look news india
Bank Nominee Rules: The government is continuously making efforts to reform the banking law. Under this, Finance Minister Nirmala Sitharaman is going to introduce the Banking Laws (Amendment) Bill, 2024 in the Lok Sabha today. This bill was approved by the Union Cabinet last Friday. Through this bill, the government will propose amendments in several acts of the banking sector.
Proposal to increase the number of nominees from 1 to 4
In the Banking Laws (Amendment) Bill, 2024 in the Lok Sabha, it has been proposed to increase the number of nominees from 1 to 4, that is, if this bill is passed, then in the future bank account holders will be able to make up to 4 nominees in their account instead of one. According to the revised agenda of the Lok Sabha, Finance Minister Nirmala Sitharaman is going to introduce the Banking Laws (Amendment) Bill, 2024 on Friday.
These proposals for amendment also include
Last Friday, the Union Cabinet approved the proposal to amend the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.
According to sources, some changes are also proposed regarding these cooperative banks in the Banking Laws (Amendment) Bill, 2024. Apart from this, the bill provides for giving more independence to banks in deciding the remuneration given to statutory auditors. This bill was announced by the Finance Minister in his 2023-24 budget speech. He had said, some amendments are proposed in the Banking Regulation Act, Banking Companies Act and Reserve Bank of India Act to improve bank governance and enhance investor protection.
The aim is to increase the number of enrolled persons
The purpose behind the proposal to increase the number of nominees in this bill is the unclaimed amount. As of March 2024, there are Rs 78,000 crores in the banks which no one is claiming. The government believes that having more than one nominee can reduce the problem of unclaimed money to a great extent and this money will reach the right heir.
