Legal Aspects Of Banking & Insurance (Functional Electives Finance)

Paper Code: 
MBF-623
Credits: 
4.0
Contact Hours: 
40.00
Max. Marks: 
100.00
Objective: 
  • The objective of this course is to make the students aware of the legal framework of the Banking and Insurance Sector.
8.00
Unit I: 
Legal Framework for Regulation of Banks

Control over organization of banks, Regulation of banking business, Returns, Inspection and winding up, Banking Regulation Act 1949, RBI Act 1934.

4.00
Unit II: 
Legal Aspects of Banking Operations

Responsibility of paying banker, Collecting banker, Indemnities, Bank Guarantees, Letters of Credit, Bill Finance.

10.00
Unit III: 
SARFAESI Act, 2002

Introduction: Securitization of financial assets, Enforcement of security interest, Banking Ombudsman Scheme 2002, Procedure for redressal of grievances, Arbitration procedure, Conciliation.

8.00
Unit IV: 
Recovery of Assets

Recovery of Assets due to Banks and FIs Act 1993, Tribunal and appellate tribunals, Provisions and procedure of tribunals, Bankers Book Evidence Act 1891.

10.00
Unit V: 
Introduction to Legal Aspects of Insurance Act 1938

Insurance Ombudsman, Contract of agency, Re-Insurance and Double-Insurance. Insurance Documents – Insurance forms, Proposal forms, Cover Notes, Certificate of Insurance, Policy Forms, Endorsements.

Essential Readings: 
  • IIBF. “Principles of Banking” Macmillan, New Delhi, 2009.
  • IIBF, “Legal Aspects of Banking Operations” Macmillan, New Delhi, 2009.
  • Gupta P.K, Legal Aspects of Insurance, Himalaya Publishing House, Mumbai, 2008
  • National Insurance Academy, Legal & Regulatory Aspects of Insurance, Cengage Learning, 2009.
References: 
  1. Srivastava P. K. “Banking Theory& Practice” Himalaya publishing House, Mumbai,2007.
  2. Natarajan and Gorden. “Banking Theory Law and Practice”, Himalaya Publishing House, 2009.