Banking reforms must show greater ambition

Tweaks in Indian banking laws are welcome, but this sector needs a structural shift. Much more credit must go to small needy businesses, while big firms raise funds by issuing bonds

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The 19 amendments to banking laws that were passed by the Lok Sabha on Tuesday remove various niggles in extant provisions, straighten out some others and make life easier for bank customers, especially a tweak that allows four nominees per account. Under the present system of a single nominee, couples tend to nominate each other; should they both pass away together, say, in a road accident, their heirs would have a tough time accessing their inheritance. Instituting multiple nominees would significantly reduce the number of orphan accounts and the monies held in them.