free site statistics

What is Banking Law and Banking

Published 7 years ago by LankaTricks
What is Banking Law and Banking

In this article give you same best introduction about “What is Banking Law and Banking” and related concepts.Before knowing about banking law should know that what the mean of law and what the mean of bank. It can be help to understand the banking law correctly.

What is Banking Law and Banking

The Meaning of Law

When considering simply,Law is a system of rules that govern a society with the intention of maintaining social order, upholding justice and preventing harm to individuals and property.There is no only one correct definition about low. However,various knowledgeable people are define law as various ways.Same of these definitions are as follows.

 

In The Science of Law (1885) British jurist Sheldon Amos wrote -:

“A law is … a command proceeding from the supreme political authority of a state, and addressed to the persons who are subjects of that authority.”

Harold Joseph Berman wrote in The Interaction of Law and Religion (1974) -:

“Once law is understood as an active, living human process, then it is seen to involve – just as religion involves – man’s whole being, including his dreams, his passions, his ultimate concerns.”

“The principal ways in which law channels and communicates (these) trans-rational values are fourfold. First, through ritual, that is, ceremonial procedures which symbolize the objectivity of law. Second, through tradition, that is, language and practices handed down from the past which symbolize the ongoingness of law. Third, through authority, that is, the reliance upon written or spoken sources of law which are considered to be decisive in themselves and which symbolize the binding power of law. Fourth, through universality, that is, the claim to embody universally valid concepts or insights which symbolize the law’s connection with all embracing truth. These four elements – ritual, tradition, authority and universality – are present in all legal systems, just as they are present in all religions.”

 

The Meaning of Bank

when considering banking there at lease three ways to define what a bank is. The first one of is ,a bank is able to be defined as its business entity. Normally, a bank is chartered by a federal or state government. The business entity should include the word bank or trust in the name of its business entity.The Second one of is, a bank is able to be defined as the services it offers. Normally, a bank  makes loans and accepts deposits .while it may provide other services, makes loans and accepts deposits are its core services.The Third one of is, a bank is able to be defined by its doing economic function. Banks are financial intermediaries that provide transaction services to their customers. Banks allow  expertise on transactions, diversification, economies of scale, convert illiquid investments to liquid ones, and a safe place to store money as a financial intermediary.

When considering bank transaction services, It involve an accounting system of exchange which permits transferring wealth through bookkeeping entries and also involves maintaining accounts at the Federal Reserve and also  is more efficient than transacting in currencies themselves. These function is unique for banking institution.

 

What is Banking Law?

Banking law is a part of law dealing with specific principles and institutions. Banking law can be defined as both from the institutional and functional aspects. The functional approach is particularly well suited for defining the content of banking law and distinguishing banking law from other branches of law.Based on whether the banking law concept includes public law rules, the narrow and broad meanings about banking law can be differentiated. Therefore the question of dividing under public or private of banking law. As banking relations primarily constitute the relations between the bank and its client, banking law falls within the domain of private law. However, when considering its broad sense, banking law covers public law rules also.

Banking law is mainly based on definite following principles.These are the main principles.protection of the depositor and investor, transparency, trust, enhanced duty of care of bank officials in dealing with the client’s affairs, recognition of the equality of contractual parties.

 

Regulatory Compliance

When considering present regulatory environment, there is no choice for banks to make compliance a priority.This is able to involve an labor-intensive and expensive process which will affect everyone within the organization.Firstly, the applicable rules and regulations must be correctly identified and ranked it in order of the risk associated with noncompliance.This evaluation by itself will often require input from an attorney familiar with the bank’s operations and the next step will be to design and implement a compliance plan.

 

Selecting a Banking Law Attorney

If your institution or company is/are looking to avoid regulatory action and the cost associated with it, you want experienced legal counsel. there are many law firms have retired banking executives and government regulators on staff, providing valuable real-world experience. Hence,Contact a banking law attorney to learn more about that.

 

 


– The contents we publish on this website regarding the professional and educational courses are extracted from various sources, such as newspaper advertisements, circulars, and websites. The right to this information belongs to the first owner of the information. If any alteration happens to this information, we don’t take the responsibility arising from such alteration. Instead, we do inform you as soon as possible regarding the updated information related to professional and educational courses. Also, we allow access you to gain essential knowledge related to competitive exams.

Related Posts

General Knowledge - Part 2

General Knowledge - Part 2

Published 11 months ago by LankaTricks

General knowledge - Part 2 consists of 30 questions with answers that are related to various topics, including geography, history, civics, innovations, intelligence, arts, sports, and science. These help to enhance your general knowledge and develop your intellectual abilities.

Knowledge
Ravana Waterfall - One of the most popular travel destinations in Ella, Sri Lanka

Ravana Waterfall - One of the most popular travel destinations in Ella, Sri Lanka

Published 10 months ago by LankaTricks

Ravana Waterfall is a part of the Ravana Ella Wildlife Sanctuary. It is located on Ella - Wellawaya road, around 6 km from the Ella Railway Station. Otherwise, travelers can reach Ravana Waterfall by traveling 10 km towards Wellawaya from Kubalwela junction in Badulla - Bandarawela road. This waterfall can be viewed from the main road. Kirindi Oya originates from the south of Bandarawela in the Badulla District based on Ravana Waterfall.

Travel Destinations
Grade 5 Scholarship Exam Paper 2015

Grade 5 Scholarship Exam Paper 2015

Published 5 years ago by LankaTricks

Grade 5 Scholarship Exam is the one of major exam in Sri Lanka and also It select the student who pass the examination to best schools in sri lanka in future studies. In this post you can get Grade 5 Scholarship Exam Paper 2015 question paper. This exam is conducted by the Department of Examination in…

ExaminationsGrade 5 Scholarship Exam
Introduction to Microcontroller - PIC Microcontroller Progamming - 01

Introduction to Microcontroller - PIC Microcontroller Progamming - 01

Published 6 years ago by LankaTricks

Introduction to Microcontroller In this tutorial, we are going to give you to same complete tutorial about Microcontroller programming using PIC Mirocontroller and also this tutorial about Introduction to Microcontroller Programming and this is the first lesson of PIC Microcontroller Programming Series. In day today Life,we all deal with the various types of electronic devices…

Tutorials
Importance of Business Registration and Way of Business Registration

Importance of Business Registration and Way of Business Registration

Published 6 years ago by LankaTricks

This Post is related about the registration of Sole Proprietorship Business, Partnership Business and Private or Public Limited Company. and this gives many information about Importance of business registration and what the available ways of business registration. This Post will help for the people who have idea to begin new business for registration of their business….

Knowledge
How to Find a  Reliable Web Hosting Service

How to Find a  Reliable Web Hosting Service

Published 6 years ago by LankaTricks

When Getting a decision to making same website one of impotent thing is finding a good and reliable web hosting service. To find a reliable web hosting service should consider about many factors. before baying a web hosting service you should consider following factors. Ease of use If you are a novice, you would do…

Knowledge