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The Court called for a shift from occasional seminars to continuous professional learning and proposed a full-time National Legal Academy to strengthen advocates’ skills, ethics, technological competence, and long-term development.
The instant dispute arose from Canara Bank’s allegation that the appellant’s legal opinion wrongly certified the entire mortgaged property as belonging to the guarantor, despite prior sale deeds affecting part of it. The Bank treated the alleged omission in title verification as negligence that exposed it to financial risk.
RBI has issued guidelines to ensure faster credit and improved processing of cross-border inward payments by requiring prompt customer intimation, frequent reconciliation, and quicker credit to beneficiary accounts.
These Guidelines aims to reduce delays at the beneficiary stage, the guidelines require timely customer intimation, faster nostro account reconciliation, same-day or next-day credit of funds, adoption of straight-through processing, and development of digital platforms for foreign exchange transactions.
“Such decision should be left to the commercial wisdom of the Bank whose amount is involved,and it is always to be presumed that Bank shall take a prudent decision whether to grant the benefit under the OTS scheme, having regard to the public interest involved.”
Empowering Financial Inclusion with RBI’s Master Circular.