Banking Laws (Amendment) Bill to strengthen governance, enhance customer convenience: Nirmala Sitharaman

The Banking Laws (Amendment) Bill, 2024, aims to enhance governance and customer convenience in the banking sector. It proposes amendments to several banking laws, allowing up to four nominees per account, and transferring unclaimed dividends to the IEPF. The bill also seeks to improve audit quality, redefine 'substantial interest,' and adjust the tenure of directors in cooperative banks.