Syllabus of Banking & Insurance Law

GALGOTIA UNIVERSITY
SCHOOL OF LAW
SYLLABUS
Course Title: Banking & Insurance Laws
Course Code: LLB 216
LLB
Semester II
Course Description
The emerging changes in India, particularly after the initiation of the planning process as an
instrument of rapid economic development had moulded and affected the banking structure,
policies, patterns and practices. The commercial banks entered 'into the field of wide ranging
financial assistance to industry, both large and small scale, requiring the need for social control of
the banking system eventually leading to the nationalization of banks. The insurance idea is an oldinstitution of transactional trade. The age old form of insurance was the marine insurance.
Consequently, in due course of time fire and life insurance, made their appearance. Within the last
hundred years the insurance principle is being extended wider. Today one finds insurance cover for
accidents, motor vehicles, glass, live stock, crop, burglary and various other disasters. Insurance is a
device not to avert risks, calamities and disasters; but to mitigate their rigours and. financial
losses. The function of insurance is to spread such loss arising from risks of life over a large
number of persons.
Course Objective
This course is designed to acquaint the students with the conceptual and operational parameters
of
banking and Insurance law, the judicial interpretation and the new and emerging dimensions of the
banking and Insurance system.
Course Outcome
As now the scope of Baking and Insurance sector is getting wider from the conventional role.
Students to be well acquainted with the conceptual as well as practical aspects of Banking and
Insurance Laws as per the changing
scenario.
Pedagogy
Learning begins with Socratic Method to be followed by dialectic process of learning and critiquing;
gradually to develop in case studies, research and finally to go for art of lecture and convincing the
listeners.
Evaluation Scheme
(A) Continuous Evaluation:
(i) Projects (15 marks for projects+5 marks for presentation)
20
(B) Centralized Evaluation

(i) CAT I (Continuous Assessment Test
(ii) CAT II (Continuous Assessment Test
(ii) Semester End Examination (SEE)
Total
10
10
60
100
Syllabus
UNIT I: Banking System in India
a) Indian Banking Structure - Origin Evolution of Banking Institutions, Financial
Institutions- Types and functions of banks.
b) Relationship between banker and customer
Nature and type of accounts
Contract between banker & customer
Banks duty to customers
Recent Trends in Banking: Automatic Teller Machine and Internet Banking, Mobile
Banking, Smart Cards, Credit Cards.
UNIT II Banking Regulation Laws
a) Reserve Bank of India Act,
1934 b) Banking Regulation Act,
1949
UNIT - III Law relating to Negotiable Instruments, 1881 Act

a) Kinds of Negotiable Instruments: Promissory Note, Bill of Exchange, Cheque
Definition and Nature.
b) Holder and holder in due course: Presentment and payment Parties NegotiationAssignment Presentment Endorsement Liability of parties Payment in due course
c) Crossing of Cheques: Object of crossing; Kinds of crossing general, special, notnegotiable & account payee crossing; Who may cross?.
d) Liabilities for Dishonour of Cheques : Dishonour of cheque for insufficiency etc. of
funds; cognizance of offences .
UNIT IV Lending, Securities and Recovery by Banks

a) Principles of Lending
b) Default and recovery, Recovery of debts, Debt Recovery Tribunal.
c) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests
Act, 2002.
UNIT V Insurance
a) Nature- Definition- History of Insurance- History and development of Insurance in India
b) Legal Framework
Insurance Act, 1938
IRDA Act 1999
c) Nature of Insurance Contracts: Contract of Insurance: Classification of contract of
Insurance- Nature of various Insurance Contracts- Parties there to- Principles of good faith
non disclosure Misrepresentation in Insurance Contract.
d) Premium: Definition-method of payment, days of grace, forfeiture, return of premium,
Mortality; The risk - commencement, attachment and duration.
UNIT VI Kinds of Insurance

a)
b)
c)
d)
e)
Life Insurance
Medi claim
Property Insurance
Fire Insurance
Motor Vehicles Insurance (with special reference to third party insurance.
Prescribed Books
1) Mark Hapgood, Pagets Law of Banking
2) Birds, Modern Insurance Law
3) Ross Cranston, Principles of Banking Law
4) E.R. hardy Ivamy, General Principles of Insurance law
5) Edwin W. Patterson, Cases and Materials on law of Insurance
6) C.R. Datta & P.M. Bakshi, M.L. Tannans Banking - Law and Practice in India
7) S.V.Joga Rao, M.N. Srinivasans Principles of Insurance Law
8) M. Dassesse, S. Isaacs and G. Pen, E.C. Banking Law
9) R.K. Gupta, Banking - Law and Practice (2nd ed. 2008)
10) R.S. Narayana, The Recovery of Debts due to Banks and Financial Institutions Act, 1993
11) M.R. Umarji, Law and Practice Relating to Securitisation & Reconstruction of Financial
Assets & Enforcement of Security Interests
12) Vinod Kothari: Securitisation, Asset Reconstructi on & Enforcement of Security Interests,
13) R.C. Kohli, Practical Approach to Recovery Management in Banks/FIs & Securitisation
Act
14) O. P. Faizi & Ashish Aggarwal, Khergamvala on The Negotiable Instruments Act
15) Ranganath Misra, Bhashyam & Adigas The Negotiable Instruments Act
16) Avtar Singh, Negotiable Instruments
17) S. Krishnamurti Aiyar, Law Relating to the Negotiable Instruments Act
18) K.S.N. Murthy & K.V.S. Sarma, Modern Law of Insurance in India
19) Banerjee Law of Insurance, Asia Law House,
20) M.N. Sreenivasan, Law and the Life Insurance Contract
21) M. S. Parthasarathy (Ed.), Khergamvala - Negotiable Instruments Act.
Recommended Readings:
1) Law Commission of India, Eleventh Report on the Negotiable Instruments Act, 1881 (1958)
2) Law Commission of India, One hundred and twenty fifth Report relating to establishment of Evening
Courts (1988)
3) Law Commission of India, Two hundred thirteenth Report on Fast Track
4) Janakiraman Committee Report on Securities Operation of Banks and Financial Institution
(1993)
5) Narasimham Committee report on the Financial System (1991)- Second Report (1999)

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GALGOTIA UNIVERSITY

Course Code: LLB 216

(B) Centralized Evaluation

UNIT - III Law relating to Negotiable Instruments, 1881 Act

UNIT IV Lending, Securities and Recovery by Banks

UNIT VI Kinds of Insurance

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