India's Lok Sabha introduces a Banking Laws (Amendment) Bill with provisions for up to 4 nominees to reduce unclaimed deposits.
India's Lok Sabha has introduced a new Banking Laws (Amendment) Bill with provisions allowing deposit and locker account holders to name up to four nominees. The bill aims to improve governance standards, provide consistency in reporting to the Reserve Bank of India (RBI), ensure better protection for depositors and investors, and improve audit quality in Public Sector Banks. The increased number of nominees is expected to reduce unclaimed deposits in banks, currently standing at over ₹42,000 crore ($5.8 billion).
August 09, 2024
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