New rules under Banking Laws (Amendment) Act will give depositors more flexibility and control over nominations in banks.

The Ministry of Finance has announced that significant changes under the Banking Laws (Amendment) Act, 2025 will come into effect from . These amendments will enhance depositor rights by allowing multiple nominations on deposit accounts, safe-custody items and bank lockers.

Effective from that date, Sections 10, 11, 12 and 13 of the Act will be live. The wide-ranging legislation, notified on April 15, 2025, includes 19 amendments spanning five key banking laws—the RBI Act, 1934; Banking Regulation Act, 1949; State Bank of India Act, 1955; and the Banking Companies (Acquisition & Transfer of Undertakings) Acts of 1970 and 1980. The reforms aim to boost governance, sta

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