Banking and Finance Law

• • Banking law can be defined as the part of the law that regulates the legal relations of banks in their capacity as financial institutes. The business of
    a bank is defined and regulated principally by the Banks Act 94 of 1990.
    
    There are two broad fields of banking law, namely, private banking law and public banking law. Private banking law regulates the legal
    relationships between banks and their customers, and between banks and third parties who contract with banks. Public banking law regulates
    the legal relationships between banks and those organs of state (such as the Registrar of Banks) that have authority over banks.
    
    Fundamental phenomena in South African banking law:
    
    • Banking law as part of the law of obligations – banking law is an application of concepts and techniques of the general law of
    obligations as well as the law of things.
    
    • Bank-customer relationship is a multi-faceted one – it involves various types of contract. The parties to the bank-client relationship
    may be either the debtor or creditor (e.g. client deposits money into his/her savings account, the client is the lender and the bank is the
    borrower. But if the same client applies for an overdraft on a current account, the roles would be reversed.) This gives rise to the multifaceted nature of the relationship.
    
    • Globalisation – like most other industries banking has been globalised. In order for South African banks to participate on the
    world stage, they have to comply with international standards. Our national banking law will have to be adapted and harmonised to be compatible.
    
    • Major practical changes in the banking sector – this is predominantly as a result of technological advancements.
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    Hi, I’m Kailash Pillay, an attorney from the city of Johannesburg. My passion for the law
    stems from a desire to improve upon the lives of the vulnerable who fall prey to a
    corrupt system.
    I studied at the University of Johannesburg where I obtained my Bachelor of Laws
    degree, the starting point to the long journey of becoming a legal practitioner.
    This profession has taught me to persevere through the complexities of the law and to
    continually develop my skills as a legal professional.