Lok Sabha passes Banking Laws (Amendment) Bill, 2024
Banking Laws (Amendment) Bill, 2024 was passed on Tuesday in the Lok Sabha during the winter session of Parliament, proposing significant changes to banking regulations.
«Banks are being professionally run today. The metrics are healthy so they can go to the market and raise bonds, raise loans & run their business accordingly,» said Finance Minister Nirmala Sitharaman in her address at the Lower House of the Parliament.
Among its key provisions, the Bill allows depositors to nominate up to four individuals for their bank accounts or fixed deposits, replacing the current single-nominee system. The move aims to simplify fund distribution after the death of an account holder, a problem which arose during the COVID-19 pandemic.
Read More: Credit must be given to RBI and Finance Ministry for stable banking system: FM Nirmala Sitharaman
The Bill permits depositors to opt for either simultaneous nomination, where nominees are assigned specific percentage shares, or successive nomination, where nominees inherit in a predefined order. This change is expected to make fund access smoother for families while also reducing procedural delays.
Entrepreneurship
Startup Fundraising: Essential Tactics for Securing Capital
By — Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience
Entrepreneurship
Crafting a Powerful Startup Value Proposition
By — Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience
Finance
Crypto & NFT Mastery: From Basics to Advanced
By — CA Raj K Agrawal, Chartered
