The Lok Sabha on Tuesday passed amendments to the banking laws permitting account holders to propose up to four nominees either successively or simultaneously with their respective shares, which will make inheritance of bank deposits smooth and unambiguous.
The Banking Laws (Amendment) Bill, 2024 also proposes 19 amendments in five existing laws for the ease of compliance, better regulation and efficient auditing of banks, including multi-state cooperatives offering banking services, Union finance minister Nirmala Sitharaman said.
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How minilateralism is reshaping global order
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