SNG & Partners revises M L Tannen's Banking Law and Practice

The book provides an in-depth study of a highly specialized branch of law

Managing Partner of law firm SNG & Partners, Rajesh Narain Gupta has revised the 29th edition of M L Tannan's Banking Law and Practice in India. With a foreword by eminent jurist and former Chief Justice of India, Justice Dipak Misra, the book comprises 58 chapters.

It provides a holistic overview of the operational and regulatory aspects of global and domestic banking laws. The chapters offer an in-depth analysis of varied legislation and regulatory framework, guiding the functioning of the banking industry.

Published by Lexis Nexis, the chapter on environmental, social and corporate governance (ESG) highlights the importance of intangible assets as a key metric for determining the value of future enterprises globally. Subjects like ethical impact and sustainability of investment have emerged as key concern areas for companies, investors, and stakeholders in recent years.

The historical assumption that ethically directed investments would fundamentally reduce financial returns has begun to be challenged in an environment that accords priority to the societal impact of business.

Similarly, crypto-currency essays its importance as a globally accepted digital currency. It facilitates exchanges of value and traces the rise of unregulated digital assets formulated as decentralized networks. These render them to become immune to government interference and keep them outside the regulatory purview of any central authority.

An important focus area of the book is the chapter on non-performing assets (NPAs) or bad debts - presently the biggest challenge for financial institutions in India. The health of India's banking industry can be gauged by examining the level of NPAs on the balance sheets of the banks.

The book also contains a significant section on the insolvency and bankruptcy code (IBC) 2016, which was enacted to consolidate and amend the existing laws in India. Conceptualized as the primary legislation, it provides a broader framework for insolvency and liquidation of varied corporate entities. These include companies, limited liability partnerships (LLPs) and other entities.

"I find that the book has touched upon the traditional and the new fintech-related issues pertaining to the non-banking financial company (NBFC) sector, including housing and various aspects related to lending to the housing sector. The compilation of regulatory expectations on matters connected with the digital platforms is very informative," Vice Chairman and CEO, of HDFC Bank, Keki Mistry, said.

Terming the book as a powerful source of updated and relevant information on banking laws in India, chartered accountant and Non-Executive Chairman of L&T Finance, Shailesh Haribhakti felt, "The legal teams could easily understand laws and practices as applicable to modern-day banking systems at one place."