Banking Laws (Amendment) Bill passed

The bill, passed by the Lok Sabha in December, will allow bank account holders to have up to four nominees

- PTI

Parliament on Wednesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees, with the Rajya Sabha approving it by a voice vote. The Lok Sabha had passed the Banking Laws (Amendment) Bill in December last year.

Another change in the bill relates to redefining of term 'substantial interest' of a person in a bank. The limit is sought to be enhanced to ₹2 crore from the current ₹15 lakh, which was fixed almost six decades ago.

Replying to a debate on the bill in the Rajya Sabha, finance minister Nirmala Sitharaman said that even though non-performing assets (NPAs) have decreased drastically, the government is committed to taking stringent action against wilful defaulters.