Banking Laws (Amendment) Bill,2024 passed by Lok Sabha

Banking Laws Amendment Bill allows the bank account holders to have up to four nominees in their accounts and also proposed changes related to redefining “substantial interest” for directorships, which could increase to rupees 2 crore instead of the current limit of rupees 5 lakhs. The proposed amendment will strengthen governance in the banking sector and will give greater freedom to banks in deciding the remuneration to be paid to statutory auditors.