Law of Banking, Insurance and Consumer Protection in India

By Prof. (Dr.) G. B. Reddy   |   English and Foreign Language University (Host University)
Learners enrolled: 2486

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.
Course Status : Completed
Course Type : Core
Duration : 12 weeks
Category :
  • Law
Credit Points : 4
Level : Undergraduate
Start Date : 30 Jan 2023
End Date : 30 Apr 2023
Enrollment Ends : 15 Mar 2023
Exam Date :

Page Visits

Course layout

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. Introduction to Insurance: Concepts and Law
  2. Insurance Law and Regulations
  3. Insurance Act 1938: Insurer, Insured, Premium and Policies
  4. Insurance Act 1938: Insurance Marketing and Intermediaries
  5. Assignments

Week 5

  1. Insurance Act 1938: Funds Management and Solvency Margins
  2. Insurance Act 1938: Claims Settlement
  3. Insurance Act 1938: Control, Amalgamation and Winding of Insurance Business
  4. Insurance Regulatory and Development Authority Act 1999
  5. Assignments

Week 6

  1. Insurance Disputes: Grievances Settlement Mechanism
  2. Life Insurance – Law and Regulation
  3. General Insurance Business: Fire Insurance and Public Liability Insurance
  4. Motor Vehicle Insurance:  Motor Vehicles Act 1988
  5. Assignments

Week 7

  1. Marine Insurance Act 1963
  2. Micro Insurance – Rural and Social Insurance
  3. Consumer Protection – History and Evolution
  4. Consumer Protection in UK, USA and Other Countries – A Comparison
  5. Assignments

Week 8

  1. Consumer Protection in India – Position under General Laws
  2. Consumer Protection Act, 1986 – An Overview of its Working
  3. Consumer Protection Act, 2019 – Salient Features
  4. Defect in Goods and Deficiency in Services – Position under Consumer Protection Act, 2019
  5. Assignments

Week 9

  1. Concept of Product Liability and Negligence
  2. Consumer Protection in E-Commerce
  3. Grievance Redressal Mechanism under Consumer Law
  4. Role of Mediation in Consumer Disputes
  5. Assignments

Week 10

  1. Consumer Protection in Banking and Insurance Services
  2. Recent Developments in Banking Law
  3. Insurance Laws in India – Recent Development
  4. Consumer Protection – Emerging Trends
  5. Assignments

Books and references

    • Avtar Singh, Banking and Negotiable Instruments, Eastern Book Company (4th edn, 2018)
    • John Odger’s KC, Paget’s Law of Banking, Lexis Nexis (15th edn, 2018)
    • ML Tannan, Banking Law & Practice in India (29th edn, 2021)
    • P. Vasantha Kumar, Banking And Negotiable Instruments - Law and Practice, Eastern Book Company (2020)
    • R. B. Chaudhary, Banking Laws, Central Law Publications (5th edn, 2022)
    • K. S. N. Murthy and K. V. S. Sarma, Modern Law of Insurance in India (6th edn, 2019
    • M. N. Srinivasan and K. Kannan, Principles of Insurance Law, (11th edn, 2021)
    • Taxmann’s Insurance Laws Manual (22nd edn, 2021)
    • Avtar Singh, Law of Insurance, Eastern Book Company (2022)
    • A. V. Narsimha Rao, Insurance Law, Regulations and Governance (1st edn, 2022)
    • G. B. Reddy and Baglekar Akash Kumar, Consumer Protection Act: A Commentary, Eastern Book Company (1st edn, 2021)
    • Taxmann’s Consumer Protection Law and Practice (2022)
    • J. N. Barowalia and Abhishek Barowalia, The Consumer Protection Act, Lexis Nexis (7th edn, 2021)
    • R. K. Bangia, Consumer Protection Laws (9th edn, 2022)

Instructor bio

Prof. (Dr.) G. B. Reddy

English and Foreign Language University (Host University)

Dr. G. B. Reddy is a lawyer turned academician. Studied B.A. (HPP), LL.B., and LL.M. (Constitutional Law) at Osmania University, and P.G .Diploma in Human Rights from University of Hyderabad. Obtained Ph.D.in Law from Osmania University in 1999 on the topic “Supreme Court and Judicial Activism – Its Contribution in Specific Areas of Constitutional Law after 1980”. His area of specialisation is Constitutional Law in LL.M. and Judicial Activism in Ph.D. He specialised in the area of Intellectual Property as an independent researcher, publisher and teacher.

He has secured three Gold Medals in LL.B. and one Gold Medal in LL.M. apart from being the first candidate to have qualified for UGC-JRF in Law from Osmania University in 1993.He practiced in the High Court of Andhra Pradesh for about seven years before joining the Faculty of Law, Osmania University. He authored 20 well received books on law including Women and Law, Intellectual Property Rights and Law, Copyright Law in India, Practical Advocacy of Law, Right to Information and Law and Judicial Activism in India. Two of his books namely Women and Law and Judicial Activism in India, have been reviewed favourably in the Book Review section of the Hindu by Justice V.R. Krishna Iyer. He also published more than 65 articles on law in standard national and international journals. He participated in National and International Seminars, Workshops and Conferences on Law and allied subjects and visited Japan, Malaysia, Singapore, South Korea and Thailand.

He has already offered 6 Swayam Courses on Human Rights, International Law and International Humanitarian Law; Intellectual Property Rights and Competition Law; Indian Judicial System: Legal Aid and Environmental Protection; Private International Law and Alternative Dispute Resolution; Legal Theory and Law Relating to Women; Law Relating to Companies, Securities, Insolvency and Bankruptcy in India, and more than 16000 students have taken the courses.

He holds the position of Director, PGRR Center for Distance Education, and was former Director of University Foreign Relations Office, Osmania University and was the founder Director of Legal Cell of the University. He was the former Dean, Faculty of Law; Head, Department of Law and Principal, University College of Law, at Osmania University. He was a member of General Council of NALSAR University of Law, Hyderabad (2011-2014), A.P. State Consumer Protection Council (2010-2013) and Hyderabad District Legal Services Authority by Government of A.P.  He is a Life Member of Indian Law Institute & Institute of Constitutional and Parliamentary Studies, New Delhi and American Studies Research Centre, (presently OUCIP). He is a member of Telangana State Legal Services Authority, Chairman, Ethics Committee of CDFD, Hyderabad, Member of Academic Council of NALSAR University. He is also the Dean, Faculty of Law of Mahatma Gandhi University, Nalgonda and Satavahana University, Karimnagar. He was also awarded the State Best Teacher Award by the Telangana State Government in 2021.

Course certificate

30% for in course assessment and 70% for end term proctored exam.

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