Banking Law (Amendment) Bill 2024: What impact will it have on nominations in your bank account? EXPLAINED
3 months, 2 weeks ago

Banking Law (Amendment) Bill 2024: What impact will it have on nominations in your bank account? EXPLAINED

India TV News  

The Banking Laws Bill 2024 is scheduled to be introduced in the Lok Sabha. With Banking Law Bill 2024, the government wants to capitalise the situation to boost the banking sector. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman while tabling the Union Budget 2023-24 in Parliament had said “Our vision for the Amrit Kaal includes technology-driven and knowledge-based economy with strong public finances, and a robust financial sector.” In line with the government's commitment to reforming the banking sector, the government brought Banking Laws Bill 2024 which seeks to amend several significant banking laws to modernize and enhance the regulatory framework of the banking sector. Which are laws to be amended by the bill- Reserve Bank of India Act, 1934 Banking Regulation Act, 1949 State Bank of India Act, 1955 Banking Companies Act, 1970 Banking Companies Act, 1980. Bill The Banking Laws Bill, 2024 Here are the other key provisions in the proposed bill: Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago.

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History of this topic

Separate law to prevent frauds in financial establishments planned
3 months ago

Separate law to prevent frauds in financial establishments planned

The Hindu  

Revenue Minister Krishna Byre Gowda on Tuesday said the government would be introducing a separate law to prevent fraud in financial establishments, based on recommendations from an expert committee to be set up for the purpose. He was replying to members’ suggestions during the discussion on the Karnataka Protection of Interest of Depositors in Financial Establishments Bill, 2024, in the …

Banking Laws (Amendment) Bill 2024: What it means for you
3 months, 1 week ago

Banking Laws (Amendment) Bill 2024: What it means for you

India Today  

The Banking Laws Bill, 2024, which was passed by the Lok Sabha on Tuesday, brings in crucial reforms aimed at modernising banking practices and improving customer experience. These provisions aim to enhance the accessibility and security of banking services, especially during unforeseen events such as the depositor's death, ensuring smoother fund access for nominees while minimising complications. The bill also …

How 2024 Banking Reforms Will Shape India's Economic Future
3 months, 1 week ago

How 2024 Banking Reforms Will Shape India's Economic Future

The Quint  

Attracting qualified directors and auditors remains another obstacle, particularly for smaller institutions. The Banking Laws Bill, 2024, holds immense potential to modernise India’s financial system by fostering resilience, inclusivity, and governance reform. Furthermore, if viewed from a bird’s eye macro-lens, firms, due to a compressed demand position and slowing consumption expenditure are sitting on credit and cash without substantially investing …

What proposed banking law amendments mean for you
3 months, 1 week ago

What proposed banking law amendments mean for you

Live Mint  

MUMBAI : The Banking Laws Bill, 2024, which allows bank account holders to have up to four nominees, marks a significant shift in how money invested in banking products can be managed and distributed after the account holder's demise. The proposed changes The new rules allow up to four nominees for bank accounts and fixed deposits, with two distinct options: …

DC Edit | Make bank nominations a must
3 months, 2 weeks ago

DC Edit | Make bank nominations a must

Deccan Chronicle  

The Banking Laws Bill, 2024, which was cleared by the Lok Sabha a couple of days ago, addresses some of the key customer issues such as having multiple nominees for an account. The Banking Regulation Act allows account holders to appoint a nominee, who can access or deposit articles or locker in case of death of the person who nominated …

Banking Laws (Amendment) Bill 2024: What’s proposed and why it’s being opposed?
3 months, 2 weeks ago

Banking Laws (Amendment) Bill 2024: What’s proposed and why it’s being opposed?

Live Mint  

Banking Laws Bill, 2024, explained: The Lok Sabha on December 3 debated the Banking Laws Bill, 2024, spearheaded by Union Finance Minister Nirmala Sitharaman, as per a PTI report. Banking Laws Bill, 2024 — All You need to know The proposed amendment allows bank account holders to have up to four nominees in their accounts. ‘Passage Towards Privatisation’ Moving the …

Sambit Patra's remark on Indira Gandhi sparks war of words in Parliament
Trending News
3 months, 2 weeks ago

Sambit Patra's remark on Indira Gandhi sparks war of words in Parliament

India Today  

A heated debate erupted in the Lok Sabha during discussions on the Banking Law Bill 2024 when BJP MP Sambit Patra referenced former Prime Minister Indira Gandhi, drawing sharp protests from the Opposition. The controversy overshadowed the Bill's intended focus on banking reforms, forcing Speaker Om Birla to intervene and urge members to stay on topic, news agency PTI reported. …

New Banking Laws allow up to 4 nominees per account
3 months, 2 weeks ago

New Banking Laws allow up to 4 nominees per account

India Today  

The Lok Sabha of India, often referred to as the lower house of Parliament, has passed the Banking Laws Bill 2024, allowing bank account holders to nominate up to four people for their accounts and fixed deposits. Finance Minister Nirmala Sitharaman emphasised the government's commitment to maintaining bank stability, saying, "The intention is to keep our banks safe, stable, and …

Lok Sabha passes Banking Laws (Amendment) Bill, allows 4 nominees in bank accounts
3 months, 2 weeks ago

Lok Sabha passes Banking Laws (Amendment) Bill, allows 4 nominees in bank accounts

Hindustan Times  

NEW DELHI: 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 Bill, 2024 also proposes 19 amendments to five existing laws for the ease of compliance, better regulation …

Lok Sabha passes banking laws amendment bill, focus on improving bank governance
3 months, 2 weeks ago

Lok Sabha passes banking laws amendment bill, focus on improving bank governance

Live Mint  

In a bid to improve bank governance and enhance investor protection, the government on Tuesday passed an amendment bill in the Lok Sabha that brings about changes to five banking laws. Finance minister Nirmala Sitharaman said the Banking Laws Bill will strength bank governance, provide consistency in reporting by banks to the Reserve Bank of Bank of India, ensure better …

Banking Laws (Amendment) Bill to strengthen governance, enhance customer convenience: FM
3 months, 2 weeks ago

Banking Laws (Amendment) Bill to strengthen governance, enhance customer convenience: FM

Deccan Chronicle  

New Delhi: Amid fierce criticism from the Opposition, the Lok Sabha on Tuesday passed the Banking Laws Bill, 2024 in which Union finance minister Nirmala Sitharaman proposed 19 amendments in the bill. Earlier in the day, FM Sitharaman introduced the Banking Laws Bill in the Lok Sabha, proposing to make as many as 19 amendments, including changes in the RBI …

Banking Bill seeks to resolve issues about unclaimed deposits, nomination among 17 other changes
3 months, 2 weeks ago

Banking Bill seeks to resolve issues about unclaimed deposits, nomination among 17 other changes

New Indian Express  

MUMBAI: Finance Minister Nirmala Sitharaman has tabled the Banking Laws Bill in the Lok Sabha, proposing to make as many as 19 amendments, including changes in the RBI Act, the Banking Regulation Act, the SBI Act, the Banking Companies Act, and the Banking Companies Act. The bill The bill seeks to bring about changes in the RBI Act of 1934, …

Banking Laws Bill, 2024 introduces successive nominations, modernises regulations
7 months, 1 week ago

Banking Laws Bill, 2024 introduces successive nominations, modernises regulations

New Indian Express  

NEW DELHI: The Banking Laws Bill, 2024, which the government tabled in parliament on Friday, proposes simultaneous and successive nominations of up to four nominees. The move is aimed at offering greater flexibility and convenience for depositors and their legal heirs, especially concerning deposits, articles in safe custody, and safety lockers. Additionally, the Bill proposes the transfer of unclaimed dividends, …

Government may introduce amendments to laws to push banking sector reforms in Budget session
8 months, 1 week ago

Government may introduce amendments to laws to push banking sector reforms in Budget session

The Hindu  

The government is likely to introduce amendments to Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session. Apart from this, amendments in the Banking Companies Act, 1970, and the Banking Companies Act, 1980 are needed for privatisation of public sector banks, sources said. Amendments, if approved by Parliament, would help bring down …

Finance Bill 2023 passed in Lok Sabha with THESE major amendments. Details here
1 year, 11 months ago

Finance Bill 2023 passed in Lok Sabha with THESE major amendments. Details here

Live Mint  

The Lok Sabha on Friday, March 24, passed the Finance Bill, 2023 with some amendments. Union Finance Minister Nirmala Sitharaman tabled ‘The Finance Bill, 2023’ in the lower house amid sloganeering by Opposition MPs demanding a JPC inquiry into the Adani Group issue. While moving the Finance Bill 2023 in the Lok Sabha for consideration and passage, the minister also …

Budget 2023 | Finance Minister proposes amendments to banking laws
2 years, 1 month ago

Budget 2023 | Finance Minister proposes amendments to banking laws

The Hindu  

The Union Budget has proposed certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act to improve bank governance and enhance protection of investors. To build the capacity of functionaries and professionals in the securities market, the Securities and Exchange Board of India will be empowered to develop, regulate, maintain and enforce …

Centre Notifies Bills To Relax Tax Filings; Allow RBI Supervision Over Cooperative Banks [Read Notifications]
4 years, 5 months ago

Centre Notifies Bills To Relax Tax Filings; Allow RBI Supervision Over Cooperative Banks [Read Notifications]

Live Law  

The Central Government has notified the Taxation and Other Laws Act, 2020 to relax time limit on compliance with tax laws, GST payment, filing, etc., amid the Covid-19 pandemic. the Wealth-tax Act, 1957, Income Tax Act, 1961, Prohibition of Benami Property Transactions Act, 1988, three Finance Acts, the Black Money and Imposition of Tax Act, 2015, and the Direct Tax …

Lok Sabha Clears Bill For RBI Supervision Of Cooperative Banks [Read Bill]
4 years, 6 months ago

Lok Sabha Clears Bill For RBI Supervision Of Cooperative Banks [Read Bill]

Live Law  

The Lok Sabha on Wednesday passed the Banking Regulation Bill, 2020, by voice vote. Salient Features As per the statement and objects annexed to the Bill, "certain amendments were necessary in the parent Act to provide for better management and proper regulation of co-operative banks and to ensure that the affairs of the co-operative banks are conducted in a manner …

Finance minister Nirmala Sitharaman moves bill to amend Banking Regulation Act
4 years, 6 months ago

Finance minister Nirmala Sitharaman moves bill to amend Banking Regulation Act

Hindustan Times  

The Lok Sabha on Wednesday took up for consideration a bill to address the potential disruptions in the financial system by providing for the Reserve Bank of India to prepare a scheme for reconstruction or amalgamation of the banking company without the necessity of first making an order of moratorium. Moving the Banking Regulation Bill 2020 for passage of the …

Lok Sabha Amends Banking Regulation Act to Bring Cooperative Banks under RBI's Supervision
4 years, 6 months ago

Lok Sabha Amends Banking Regulation Act to Bring Cooperative Banks under RBI's Supervision

News 18  

In a bid to protect the interest of depositors, the Lok Sabha on Wednesday passed an amendment to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI. The bill, which comes in the backdrop of the PMC Bank scam, seeks to strengthen cooperative banks by increasing their professionalism, enabling access to capital, improving governance and …

RBI appoints R. Gandhi on board of Yes Bank
5 years, 10 months ago

RBI appoints R. Gandhi on board of Yes Bank

Live Mint  

The Reserve Bank of India has appointed former deputy governor Rama Subramaniam Gandhi as an additional director on the board of Yes Bank for two years, from 14 May 2019 to 13 May 2021, the bank said on Tuesday in a notice to the stock exchanges. The appointment has been made under sub-section of Section 36 AB of the Banking …

'Payments banks have the potential to change banking habits'
9 years, 6 months ago

'Payments banks have the potential to change banking habits'

The Hindu  

Union Finance Minister Arun Jaitley said on Friday that payments banks have the potential to change banking habits in the country as more and more people entering formal banking network would act as a game-changer for the economy. “Payments banks will change the banking habits of people, it will chang+e the way they think, it will change the way they …

Banking to see great changes in coming years, public banks will be change agents: RBI Rajan – Firstpost
9 years, 11 months ago

Banking to see great changes in coming years, public banks will be change agents: RBI Rajan – Firstpost

Firstpost  

The governor also said the change will be witnessed mostly in the social banking Pune - Reserve Bank of India Governor Raghuram Rajan has said the banking sector will see major changes in the coming years with the entry of new players, including a postal bank possibly, while public sector lenders will be the biggest “change agents”. Public sector banks …

Lok Sabha approves banking bill, companies bill
12 years, 3 months ago

Lok Sabha approves banking bill, companies bill

Firstpost  

The Lok Sabha today passed the Banking Bill after the government gave in to the BJP’s demand to drop the controversial forward contract bill from the amendment. Replying to a debate before the bill was passed by a voice vote, Corporate Affairs Minister Sachin Pilot said through this new legislation, the government intends to make India an attractive and safe …

Lok Sabha clears Banking Bill sans controversial clauses
12 years, 3 months ago

Lok Sabha clears Banking Bill sans controversial clauses

The Hindu  

The Banking Amendment Bill, on Tuesday, got approval of the Lok Sabha after the government dropped the controversial provisions relating to allowing banks to trade in futures and keeping the sector outside the purview of Competition Commission. “Since the Bill is too important for me to pass, I am bringing the Bill dropping the controversial clauses,” Finance Minister P Chidambaram …

Banking Bill not to be sent back to Select Committee
12 years, 3 months ago

Banking Bill not to be sent back to Select Committee

The Hindu  

Even as Finance Minister P. Chidambaram ruled out the possibility of referring the Banking Bill for the second time to the Standing Committee on Finance for further scrutiny, he expressed hope that the opposition BJP would cooperate in getting key economic reforms Bills passed in the ongoing winter session of Parliament. Two bills — Money Laundering Bill, 2011, and Enforcement …

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