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A Bill proposing changes to banking laws, including giving an account holder the option of naming up to four nominees, has been tabled in the Lok Sabha
Banking Laws (Amendment) Bill, 2024
Key Objectives of the Finance Bill:
Enhance the quality of governance in banks.
Ensure uniform reporting practices by banks to the Reserve Bank of India (RBI).
Strengthen safeguards for those with deposits and investments.
Raise the standards of auditing in public sector banks.
Allow longer tenures for directors (excluding chairpersons and whole-time directors) in cooperative banks.
The bill proposes to amend:
RBI Act, 1934,
Banking Regulation Act, 1949,
State Bank of India Act, 1955,
Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970,
Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.
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