Banking law amendments to make inheritance of deposits unambiguous

To improve governance, customer services says experts

The amendments to banking laws are expected to improve governance in the institutions, enhance customer convenience, and reduce litigations, according to bankers and experts.

 

The amendment to allow four nominees in an account in particular will make inheritance of bank deposits unambiguous, they said.

 

The Banking Laws (Amendment) Bill, 2024 -- which proposes 19 amendments to five laws -- was passed in Lok Sabha on Tuesday.

 

These proposed changes are aimed at easing compliance, improving regulation, and enhancing the efficiency of auditing in banks, including multi-state cooperatives providing banking services.

 

Satish Marathe, central board director, Reserve Bank of India (RBI)