Banking Laws (Amendment) Bill, 2024
On 9th August, 2024, the Banking Laws (Amendment) Bill, 2024 was introduced in the Lok Sabha. It seeks to amend multiple banking regulations, including those governing cash reserves, director tenures, and unclaimed funds.
Key Points
- The Bill redefines a fortnight as either the 1st to 15th day or the 16th to the last day of each month. This change applies to both scheduled and non-scheduled banks, impacting how they calculate and maintain cash reserves with the RBI.
- The Banking Regulation Act currently limits the tenure of directors (excluding the chairman or whole-time director) to eight consecutive years.
- A director on the board ....
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