THE BANKING LAWS (AMENDMENT) BILL, 2024
Where this law is right now
🏛️ Became law (Act)
Plain-language summary (AI-generated) — a quick read so you don't have to open the full PDF. May contain errors; the original document below is authoritative.
What does this law do?
This law amends several banking laws to update payment schedules, nomination rules, and fund transfer procedures for banks and the State Bank of India.
Who it affects
Banks, the State Bank of India, and individuals who have unclaimed funds or deposits.
Key provisions
- Updates payment schedules from 'last Friday' to 'last day of the fortnight' for various banking transactions.
- Changes nomination rules to allow up to four nominees, either successively or simultaneously, with specific priority and proportion rules.
- Requires banks to transfer unclaimed funds and shares to the Investor Education and Protection Fund after seven years.
- Updates references from the Companies Act, 1956 to the Companies Act, 2013.
Points worth noting
- This is an amendment to multiple existing banking laws, not a new law.
- It repeals references to the Companies Act, 1956 and replaces them with the Companies Act, 2013.
- It creates a new requirement for banks to transfer unclaimed funds to a specific fund after seven years.
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | 110 |
| Status | closed (section: bill) |
| Year | 2024 |
| Closing date | — |
| Documents | 3 |
Highlights & Points worth asking
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Documents
The original government PDF is the authoritative source — shown below, or open it full-screen in a new tab.
Bill_passed_both
THE-BANKING-LAWS-AMENDMENT-BILL-2024-bill_passed_both.pdf
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Bill_introduced
2024-08-09
THE-BANKING-LAWS-AMENDMENT-BILL-2024-bill_introduced.pdf
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Bill_passed_ls
2024-12-03
scanned
THE-BANKING-LAWS-AMENDMENT-BILL-2024-bill_passed_ls.pdf
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