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Banking Laws (Amendment) Bill - 2024
August 17 , 2024
17 hrs 0 min
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- The Government introduced the Banking Laws (Amendment) Bill, 2024.
- It seeks to increase the option for nominees per bank account to four, from existing one, among others.
- The Bill suggests the allocation of unclaimed dividends, shares, interest, or redemption of bonds to the Investor Education and Protection Fund (IEPF).
- It is redefining 'substantial interest' for directorships, which could increase to ₹2 crore instead of the current limit of ₹5 lakh, which was fixed almost six decades ago.
- The Bill also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month instead of the second and fourth Fridays.
- The Bill, proposes to amend the
- Reserve Bank of India Act, 1934,
- The Banking Regulation Act, 1949,
- The State Bank of India Act, 1955,
- The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and
- The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.
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