The Ministry of Finance on October 23 announced a significant reform in the banking sector — allowing customers to nominate up to four individuals in their bank accounts starting November 1, 2025.

The move, the ministry said, is aimed at ensuring “uniformity, transparency, and efficiency in claim settlement across the banking system.” The change comes as part of the Banking Laws (Amendment) Act, 2025, which was notified on April 15, 2025, and introduces 19 amendments across key financial legislations, including the Reserve Bank of India Act, 1934, and the Banking Regulation Act, 1949. Advertisement

New nomination rules

Under the new provisions, depositors will have the flexibility to choose between simultaneous and successive nominations:

Simultaneous nomination: A depositor may no

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