The Lok Sabha approved the Banking Laws (Amendment) Bill, 2024, on Tuesday. It was tabled in the House by Union Finance Minister Nirmala Sitharaman.
The Bill proposes 19 amendments to banking laws, including the Reserve Bank of India Act, Banking Regulation (BR) Act, and Banking Companies (Acquisition and Transfer of Undertakings) Act.
"The proposed Bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in PSBs (public sector banks) and also to increase the tenure of the directors other than the chairman and whole-time directors in cooperative banks," said Sitharaman in the Lower House.
The Bill, which will now move to the Rajya Sabha, proposes to amend various sections of the Banking Regulation Act to allow for up to four nominees from one at present in a bid to improve claim handling, provide greater flexibility, and reduce complications for legal heirs.
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