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LS passes Banking Bill; allows up to 4 nominees for account
The New Indian Express
|December 04, 2024
Banks have to transfer unclaimed dividends, shares, interest, redemption of bonds to investor education & protection fund
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Lok Sabha on Tuesday passed the Banking Laws (Amendment) Bill, which, among other things, will allow account holders to nominate up to four nominees.
The amendment will improve governance at banks and ensure better protection for depositors and investors, apart from enhancing customer convenience, Finance Minister Nirmala Sitharaman told the lawmakers presenting the bill on Tuesday.
The amendment will allow transfer of unclaimed dividends, shares and interest or redemption of bonds to the investor education and protection fund, allowing individuals to claim transfers or refunds from the fund.
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