Kerala - Kozhikode

Focus on trends in banking law

Kozhikode: A two-day international seminar on ‘Emerging Trends in Banking Law’ organised by Government Law College, Kozhikode, got under way at the P.V. Sami Memorial Hall here on Friday.

The seminar focussed on the revolutionary changes in the banking system over the last five years and the application of banking laws to these changes.

In his inauguration speech, Principal Legal Adviser, Reserve Bank of India, K.D. Zacharias said the demand from various sectors had caused a change in the character of the banking system. “Banking laws can be applicable to three areas of banking – the banking organisation, transaction mechanisms and regulatory frameworks.” Mr. Zacharias elaborated on various laws enacted by Parliament, from the Banking Regulation Act 1949 to the Payment & Systems Act 2007.

Presenting a paper on ‘Derivatives Regulation’ he said derivative transactions were posing a headache to the banking and legal structure because of the complexity underlying such transactions.

The seminar, backed by the University Grants Commission, intends to create an industry-academia dialogue focussing on the emerging areas in banking law and regulation.

An effort would be made to generate debates on the legal issues that were being faced by the banking industry on account of technology, said P.S. Gopi, Principal, Government Law College.

P.V. Gangadharan, president, Malabar Chamber of Commerce, in his welcome speech said that the shift of focus to the customer in banking services required greater awareness and expertise.

The second presentation at the seminar on Friday was by Nilanjan Sinha, Head, Legal and Risk, Yes Bank Limited, who spoke on ‘Economic Crisis and Indian Banking.’

The valedictory function will be attended by Justice R. Basant of the Kerala High Court on November 7.

© Copyright 2000 - 2009 The Hindu