Banking Laws

The book has been revised and updated with all latest judicial decisions and with banking developments. The latest Amendment 2020 of the Banking Regulation, 1949 and Amendment of 2018 and 2019 of the Reserve Bank of India Act, 1934 have been incorporated. Some salient features of this edition are inclusion of Virtual Currency (VC) in light of the judgment of the Supreme Court in Internet and Mobile Association of India v. Reserve Bank of India, AIR 2021 SC 2720.

The most illustrious case on locker’s facility provided by the bank and its liability thereof decided by the Supreme Court in Amitabh Dasgupta v. United Bank of India, AIR 2021 SC 1193. As to dishonour of Cheques has been updated specially mention of in Re : expeditious trial of cases under Section 138 of N.I. Act, AIR 2021 SC 1957. This case deals with staying of proceedings under Section 138, quashing of proceedings of dishonour of cheques under Section 482 of Cr.P.C. This case also establishes principle of law that Consumer Courts have no inherent power either to review or recall order of issuance of process. In P. Mohan Raj v. M/s. Shah Brothers Ispat (P) Ltd., AIR 2021 SC 1308, proceedings under Section 142 has been termed as Quasi Criminal Proceedings. As to joint liability, the recent notable case is Alka Khandu v. Amar Shyam Prasad, AIR 2021 SC 1616. Insertion of Section 143-A providing interim compensation "to the complainant" and Section 148 providing "Power of Appellate Court to order payment pending appeal against conviction" in furtherance of aims and object of the Act. These two sections support compensatory justice in dishonour of cheques.