BANKINS LAW TRENDS

AUTHOR – KANISHKA CHOUDHARY, STUDENT AT RAJASTHAN SCHOOL OF LAW FOR WOMEN, JAIPUR

BEST CITATION – KANISHKA CHOUDHARY, BANKINS LAW TRENDS, ILE LEX SPECULUM (ILE LS), 1 (1) OF 2023, PG. 45-50, APIS – 3920 – 0036 | ISBN – 978-81-964391-3-2.

ABSTRACT

The banking and insurance industries are experiencing significant changes in their legal landscapes due to the emergence of fintech companies and advancements in technology. These evolving trends include the adoption of internet banking services, the rise of fintech companies, and the shift in market share towards nonbanks and shadow banks The legal landscapes of the banking and insurance industries are undergoing transformative changes, fueled by the emergence of fintech companies and advancements in technology. This shifting landscape is characterized by various trends such as the increasing adoption of internet banking services, the growing influence of fintech firms, and a notable shift in market share towards nonbanks and shadow banks.These developments have led to an urgent need for an effective regulatory framework that can accommodate these rapid changes while ensuring consumer protection, innovation promotion, and financial inclusion. A well-designed regulatory framework should aim to establish clear rules that maintain market integrity while encouraging fintech innovations.Furthermore, it is essential for policymakers to prioritize efforts in developing robust regulations specifically tailored for fintech entities. The implementation of initiatives like regulatory sandboxes or informal guidance programs can offer valuable flexibility without compromising on necessary oversight.Overall, creating a comprehensive legal framework will help foster sustainable growth within the financial sector by supporting emerging players like fintech companies while also mitigating any potential risks associated with their operations.

Keywords : fintech, fintechs Cordeiro, banking law, fintech companies, traditional banks And financial services