New Delhi: Finance Minister Nirmala Sitharaman on Tuesday tabled the Banking Laws (Amendment) Bill in the Lok Sabha which was passed by the Upper House with a majority. Sitharaman also took the opportunity to highlight the Modi government;’s push to reform India’s banking sector and improve access to the unbanked.
Watch Live: Smt @nsitharaman‘s reply during Discussion on The Banking Laws (Amendment) Bill, 2024 in Lok Sabha. @PIB_India @FinMinIndia @DFS_India https://t.co/TDlndRT7fB
— Nirmala Sitharaman Office (@nsitharamanoffc) December 3, 2024
How new bill will benefit bank account holders
The bill passed in Parliament will allow bank account holders to nominate more than one person to bank accounts and FDs. This will reduce disputes after the death of a bank account holder. Nominations can be successive or proportional, according to the bill. The new bill also amends the regulatory reporting deadlines to the 15th and the last day of every month. Currently, the reporting deadlines stand at the 2nd and 4th Friday of each month. Banks will also have more autonomy in deciding the fees of auditors, as per the provisions of the bill. Substantial interest for bank directorships has been enhanced to Rs 2 crore from Rs 5 lakh earlier. This figure has remained unchanged for nearly 60 years.
What FM Sitharaman said
Finance minister Sitharaman took the occasion to set the record straight on India’s banking sector. While highlighting the ride in student loans to Rs 1.3 lakh crore in October 2024 from Rs 71,000 crore in FY18, Sitharaman added that the bank branch count rose 3,792 in 2023 to 1.65 lakh. She added that India’s banking sector has gone from strength to strength under Modi government which has ensured the stability, safety and health of these institutions. “Today, India should take pride that banks are being professionally managed and run, their metrics are healthy and they can go to the market and raise funds,” she said.
The Lok Sabha on Tuesday passed the Banking Laws (Amendment) Bill tabled by Finance Minister Nirmala Sitharaman in the Upper House of Parliament. A key [provision of the Bill is allowing the nomination of more than 1 individual in banks accounts and FDs. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
