ICFAI Law School, Hyderabad
- Fees: ₹ 210,000
- Exams: ILSAT
What is Banking Law
Banking law consists of those laws which are laid down for how the banks work/should work. A course in Banking Law is conceived to make the students aware of the norms and rules of the bank. They can differentiate between the working of private, public and corporate brands.
The students will become familiar with the laws that overlap with the legal and regulatory laws which apply to the banks and the companies which are held by the bank. They learn about how the banks work and manage risks. Banking law also includes the stock market and economy-related regulations under its ambit.
Students can pursue Banking law specialisation at the Undergraduate and the Postgraduate level.
Eligibility Criteria (UG & PG) of Banking Law
The eligibility criteria for Banking law may vary from college to college, but the most required and common ones are –
For Undergraduate Course –
Passed their 12th or any other equivalent exam with the minimum marks requirement, i.e. 45% - 55% aggregate marks.
For Postgraduate Course –
Passed their LLB or any other equivalent degree from a recognized university.
Banking Law Entrance Exam
The following exams have to be given by the students –
CLAT – This exam gives admission to colleges of NLUs and others all over India. The courses are UG and PG courses. The eligibility criteria for this exam is 45% aggregate marks in 10+2 exams. The exam is conducted offline and is 2 hours long.
UPES Law School Admission Test – The exam is conducted online for 3 hours. It is a university-level exam. The questions are on topics like language comprehension, quantitative and numerical ability, logical reasoning, general legal knowledge and legal aptitude. This course gives admission to UG courses.
MH CET Law – It is a state-level exam. The students should have passed 10+2 with 45% aggregate marks. It is an offline exam for 2 hours. It gives admission to UG courses.
LAT – Conducted by Allahabad University, so it is a state-level exam. It gives admission to UG courses. The exam is conducted via offline mode for 2 hours. The students should have 45% aggregate marks in 10+2.
DU LLB Entrance Exam – The exam is conducted offline for 2 hours. The exam gives students admission into 6 colleges in Delhi. The students should have scored at least 50% marks for their bachelor degree. The paper would contain 100 objective type questions. The course gives admission to PG courses.
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Scope of Banking Law in India and Abroad
The Indian Banking Sector is growing rapidly and is one of the strongest and regulated economies in the world. Banking law opens vast opportunities for the people. When demonetisation was executed in India, it led to a big crunch in liquidity (money readily available to use). But this will result in huge demand for services of lawyers as now every transaction that will take place will require the guidance and supervision of the senior lawyers.
Course Fees Banking Law
| Minimum Fees | Maximum Fees | |||
|---|---|---|---|---|
| Private | Government | Private | Government | |
| PG |
1.60 Lakhs
L.L.M in Banking Law at Maharishi Law School, Maharishi University of Information Technology, Noida
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2.10 Lakhs
L.L.M in Banking Law at ICFAI Law School, Hyderabad
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| DIPLOMA |
7.90 K
Diploma in Banking Law at Indian School of Business Management and Administration, Kochi
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Data not available
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7.90 K
Diploma in Banking Law at Indian School of Business Management and Administration, Kochi
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Course Subjects
The subjects taught in colleges are given below –
For UG Course –
1) Legal Method and Legal Reasoning
2) Fundamentals of Moot Court
3) Business Organization
4) Legal Language and Legal Writing
5) Torts and Consumer Protection Act
6) Quantitative Techniques for Decision Making
7) Trial Advocacy
8) Civil Procedure Code and the Law of Limitation
9) Human Rights and International Law
10) Law of Corporate Finance
11) Intellectual Property Right
12) Law of General Insurance
13) Drafting Conveyance
14) Bankruptcy and Insolvency
15) Arbitration, Conciliation and ADR Mechanisms
For PG Course -
1) Introduction to Law and Legal Systems
2) Commercial Contracts, Drafting and Negotiation
3) Business Structuring, Accountancy and Law Taxation
4) Corporate Governance and CSR
5) Business Centric Dispute Resolution
6) Banking Law
8) Regulation of Technology-based Payment Method
9) Corporate Finance, Investment Laws and Compliances
10) Legal Risk Management, Sectoral Regulatory
Careers in Banking Law
The students after doing their UG course can go for a PG course in the same field or can go searching for jobs. The most common job profile where they would like to go is the banking lawyer. A banking lawyer provides all the legal services to the companies under the financial services industry. For transactions to take place, they take the place of lenders, agents, participants and borrowers.
Apart from being a banking lawyer, the students can also look for other law job profiles like a legal analyst, tax consultant and compliance officer.
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Upcoming trends
Since this field is an ever-growing one. A lot many new trends have been coming up.
Some of the trends are –
Improving Customer Service - They are focusing more on the deposits. They are finding innovative ways in Banking law to attract more and more customers to invest in their bank and also improve their customer service. They have started using fancy words of 'customer delight', 'customer experience' etc.
Mobile apps - They have started using mobile apps for the transfer of payments. They are trying to set up such efficiency of voice and video banking in the future.
Collaboration and partnership – Collaborations are bringing in innovation which the banks couldn't make. There will be more use of e-commerce from different segments of society.
Job Profiles and Top Recruiters
Banking Law Job Profiles
A lot of job profiles await for the graduates. Some of them are –
Job Profile | Job Description |
Compliance Officer | They help to manage the risks and avoid court problems by doing proper paperwork and according to the state and federal laws. They also develop company policies, track the compliance and perform audits too. They have to keep a check on the new regulations and rules that come up in the laws to help the business be up-to-date. |
Legal Analyst | They conduct legal research and gather legal information regarding the laws. They pay attention to the contracts, leases, licenses, policies and other documents like assembling the documents and proofread. They record the daily documents in electronic devices and also physically file them. |
Tax Consultant | They have to prepare tax payments. They have to track the tax returns. Keep the quarterly and yearly tax reports up-to-date. Keep on updating the taxes paid by the company. They have to prepare the papers required during the tax payments and return. Pull up strategies of saving tax and how to increase these profits. |
Banking Law Top Recruiters
The companies who hire these graduates are –
1) Growth Solutions PVT. Ltd
2) Sun Pharmaceutical Industries Ltd.
3) ABC Advocates
4) Arin Consultancy Private Limited
5) Symphony Tech Solutions and amp.
6) Morpheus Human Consulting
7) Royal Realtors Group of Companies
8) RJ Group of Companies
9) Lupin Pharmaceuticals
10) Reliance Big Entertainment PVT. Ltd
Average Salary
The salary of the individual varies with the years of experience and how knowledgeable they are –
Job Profile | Average Salary |
Compliance Officer | Rs. 4-5 lakhs p.a. (Approx.) |
Legal Analyst | Rs. 3-4 lakhs p.a. (Approx.) |
Tax Consultant | Rs. 5-6 lakhs p.a. (Approx.) |
Required Skillset for Banking Law
For the aspirants who want to pursue banking law as a career should have profound knowledge about the laws and should have fluency in oral and written communication.
Some of the key skills which can help these aspirants in Banking law are written below
Clarity of Speech – The lawyers should speak clearly whatever they want to say, their clients and the opposite parties should clearly understand their speech and what they want to say.
Good Convincing Power – The lawyers should be able to convince the judges or the other parties that their client is innocent or whatever step they are taking is right.
Ability to work in a team – They should be comfortable when they are asked to work in teams. They should be able to interact with everyone and make others feel at ease so that everyone opens up and puts forth their points and views.
Good presentation skills – Presenting yourself formally and confidently may sometimes break the confidence of the opposite parties. Make sure you present your client's case very well, which will help you win.
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Course Curriculum for Banking Law
The students in Banking law are taught which the banking and financial services industry is under the laws of India. Bankruptcy and its related laws from the point of view of creditors and how to deal with them. Survey of state law collection remedies and non-bankruptcy composition and liquidation schemes are seen along with the rights, obligations and procedures for bankruptcy law. There are Banking law internships offered to the students which give them real-life experience in the field of financial services law. They work under the supervision of the professional.
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Frequently Asked Questions (FAQs)
Question: What are the job profiles for these graduates?
Answer :
The various job profiles available for the graduates are –
1) Banking Lawyer
2) Tax Consultant
3) Legal Analyst
4) Compliance Officer
5) Financial Consultant
6) Investment Advisor
7) Corporate Lawyer
8) Investment Banker
Question: Which are the courses available for banking law?
Answer :
There are 3 courses available for banking law. Diploma which can be done after 10+2 immediately for 1 year. Then comes a bachelor's course which is also done after 10+2 for 3-5 years depending on if it is integrated or not. And last the Master's course for 2 years.
Question: What are the fees of the colleges?
Answer :
The college fees vary from college to college. The private colleges would have higher fees of about Rs. 3-4 lakhs while the government colleges have fees up to Rs. 1 lakh.
Question: Which are the books they can refer to?
Answer :
The books the students can refer to are –
1) Principles of banking law – Ross Cranston
2) Ellinger's Modern Banking Law
3) Value Added Tax Fraud – Marius-Christian Frunza
4) Banking Law and Regulation – Iris H. Y. Chiu and Joanna Wilson
5) Banking and Financial Institutions Law in a Nutshell – William Lovett
Question: Which are the top colleges offering banking law courses?
Answer :
The top colleges offering this course are –
1) NLU Kolkata, Kolkata
2) School of Law, University of Petroleum and Energy Studies, Dehradun
3) ICFAI Law School, Hyderabad
4) ISBM – Indian School of Business Management and Administration, Hyderabad
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