Banking Laws Amendment Bill: Finance Minister to Table Bill before Parliament

The Finance Minister, Nirmala Sitharaman, is ready to make amendments to key banking laws during the ongoing Winter Session of Parliament.

Among the targeted legislations are the Reserve Bank of India Act, 1934, and the Banking Regulation Act, which form the backbone of India’s banking regulatory framework. Additionally, the Banking Companies ( Acquisition and Transfer of Undertakings ) Acts of 1970 and 1980 are set to be revised, to modernize the legal structure governing public sector banks.

The new bill may increase the number of nominees per bank account ( single or joint deposit holders ) from one to four. It also proposes to change the definition of ‘fortnight’ from two weeks ending Friday to a period from: First to 15th of each month or 15th to last day of the month. It also makes necessary changes to the Settlement of unclaimed amounts.

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The Winter Session, which commenced on November 25, 2024, is scheduled to conclude on December 20, subject to the exigencies of government business. However, November 26 will witness a recess as the nation celebrates Constitution Day, honoring the adoption of the Indian Constitution.

The other bills to be tabled before the parliament is the Waqf ( Amendment ) Bill, 2024, The Mussalman Wakf ( Repeal ) Bill, 2024, The Railways ( Amendment ) Bill, 2024, The Carriage of Goods by Sea Bill, 2024, The Bills of Lading Bill, 2024, The Merchant Shipping Bill, 2024, The Coastal Shipping Bill, 2024, The Indian Ports Bill, 2024..etc.

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