Banking Laws (Amendment) Bill introduced in LS

New Delhi: Finance Minister Nirmala Sitharaman on Friday introduced in the Lok Sabha the Banking Laws (Amendment) Bill, 2024, which seeks to give customers an option to increase the number of nominees per bank account to four, from existing one, among others.

Another proposed change relates to redefining 'substantial interest' for



directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago.

Congress member Manish Tewari opposed the introduction of the Bill saying the power to legislate with regard to cooperative societies vests with state governments.