Bank stocks saw an uptick as the Lok Sabha passed the Banking Laws (Amendment) Bill, 2024, introducing multiple changes including allowing multiple nominees for depositors and altering regulations for bank directorships.

Bill, 2024, allowing up to four nominees per bank account with simultaneous or successive nomination options. Finance Minister Nirmala Sitharaman highlighted the bill’s role in enhancing governance, stability,

In a bid to improve bank governance and enhance investor protection, the government on Tuesday passed an amendment bill in the Lok Sabha that brings about changes to five banking laws.

The Parliament logjam saw a breakthrough on December 3, with both Houses discussing bills and the Lok Sabha passing the Banking Laws (Amendment) Bill, 2024.

Bill introduces provisions for multiple nominees in bank accounts, enhancing governance and addressing unclaimed deposits worth ₹78,000 crore.

Finance minister Nirmala Sitharaman piloted the Banking Laws (Amendment) Bill which was approved by a voice vote

Bill, 2024, which allows bank account holders to have up to four nominees in their accounts. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh,

Banks are being professionally run today, metrics healthy so they can go to the market and raise bonds, raise loans & run their business accordingly, says Nirmala Sitharaman.

She said the changes proposed through the Bill will strengthen governance in the sector and enhance customer convenience.