Tag: Banking Laws

List of Master Directions issued by Reserve Bank of India

The existing set of Master Circulars issued by RBI on various subjects will stand withdrawn with the issue of the Master Direction on the subject. The Master Directions consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions.

Performance bond and performance guarantee

A bank which gives a performance guarantee must honour that guarantee according to its terms. It is not concerned in the least with the relations between the supplier and the customer: nor with question whether the supplier has performed his contractual obligation or not; nor with the question whether supplier is in default or not.

Letter of credit

It was independent of and unqualified by the contract of sale or other underlying transactions. It was a mechanism of great importance in international trade and any interference with that mechanism was bound to have serious repercussions on the international trade of this country.


An Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters, to repeal the Money‑changing and Remittance Businesses Act (Chapter 187 of the 2008 Revised Edition) and the Payment Systems (Oversight) Act (Chapter 222A of the 2007 Revised Edition), and to make consequential and related amendments to certain other Acts.

Banking Laws Index

Banking  Laws & Regulations Currency & Coins Central Banking & Reserve Bank of India National And Scheduled Banks Private Banks Foreign Banks Commercial Banks Co-Operative Banking Development Banks Export Import Banks Housing […]

Banking Laws in India

Acts  exclusively administered by Reserve Bank of India Reserve Bank of India Act, 1934 Public Debt Act 1944 Government Securities Act 2006 Government Securities Regulations, 2007 Banking Regulation Act 1949 Foreign Exchange […]