New Banking Laws 2024 Updates: It is very important to change the rules with time. Proposing changes in the banking rules, Finance Minister Nirmala Sitharaman has introduced the 'Banking Laws (Amendment) Bill 2024' in the Parliament. This bill contains proposals to change many rules related to the banking sector and after the bill is passed, these rules will be established as law. Let us tell you how and what effect the Banking Laws Amendment Bill 2024 will have on you.

Banking Laws Amendment Bill 2024: Changes proposed under the Banking Laws Bill

The following proposals have been suggested under the Banking Laws Bill 2024:

Number of nominees in deposit accounts: As per the Banking Act 2024, the number of nominees in all deposit and funds accounts will be increased to 4. Currently, a deposit account can have only 2 nominees. This change has been suggested given the increasing number of dormant accounts.

Limit increased to become a director: Under the Banking Act 2024 (New Banking Laws 2024 ), there is also a proposal to change the definition of 'substantial interest' for assuming the charge of director and increase its limit from Rs 5 lakh to Rs 2 crore.

Regulatory filing date: The Banking Act 2024 also proposes to change the date of regulatory filing for banks. The 15th of every month has been chosen for the regulatory filing of banks.

Among other proposals: Along with all the other proposals, the Banking Laws Bill 2024 also proposes to amend the RBI Act 1934, Banking Regulation Act 1949, State Bank of India Act 1955, and Banking Companies (Acquisition) Act 1970 and 1980.