Banking Laws (Amendment) Bill, 2024:
A bill proposing changes to banking laws, including allowing up to four nominees for a bank account, was introduced in the Lok Sabha recently.
- The Banking Laws (Amendment) Bill, 2024, aims to strengthen banking governance, enhance reporting consistency to the Reserve Bank of India (RBI), and improve protection for depositors and investors.
- The Bill seeks to elevate audit quality in Public Sector Banks and extend the tenure of directors in cooperative banks, excluding the chairperson and whole-time director.
- These changes are designed to ensure better oversight and accountability within the banking sector.
