Banking Laws (Amendment) Bill 2024 replaces 'Friday' deadlines with 'fortnight' deadlines
This Bill amends several existing banking laws to change how banks handle unclaimed money and dividends, update nomination rules for deposits and lockers, and replace 'Friday' deadlines with 'fortnight' deadlines for various banking operations.
The Reserve Bank of India, banking companies, the State Bank of India, co-operative banks, and individual depositors or locker hirers.
- Redefines 'fortnight' as the 1st-15th or 16th-last day of a month and replaces 'alternate Friday' deadlines with 'last day of the fortnight' for reporting and interest calculations.
- Increases the minimum capital requirement for certain banking entities from five lakhs to two crore rupees (or a notified amount).
- Extends the tenure limit for co-operative banks to ten years in specific contexts.
- Allows nominations for bank deposits and safe deposit lockers to be made in favor of up to four persons, either successively (in order of priority) or simultaneously (in specified proportions).
- Mandates the transfer of unclaimed dividends, shares, and bond interest to the Investor Education and Protection Fund (IEPF) after seven years, aligning with the Companies Act, 2013.
- Updates references from the Companies Act, 1956 to the Companies Act, 2013 regarding auditor remuneration and IEPF transfers.
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2024-12-03
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Document details
| Official title | THE BANKING LAWS (AMENDMENT) BILL, 2024 |
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | 110 |
| Status | closed (bill) |
| Year | 2024 |
| Closing date | — |
| Documents | 3 |