Rule Change For Bank Account: Finance Minister Nirmala Sitharaman on Tuesday introduced the Banking Laws (Amendment) Bill 2024 in Parliament, which was approved. This includes a proposal to increase the number of nominees in bank accounts.
Bank Account: There is good news for bank customers. The government has made a major change in the rules related to bank accounts. Under this, now customers will be able to add not one but 4 nominees to their account. In fact, on Tuesday, Finance Minister Nirmala Sitharaman introduced the Banking Laws (Amendment) Bill 2024 in Parliament, which got approved. This includes a proposal to increase the number of nominees in bank accounts.
What did Finance Minister Sitharaman say?
Talking about this big change in the rules of bank account, Finance Minister Nirmala Sitharaman said in Parliament that under the existing rules, only one person was allowed to be made a nominee for the deposit in the depositor’s bank account or the goods kept in the locker, but now the depositors will have the option to add 4 nominees to their bank account one after the other or at the same time. Along with this, the Union Finance Minister said that the Banking Laws (Amendment) Bill, 2024 also proposes 19 amendments in 5 existing laws for ease of compliance, better regulation and bank auditing including multi-state cooperative societies providing banking services.
These changes for locker holders
While on the one hand this facility has been given by the government to the bank account holders, on the other hand, the customers taking locker service will only have the option of sequential nomination, meaning they will be able to add nominees one after the other. Giving information in this regard, the Finance Minister said that sequential nomination ensures that if the first nominee is not available, the next nominee will come into effect, which will maintain continuity and reduce complications for the legal heirs of the items kept in the locker.
Government and RBI fully alert
Nirmala Sitharaman also said that since the year 2014, the government and the Reserve Bank (RBI) are fully alert to maintain the stability of the banks. She said that our aim is to keep the banks safe, stable and healthy and after 10 years of formation of the government, you are clearly seeing its result. She said that the banks of the country are now operating in a professional manner and this is a national achievement.
Government’s stand on the merger of banks
While on one hand Finance Minister Nirmala Sitharaman introduced the Bank Amendment Bill in the Lok Sabha, on the other hand, Minister of State for Finance Pankaj Chaudhary clarified the government’s stand on the merger of government banks in a written reply to a question in the Rajya Sabha on Tuesday. He said that no consideration is being given to the merger of public sector banks. It is worth noting that in the year 2019, the government had created four banks by merging 10 banks,
