New Delhi: Bank deposit holders or locker holders can name up to four persons as nominees, according to a new Bill containing this provision that was introduced in the Lok Sabha on Friday. The Bill also has provisions for new reporting dates, among others.
“The Banking Laws (Amendment) Bill “seeks to improve governance standards, provide consistency in reporting by banks to the RBI, ensure better protection for depositors and investors, improve audit quality in Public Sector Banks, and extend the tenure of the directors (other than chairperson and whole-time director) in co-operative banks,” a government source said.
The Bill seeks to amend the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955.
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.
