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Indian Finance Minister proposes banking law amendments to improve governance and customer convenience.
Finance Minister Nirmala Sitharaman presented the Banking Laws (Amendment) Bill, 2024, aiming to bolster governance and enhance customer convenience in India's banking sector.
The bill proposes 19 amendments to five key banking laws.
Notable changes include allowing up to four nominees per bank account, transferring unclaimed dividends to the Investor Education and Protection Fund, and increasing the tenure of cooperative bank directors.
The amendments seek to improve bank efficiency and protect investors' interests.
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