Union Finance Minister Nirmala Sitharaman said that we are bringing banking law amendment. There are many reasons for bringing the Amendment Act. This was pending for some time and was awaited for a long time. Some restructuring has also been done in relation to banking in the co-operative sector. The main change in the rules related to nomination is in this. This will be a very special step for banking customers.
The Finance Minister said that it is important for the customers to have the option of nominee and to ensure that the nominee does not face any problem in claiming his correct amount later. Union Finance Minister Nirmala Sitharaman on Friday introduced the Banking Regulation Amendment Bill, 2024 in the Lok Sabha regarding changes in banking rules. Its objective is to amend the Reserve Bank of India Act, Banking Regulation Amendment and State Bank of India (SBI) Act.
4 people can be made nominee
In this Banking Laws Amendment Bill 2024 presented by the Finance Minister, there is a provision to increase the choice of nominee persons in every bank account from the existing one to four. In this bill, apart from wife/husband or parents, siblings will also get the option to become nominees. This was approved by the Union Cabinet last week.
Under this bill, it is proposed to amend the Reserve Bank of India Act 1934, Banking Regulation Act 1949, State Bank of India Act 1955, Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. Is.
Announced in the budget
Finance Minister Nirmala had made a big announcement in the budget speech for the financial year 2023-24. He had announced the Banking Laws (Amendment) Bill, 2024 and said that it will be introduced very soon. After which it has now been approved by the cabinet. It has been presented in the Lok Sabha.
What did the RBI Governor say?
Reserve Bank of India (RBI) Governor Shaktikanta Das said that the issue of nominee was long pending and with this reporting on Friday, the ease of doing business for banks has also improved and comparatively it is good. As far as unclaimed deposits are concerned, last year we had run a special campaign under which we had advised every bank to check every branch on the basis of the number of unclaimed deposits with them. , should actively move forward at your level.