December 4, 2024 4:19 PM

Banking laws amendment bill set to boost consumer experience, protect people

In a move aimed at improving customer experience and safeguarding citizens, the Lok Sabha passed the Banking Laws (Amendment) Bill, 2024, on Tuesday. The bill introduces several key reforms, including provisions for bank account holders to nominate up to four individuals for their accounts, which is expected to reduce the issue of unclaimed deposits. Finance Minister Nirmala Sitharaman said that depositors will be able to choose between successive or simultaneous nominations, while locker hold...