Lok Sabha passes the Banking Laws (Amendment) Bill, 2024

The Lok Sabha passed the Banking Laws (Amendment) Bill, 2024 on 3rd December 2024.

The Banking Laws (Amendment) Bill, 2024 was introduced in Lok Sabha on August 9, 2024.

It amends the:

1. Reserve Bank of India (RBI) Act, 1934,

2. Banking Regulation Act, 1949,

3. State Bank of India Act, 1955,

4. Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and

5. Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.

The Finance Minister Nirmala Sitharaman stated that the Banking Laws (Amendment) Bill will strengthen governance in Indian banking sector besides enhancing consumer's and customer's convenience with respect to nominations and protection of investors.