchange

If an entity wants to conduct any banking services, it is important that they obtain a license by applying to the RBI. And 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. In case, an entity proposes to deal in foreign exchange, then it needs a separate license from the RBI issued under the Foreign Exchange Management Act.

Only authorized dealers have approved powers to facilitate foreign exchange and cross-border transactions. In order 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. Therefore it is important for the Foreign banks before they carry on banking business in India, to obtain banking, notwithstanding whether they are licensed in their home state. And for debt-related matters, our team of veteran DRT lawyers in Chandigarh are acclaimed in that legal arena too.

Our Lawyers For Banking Matters In Chandigarh Have Expertise In Indian Banking and Finance Law

An expert banking advocate should not only be familiar with the RBI rules but also need to have profound knowledge regarding other bank rules running throughout India. Our seasoned and top banking lawyers in Chandigarh are well-versed with the legal framework under which different banks 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 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 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.

Business Promotion and Banking

In order to promote small businesses, migrant workers, and unorganized sectors, RBI has introduced the following categories of banks: Payment banks, Small finance banks. And there are some non-banking financial companies (NBFCs) that are registered with RBI. Most probably 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 as a company under the Companies Act and State-owned banks are incorporated under specific statutes. Consequently, with the new Banking Regulation (Amendment) Bill 2017, the power of RBI will increase with respect to issues related to Stressed assets. Therefore any proceedings that will take place, will be under the Insolvency and Bankruptcy Code, 2016. Our well-informed banking advocates in Chandigarh are focused on ensuring that clients get the best and right legal recourse for all banking matters with transparent proceedings.

Why B&B Associates LLP Is A Trusted Law Firm To Hire Banking and Finance Lawyers in Chandigarh?

Banking is the backbone of any economy as it is the ultimate source of financial resources for the public, government, and private sectors as well. So in addition to bolstering the financial status of our banks, the government has also designed various legal policies and authorities to address the matters related to banking. Our eminent lawyers in Chandigarh are skilled in dealing with the legal aspects of different banking operations.

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

The team of trusted lawyers for banking matters in Chandigarh does understand what the client wants to achieve and provides a focused and beneficial practical approach. The clientele of B&B Associate includes multinationals, non-banking financial companies, public and private sector banks (both national and international). Therefore adored as the foremost choice for acclaimed finance lawyers, advocates, and legal advisors in Chandigarh.

Golden Rules

**We deject unethical and immoral practices, and reserve our rights of extending legal services only to a select clientele which exhibits civility, faith in law, sound moral footing, and good conscience. Our legal counsels defend the ones who have falsely been implicated, and prosecute for those who have actually been victimized – in either case, our counsels reserve their right of exercising discretion in accepting or rejecting a brief/ lawsuit