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CEC

Law of Banking, Insurance and Consumer Protection in India

CEC and English and Foreign Languages University via Swayam

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Overview

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Overview of the Course:The crucial component of the Indian financial system is Banks. An effective banking system supports the growth of the economy of the country. The banks are used by many types of society stakeholders for a variety of purposes. Banks act as a conduit for money between depositors and borrowers. In today's altered global business climate, banks provide a wide range of value-added services to their customers in addition to collecting deposits and making loans. As the nation's Central Bank, the Reserve Bank of India fulfils a variety of functions, including regulating, supervising, and facilitating the Indian Banking System. This course covers the evolution of banking laws in India and its regulatory framework, updated with latest legal and judicial developments. The Banking Regulation Act, 1949; The Banking Regulation (Amendment) Act, 2020; RBI Act, 1935 and related laws are explained.The Law of Insurance has historical roots that go through many generations and distant sources. This course has briefly traced its history and progress. The course covers the overarching ideas that form the basis of insurance law and aids in legal comprehension. Numerous insurance-related judgements from English and Indian courts are mentioned and appropriately explored in the right areas. It aims to encapsulate, broadly speaking, the idea, range, beginning, and evolution of insurance in the legislative frameworks with special emphasis on India. The Insurance Act, 1938; The Insurance Laws (Amendment) Act, 2015; The Insurance Regulatory and Development Act, 1999 and other laws governing insurance in India are discussed.Consumers are now more exposed to new types of unfair trade and immoral corporate activities due to the creation of global supply chains, growth in international trade, and rapid expansion of e-commerce. The Consumer Protection Act, 2019 was passed in place of the previous 1986 Act to defend consumers' interests in this new situation. At the proper times, the pertinent rulings of the Supreme Court, High Courts, and National Consumer Disputes Redressal Commission have been discussed.This course helps the learners in understanding the fundamental legal framework governing Banking and Insurance Sectors in India. The learners would understand the scheme of consumer protection provided under the Indian Law and become aware of their rights as consumers.Objectives of the Course:To understand the significance of banking business and need for its specific regulation.To study the various banking legislations in India.To study about Reserve Bank of India, its functions, powers and its control over Banking in India.To examine the relationship between Banker and Customer.To understand about Bank Guarantee, Letters of Credit and their operation.To understand the concepts of Banker’s lien and set-off; banking frauds and their remedies.To study the concept of insurance and its position in law.To examine the Insurance Act 1938; Insurance Regulatory and Development Authority Act 1999; Motor Vehicles Act 1988; Marine Insurance Act 1963.To understand the recent aments to the Insurance Act.To study about Micro Insurance, Rural and Social Insurance.To understand History and Evolution of Consumer Protection.To study the overview of Consumer Protection Act, 1986.To examine the working of Consumer Protection Act, 2019.To understand the concepts of defect in goods; deficiency in services; product liability and negligence.To study the nuanced aspects of consumer protection in E-Commerce transactions.To examine the grievance redressal mechanism under Consumer Law along with the role of Mediation.To study the legal aspects of consumer protection in Banking and Insurance Services.

Syllabus

Week 1

  1. Introduction to Law of Banking
  2. Banking Legislations
  3. Kinds of Banks and their functions
  4. Relationship between banker and customer-1
  5. Assignments

 

Week 2

  1. Relationship between banker and customer-2
  2. Bank Guarantees
  3. Letters of Credit
  4. Protection of Bankers as paying Banker
  5. Assignments

 

Week 3

  1. Banker’s Lien and set off
  2. Lending and recovery by banks
  3. Banking Frauds and Remedies
  4. Reserve Bank of India, functions, power and control over Banking in India
  5. Assignments

 

Week 4

  1. Recent Developments in Banking Law
  2. Introduction to Insurance: Concepts and Law
  3. Insurance Law and Regulations
  4. Insurance Act 1938: Insurer, Insured, Premium and Policies
  5. Assignments

 

Week 5

  1. Insurance Act 1938: Insurance Marketing and Intermediaries
  2. Insurance Act 1938: Funds Management and Solvency Margins
  3. Insurance Act 1938: Claims Settlement
  4. Insurance Act 1938: Control, Amalgamation and Winding of Insurance Business
  5. Assignments

 

Week 6

  1. Insurance Regulatory and Development Authority Act 1999
  2. Insurance Disputes: Grievances Settlement Mechanism
  3. Life Insurance – Law and Regulation
  4. General Insurance Business: Fire Insurance and Public Liability Insurance
  5. Assignments

 

Week 7

  1. Motor Vehicle Insurance: Motor Vehicles Act 1988
  2. Marine Insurance Act 1963
  3. Micro Insurance – Rural and Social Insurance
  4. Insurance Laws in India – Recent Developments
  5. Assignments

 

 

Week 8

  1. Consumer Protection – History and Evolution
  2. Consumer Protection in UK, USA and Other Countries – A Comparison
  3. Consumer Protection in India – Position under General Laws
  4. Consumer Protection Act, 1986 – An Overview of its Working
  5. Assignments

 

 

Week 9

  1. Consumer Protection Act, 2019 – Salient Features
  2. Defect in Goods and Deficiency in Services – Position under Consumer Protection Act, 2019
  3. Concept of Product Liability and Negligence
  4. Consumer Protection in E-Commerce
  5. Assignments

 

 

Week 10

  1. Grievance Redressal Mechanism under Consumer Law
  2. Role of Mediation in Consumer Disputes
  3. Consumer Protection in Banking and Insurance Services
  4. Consumer Protection – Emerging Trends
  5. Assignments

Taught by

Prof. (Dr.) G. B. Reddy

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