Banking Law in India

Reserve Bank of India is the regulatory body in India that takes care of all the banking laws and regulations. The banking regulation act may vary from one place to another however; the key laws are same all over the world. Banking services fall under the consumer protection as no banking transaction will be completed without taking into account consumer cases and their concerns. The law of banking consists of many branches of law; it is a complex structure of banking laws along with the judiciary laws.

The federal privacy act of 1974 states that there should be detailed disclosure of the customer details however, no agency should disclose any customer’s confidential information to any individual or to another agency. Information security is termed as the prime concern in this law.

This act prevents practices that discriminate a consumer on basis of caste, creed, marital status and age. The applicant has the right under the consumer credit protection act.

Insurance Regulatory and Development Authority (IRDA) is the regulatory body which takes care of the rules and regulation in Insurance domain. The central government appoints the members of IRDA. This authority promotes Insurance sector in India and keep an eye on the regular growth that consists of all types of Insurance such as Life Insurance, General Insurance and Health Care. Actuaries and underwriters underwrite the health exclusions of the customers and Insurance agent’s works under the norms regularized by the IRDA.