From November 1, several new rules under the Banking Laws (Amendment) Act, 2025 will come into force, marking another phase of banking sector reforms announced earlier this year. The latest provisions focus primarily on nomination flexibility, simplified claim settlement, and strengthened governance standards across banks.

According to the Ministry of Finance, the provisions coming into effect — contained in Sections 10, 11, 12, and 13 of the Amendment Act — relate to nomination facilities for deposit accounts, safe custody articles, and safety lockers.

Key rule changes effective November 1

Multiple nominations for bank accounts

Customers will now be able to nominate up to four persons for their bank accounts. These nominations can be made either simultaneously (where each nominee has

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