New Delhi, 3 December (H.S.): Union Finance Minister Nirmala Sitharaman introduced the Banking Laws (Amendment) Bill, 2024 in the Lok Sabha on Tuesday, proposing several amendments to strengthen the administration of the Indian banking sector. The Bill also aims to increase convenience for consumers and customers by allowing a maximum of four nominees for a bank account holder. This move is expected to provide greater flexibility and options for individuals to choose their nominees and ensure their financial security.

The proposed amendments also include provisions for transferring unclaimed dividends, shares, interest, or redemption of bonds to the Investor Education and Protection Fund, which will safeguard the interests of investors. Sitharaman emphasized that a total of 19 amendments are being proposed in various acts, including the Reserve Bank of India Act-1934, Banking Regulation Act-1949, State Bank of India Act-1955, Banking Companies (Acquisition and Transfer of Undertakings) Act-1970 and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The objective of these amendments is to bring about positive changes in the banking sector, which has witnessed significant growth in recent years.

The Finance Minister highlighted that these changes are necessary for improving bank administration and investor protection. This Bill is a step towards modernizing the banking sector and making it more consumer-friendly.

Hindusthan Samachar / Jun Sarkar