Banking & Corporate Laws
An Overview of Banking Laws in India
The banking laws in India are regulated by the Reserved Bank of India. As per the laws of banking, banks in India have to keep records and details of customer information. However, this information shall be kept, confidential. Further, the laws of banking prevent any type of discrimination against any consumer.
Banking Laws in India: Regulatory Framework for Online Banking
With immense technological development and existing banking laws in India, online banking has become a feasible mode of banking. With the introduction of the Information Technology Act, 2000 and comprehensive guidelines of the RBI, the online security issues have reduced to a large extent.
However, online banking is still not completely free from security issues. There is a requirement for more stringent banking laws in India to overcome the issues, such as:
- Consumer protection against frauds.
- Protection of the consumer’s data.
- Protection against unauthorized transactions.
- Maintaining integrity of the consumer’s transactions.
Further, the contradictory issues in the he Banking Regulations Act, 1949, the Reserve Bank of India Act, 1934 and the Foreign Exchange Management Act, 1999, should be addressed, to make them more effective.
Future of Online Banking in India
In the absence of proper banking laws in India and effective online security measures, India will take time, to come at par with its western counterparts, in the field of online banking. However, the process can be facilitated with proper customer identification, periodic reviews and complying with the existing banking laws in India. Further, laws pertaining to data protection shall be developed and implemented.
Legal Experts India & Banking Law
Legal Experts India has a specific and Specialized Spectrum of Attorneys that Practice in every area of Banking Law but only In Banking Law matters across the Country and State.
On referring your Banking Law matter to Legal Experts India we assure you specific, specialized Attorney through our chain across, so that we help you bring the true Justice and result whatsoever.