The amendment to allow four nominees in an account in particular will make inheritance of bank deposits unambiguous, they said.
The Banking Laws (Amendment) Bill, 2024—which proposes 19 amendments to five laws—was passed in Lok Sabha on Tuesday.
These proposed changes are aimed at easing compliance, improving regulation, and enhancing the efficiency of auditing in banks, including multi-state cooperatives providing banking services.
Satish Marathe, central board director, Reserve Bank of India (RBI) said these amendments would help make working of banks better and improve customer services.
Seconding Marathe's observation, Sanjay Agarwal, Senior Director, CARE Ratings said the proposed amendments represent the government's effort to streamline various processes within the banking sector, with the aim of enhancing operational efficiency.
This story is from the December 05, 2024 edition of Business Standard.
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This story is from the December 05, 2024 edition of Business Standard.
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