The banking sector in India is mainly regulated by the Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949. The Reserve Bank of India Act,1934 was enacted to establish and regulate the functions of the Reserve Bank of India. The Banking Regulation Act, 1949 provides a framework for supervision and regulation of all banks. The Foreign Exchange Management Act, 1999 is the key foreign exchange control law in India. FEMA and the rules made thereunder regulate cross-border activities of banks. There are other legislations like the Companies Act,1956, the Negotiable Instruments Act,1881, the Indian Contract Act,1872, the DRT Act,1993, the Limitation Act, 1963, the Recovery of Debts Due to Banks and Financial Institutions Act 1993, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002; etc. which are ancillary to the RBI Act, 1934 and the Banking Regulation Act,1949.

The Government of India has established Debt Recovery Tribunals and Debt Recovery Appellate Tribunals under the Recovery of Debts Due to Banks and Financial Institutions (RDDBFI) Act, 1993 to expedite recovery of loans by banks and financial institutions from the customers. Orders of the Debt Recovery Tribunal are appealable before the Debts Recovery Appellate Tribunal. The Debt Recovery Tribunals are set up in 39 places in India, whereas the Debt Recovery Appellate Tribunals have been constituted in 5 cities in India, i.e. Mumbai, Delhi, Kolkata, Prayagraj and Chennai.

We are one of the best law firms to provide our clients with comprehensive legal service in field of banking law. Our expertise in the banking sector ranges from recovery actions for banks and financial institutions to legal management, restructuring, and reorganization of banking assets and NPAs, legal service and advisory work in all type of commercial and banking transactions including Negotiations and Documentation, Securitisation and Hypothecation, Loans, Arbitration proceedings; Recovery suits under order XXXVII of CPC, letters of credit, cheque transactions, bank guarantees, matters before DRT and DRAT etc.