CA Pratibha Goyal | Apr 15, 2025 |
![Banking Laws (Amendment) Act, 2025 Notified by Government [Read Act]](/cdn-cgi/image/fit=contain,format=webp,gravity=auto,metadata=none,quality=80,width=1200,height=730/wp-content/uploads/2025/04/Banking-law-amendment.jpg)
Banking Laws (Amendment) Act, 2025 Notified by Government [Read Act]
The government today notified the Banking Laws (Amendment) Act, 2025, which allows bank account holders to have up to four nominees. The Banking Laws (Amendment) Bill was passed by Lok Sabha in December 2024.
Another change notified by the act relates to the redefining of the term ‘substantial interest’ of a person in a bank. The limit is sought to be enhanced to Rs 2 crore from the current Rs 5 lakh.
The Act also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. The amendment is also aimed at redefining the reporting dates for banks for regulatory compliance to the 15th and last day of every month instead of the second and fourth Fridays.
Click on the below-mentioned link to download the notification:
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