Banking Laws (Amendment) Bill 2024: Ziraat Times explains what could change for you

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Ziraat Times
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Srinagar, Aug 10: The Banking Laws (Amendment) Bill, 2024, introduced by Finance Minister Nirmala Sitharaman in Lok Sabha on Friday brings several key changes to the existing banking regulations. The bill aims to improve governance, reporting consistency, and protection for depositors and investors across the banking sector.

Ziraat Times here reproduces some of the significant provisions of the new bill for the benefit of its readers:

1. Increased Nominees per Account: The bill proposes increasing the number of nominees allowed per bank account from one to four. This change applies to deposits, articles in safe custody, and safety lockers.

2. Redefining ‘Substantial Interest’: The definition of ‘substantial interest’ for directorships has been updated, potentially raising the threshold from ₹5 lakh to ₹2 crore. This change is intended to modernize the regulation, which hasn’t been updated in nearly 60 years.

3. Flexibility in Auditor Pay: The bill provides banks with more flexibility in determining the remuneration of statutory auditors, aiming to improve audit quality.

4. Reporting Changes: The bill modifies the regulatory reporting dates for banks, moving from the current system of reporting on the second and fourth Fridays of each month to the 15th and last day of each month. This adjustment aims to improve the accuracy and effectiveness of data reporting by eliminating the inconsistencies caused by the current schedule.

5. Unclaimed Dividends: The bill introduces a provision allowing individuals to claim their unclaimed dividends, shares, or interest that have been transferred to the Investor Education and Protection Fund (IEPF).

6. Tenure Extension for Cooperative Banks: The tenure for directors (other than chairperson and whole-time directors) in cooperative banks can now be extended from 8 to 10 years.

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