Banking Amendment Bill 2024: In the Winter Session of 2024, the Indian government passed significant amendments to key banking laws, presented by Finance Minister Nirmala Sitharaman. These changes are designed to modernize the banking sector, improve governance, and make banking services more convenient for customers.
Key Amendments in Banking Laws
One of the major reforms includes changes in the nominee appointment system for bank accounts. Now, account holders can appoint up to four nominees, offering more flexibility in distributing funds after their demise. Additionally, the definition of “substantial interest” in a bank has been revised to better reflect current economic conditions, with the new threshold set at ₹2 crore instead of ₹1 lakh.
The amendments also aim to streamline operations of multi-state cooperative banks, ensuring better governance and service across states.
Why Should Banking Aspirants Care?
Understanding these amendments is crucial for any banking aspirant. The changes not only reflect the evolving legal framework but also play a key role in various banking exams, including IBPS PO, SBI PO, and others. Knowledge of these updates will not only enhance your exam preparation but also give you a competitive edge in interviews and group discussions.
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Why Download Banking Amendment Bill 2024 Free e-Book?
- Get a clear understanding of the new nominee appointment rules.
- Learn about the revised definition of “substantial interest.”
- Know the impact of these amendments on multi-state cooperative banks.
- Gain valuable insights for banking exams.
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