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 the years. Your quest for the best banking lawyers in Chandigarh depicts that you are encountering some kind of legal banking issues. As far as Banking law is concerned, from banking regulations act, 1949 to 2017 many amendments took place showing its dynamic nature. Therefore 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. 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 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.
Our team of best banking and finance lawyers in Chandigarh are well informed with the RBI rules, regulations and its functioning. The functions of RBI included:
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. 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 if 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 in case you are having trouble with debt related issues, you need to find the best DRT lawyers in Chandigarh to resolve your issue.
The right advice and effective recourse is the key to success in a banking matter. Consult our top banking lawyers and best banking law advocates now:
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 other forms of banks and their laws that operate in India.
In order to promote small businesses, migrant workers, unorganized sectors, RBI has introduced the following categories of banks: Payment banks, Small finance banks. And there are some non-banking financial companies (NBFCs) which 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 under as a company under the companies act and the State-owned banks are incorporated under specific statutes. Consequently, 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.
One esteemed law firm of Chandigarh that is having an amazing impeccable set of legal services is B&B Associates. Fortunately, you can get the doyen and top senior banking and finance advocates in Chandigarh with the experience of 35+ years over here. And there are young lawyers too who have deep insight into all the previous and current banking laws and amendments. Our best lawyers for banking matters are skilled in dealing with the legal aspects of different banking operations.
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). Therefore you can trust us for the best finance lawyers, advocates, and legal advisors in Chandigarh.
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