What is the role of Law Officer in Banks?
Recruitment of Law Officers in Banks
Apart from the PO jobs in bank, there are several other categories for which officers are recruited in banks and one among them is the law officer. The recruitment of law officer in Public Sector Banks is done through the IBPS Specialist Officer Examination whereas some banks such as SBI, NABARD, and SIDBI conduct separate examinations for the same. For IBPS SO Law officer, candidate should have an LLB Degree and enrollment in the Bar Council of India as an advocate however, in some banks experience is also required..
Law Officers: What do they do?
The law officers are an important part in the operations of the bank because whatever is done by the bank starting from the branch level should be compliant with concerned laws of the field. The law officers are tasked with a number of responsibilities:
- Ensuring Compliance with RBI Norms: As a scheduled bank, every bank is required to abide by the rules and regulations of the regulator i.e. RBI and it is the law officer who is in charge of the same.
- Framing Legal Documents: For various purposes of the bank, legal documents are required in order to make the processes followed by banks. Law Officers need to take care of that aspect also.
- Legal Representative of the Bank: Banks have to file suits and cases against borrowers, fraudsters etc. The Law Officer has to represent the bank in the court of law in these kinds of cases.
- Legal Counsel of the Bank: Whenever any legal opinion is required regarding any procedural lapse or operational flaw in the banks, the management turns to law officers to provide the same.
- Making Laws Simpler for Everyday Use: It is not possible to have a law officer at every branch of the bank. Therefore, it is necessary that day to day operations are taken care of properly at the branch level. Hence, it is the responsibility of the law officers to explain legal aspects in simple layman terms for the convenience of everybody.
The law officers are the pillars that are there to take care of the regulatory and compliance aspect of the bank. Though the post ensures postings at regional offices and zonal offices only, scope for promotion is not as good as a PO. Simply, a PO may become the MD-CEO of a bank one day but a law officer can never reach that level.