Legal Question in Banking Law in India

Reserve Bank of India, is the Apex Banking Body in the Country. RBI exercises general supervisory powers over all the Banks and Financial Institution in the Country. Section 35 A of the Banking Regulations Act, confers powers upon the RBI to issue necessary guidelines from time to time to regulate the functioning of the Banks and Bank are bound to follow such Guidelines issued by RBI.

The Guidelines issued by the RBI , in exercise of its power u/s 35 A of the BR Act are statutory in nature and has the force of law, and thus such guidelines are Mandatory in Nature.

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VIvek N Mapara

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