Banking Laws Amendment Bill 2024
The Banking Laws (Amendment) Bill, 2024, introduced in Lok Sabha by Minister Pankaj Chaudhary, aims to provide customers with more banking options and improve bank governance. Key provisions include allowing up to four nominees per account, revising the ‘substantial interest’ threshold, giving banks control over auditor payments, and updating regulatory reporting dates. The Bill seeks to amend various major banking laws and reflects India’s evolving economic landscape. Despite opposition concerning state rights over cooperative societies, the Bill is geared toward enhancing bank efficiency and governance.
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