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Banking law refers to a set of legal principles which affect banking transactions and the relationships that result from them. Banking law in general is a part of the Law of Merchants or the Lex Mercatoria. In fact there are several other diverse sources of banking law like common law, statutes, equity and contract.
While some believe that the word ‘bank’ owes its origin to the German word ‘Banc’ meaning a joint stock firm, others hold the view that it has been derived from the Italian word ‘Banco’, meaning a heap, which, at that time probably denoted the amassing of money or securities with a joint stock firm. Still others believe that the Greek word ‘Banque’, meaning a bench, is the source of the word. The Jews used to enter into money transactions sitting on benches in the market and when a banker was unable to meet its obligations, the bench was broken into pieces and he was considered bankrupt.
It was in 2000 BC itself that the Babylonians had developed a banking system. Around the same time, the Greeks too had developed a similar system. Temples became the centre of banking transactions in the two places. Banking at this time was confined to money-lending only and it was primarily the Jews who were involved in the transactions. With the development of trade and commerce, however, the Christians too entered the business strategy. The Bank of Venice was the first banking institution to be established in 1157 in Italy. It used to accept deposits which could be transferred from one account to another or demanded or drawn from the account. The first Central Bank to be established was the Sveriges Riksbank in 1668, which was followed by the Bank of England in 1694.
Banking law today is a vast and dynamic area of law. It seeks to govern banking transactions which are of fundamental importance to economies as well as individuals and thus its significance. Most of the nations have now drafted legislation to regulate the functioning of banking institutions. It makes for a challenging and interesting area of legal practice. However, this multidimensional subject, at times, gets difficult for students to grasp, as a result of which, they end up getting low marks in their banking law assignments. For times like these and other, our team of banking law experts provides excellent quality banking law assignment help that will only lead you to achieve top grades in your banking law courses but will also help you learn and understand the subject. For students seeking banking law assignment help, send us your assignment through our upload form or contact us directly for personal assistance.
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