The Lok Sabha approved the Banking Laws (Amendment) Bill, 2024, on Tuesday. It was tabled in the House by Union Finance Minister Nirmala Sitharaman.
The Bill proposes 19 amendments to banking laws, including the Reserve Bank of India Act, Banking Regulation (BR) Act, and Banking Companies (Acquisition and Transfer of Undertakings) Act.
"The proposed Bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in PSBs (public sector banks) and also to increase the tenure of the directors other than the chairman and whole-time directors in cooperative banks," said Sitharaman in the Lower House.
The Bill, which will now move to the Rajya Sabha, proposes to amend various sections of the Banking Regulation Act to allow for up to four nominees from one at present in a bid to improve claim handling, provide greater flexibility, and reduce complications for legal heirs.
This story is from the December 04, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 04, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
EAM: Committed to fair plan on boundary issue with China
India remains committed to engaging with China to arrive at a fair and mutually acceptable framework for boundary settlement.
Buy on dips, temper return expectations after strong runup
Goldman Sachs expects gold to reach $3,150 per ounce in the international market by December 2025, up around 19.1 percent from its current level of $2,645, according to a recent report in Business Standard.
Sebi directs Trafiksol to refund investors' money within a week
The Securities and Exchange Board of India (Sebi) on Tuesday directed Trafiksol ITS Technologies to refund the money paid by investors who had been allotted shares in the initial public offering (IPO).
APSEZ to ride volume, market-share wave
Port operator aims to double its volumes to 1 billion tonnes by 2029
Godrej Properties raises ₹6K cr via QIP
Godrej Properties has raised ₹6,000 crore through a qualified institutional placement (QIP), making it the largest such fundraise by a real estate company in India.
SBI MF launches multi-factor quant fund
SBI Mutual Fund (MF) on Tuesday announced the launch of SBI Quant Fund, which will take a multi-factor investment approach to allocate across the four 'style' baskets, which are momentum, value, quality, and growth.
Sebi for online monitoring of stockbrokers' system audit
Market regulator Securities and Exchange Board of India (Sebi) on Tuesday proposed online monitoring of stockbrokers' system audit by the stock exchanges.
Better execution needed to justify valuation for NTPC Green Energy
NTPC Green Energy (NGEL) has gained over 30 per cent since its initial public offering (IPO) was launched at ₹108 a few days ago.
Markets extend winning streak to 3rd day
The benchmark Sensex and the Nifty rose for a third straight trading session on Tuesday—the longest gaining streak since September—buoyed by gains in HDFC Bank and Reliance Industries, the two highest-weighted stocks.
India's mcap-to-GDP ratio third-highest despite correction
The ratio of market capitalisation to gross domestic product (GDP) in India remains elevated despite the recent correction in the equities markets.
