Banking Regulation Act, 1949. It is deemed to be one of the most important legal framework for banks. It was initially passed as the Banking Companies Act, 1949 and it was eventually changed to the Banking Regulation Act, 1949 (“The BR Act”). Along with the RBI Act, The BR Act provides a lot of guidelines to the banks.

Banking Law is a specialization in the field of law, which deals with legal aspects of the functioning of banks and banking services. The world of finance and economy is dynamic. The government often brings about regulatory changes in practices and activities in the financial sector which has direct bearing on banking. Thus, it is important for a country to have banking laws, which help in regulating the banking activities and prevent irregularities.
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