On March 26, 2025, Parliament passed the Banking Laws (Amendment) Bill, 2024, which introduced several key reforms in India’s banking sector. A major amendment allows bank account holders to have up to ____ nominees, providing greater flexibility in financial planning.
Answer & explanation
Correct answer: option 3
The correct answer is Option 3: 4
On March 26, 2025, Parliament passed the Banking Laws (Amendment) Bill, 2024, which introduces several key reforms in India’s banking sector. A major amendment allows bank account holders to have up to four nominees, providing greater flexibility in financial planning. Additionally, the bill redefines ‘substantial interest’ in a bank by increasing the limit from ₹5 lakh to ₹2 crore, a change made after nearly six decades. It also extends the tenure of directors in cooperative banks, revises statutory auditor remuneration policies, and modifies bank reporting dates for regulatory compliance.