Banking Laws (Amendment) Bill, 2024 — All You need to know:
The proposed amendment allows bank account holders to have up to four nominees in their accounts.
It also redefines the ‘substantial interest’ limit for directorships, increasing the cap from ₹5 lakh to ₹2 crore.
The amendment gives depositors the option of successive or simultaneous nomination facility, while locker holders will have only successive nominations.
It seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors.
It seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month instead of the second and fourth Fridays
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