The reforms cover deposit accounts, articles kept in safe custody, and the contents of safety lockers maintained with banks (Image source: Unsplash) Show Quick Read Summary is AI Generated. Newsroom Reviewed

The Ministry of Finance has announced that key provisions of the Banking Laws Amendment Act, 2025, related to nomination facilities will come into force on November 1, 2025. These provisions are designed to significantly strengthen customer convenience and ensure transparency, efficiency in claim settlement by allowing depositors the flexibility to make up to four nominations for their holdings.

The reforms cover deposit accounts, articles kept in safe custody, and the contents of safety lockers maintained with banks. The new rules aim to enhance depositor protection and streaml

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