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Banking Laws (Amendment) Bill, 2024
April 4 , 2025
19 hrs 0 min
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- The Banking Laws Amendment Bill, 2024 which was passed by the Rajya Sabha by a voice vote.
- The new banking laws allow a bank account holder to have up to four nominees, including simultaneous nominations for cash and fixed deposits.
- The bill also seeks to increase the tenure of the directors (excluding the chairman and whole-time director) in cooperative banks from eight years to 10 years.
- Now a director of a central cooperative bank can serve on the board of a state cooperative bank.
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