Banking law is the general term for laws that govern how banks and other financial institutions conduct business. Banks must comply with numerous laws and regulations and lawyers perform an array of responsibilities with regards to the creation and enforcement thereof.
Banking regulations are meant to ensure that banks conduct business in a fair and transparent way. The Central Bank oversees the banking institutions.
Banking laws may exist in order to achieve many objectives such as those aimed at consumer transparency, risk reduction for banking customers, investment banking and fund management, granting of credit, credit type and interest charge, misuse prevention such as money laundering, consumer confidentiality, fair debt collection practices and restructurings, dispute resolution committees for complaints or combating unfair loans to insiders like officers and principal shareholders.