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.
This story is from the December 04, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 04, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Uber rolls out Asia's first water transport service with shikara bookings at Dal Lake
Tourists visiting the iconic Dal Lake will now enjoy a hassle-free travel experience with the launch of Uber's first water transport service in Asia, aptly named 'Uber Shikara'.
Warmer than normal winters likely this season, says IMD
Nov 2024 among the warmest since 1901
Ram Janmabhoomi stir picked up pace after Shah Bano case: Jung
The Ram Janmabhoomi movement gained momentum after the Rajiv Gandhi government's knee-jerk reaction to the Shah Bano case in 1985, leading to cascading communalism in the country, former Delhi lieutenant governor Najeeb Jung said on Monday.
Delhi airport sets up special enclosures for delayed flights
The Delhi airport is establishing special enclosures at its terminals to accommodate passengers stuck in aircraft for more than three hours.
Swiggy expands its 10-min Bolt delivery service to over 400 cities
'BOLT' FROM BLUE
Ola Electric powers ahead with 4,000 store target
Marks 4x increase with 3,200 new outlets joining 800 existing stores
MAY THE BEST AIP WIN
Navy's choice between German and Spanish submarines could boil down to who has the best Air Independent Propulsion
Macro-driven funds that can fall prey to timing risk
DSP Mutual Fund has launched the DSP Business Cycle Fund.
Dixon Tech to gain from high volumes, new biz
May emerge as major smartphone manufacturer; brokerages positive
Price hikes key trigger for cement majors
Cement had a slow quarter with volumes up 3 per cent year-on-year (Y-o-Y) on average in the second quarter of the current financial year (Q2FY25).
