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Today we will talk about a big news to the banking sector, which was in the headlines recently. The Banking Laws (Amendment) Bill-2024 was passed by voice vote in the Lok Sabha of the Indian Parliament. This bill will allow bank account holders to add four nominees to their account. The decision was presented by Finance Minister Nirmala Sitharaman and claimed that it would strengthen the banking sector.

This bill has made comprehensive amendments in the banking laws of India. One of the most significant changes is that the number of nominees per bank account has now been increased from one to four. This change is very important for depositors and bank locker holders, as this will keep their investments safe.

Additionally, the limit of “substantial interest” for individuals will also be revised. Where earlier this limit was Rs 5 lakh, now it will be increased to Rs 2 crore.

The bill also proposes changes in the reporting process of banks. Now reports will have to be submitted on the last day of fortnight, month or quarter, so that uniformity of data is maintained.

The Finance Minister announced that these changes are part of his Budget speech for 2023-24 and will bring stability to the banking sector. However, there were some arguments in the Lok Sabha during the discussion on this bill. The opposition was angry over the remarks made by BJP's Sambit Patra on former Prime Minister Indira Gandhi.

So these were the special things to this bill. If you are a bank account holder or interested in the banking sector, these changes may be important for you.