weather_iconAshburn | -4.19 °C | AQI 15
Saturday, 7 December, 2024

---Advertisement---

India

Nirmala Sitharaman Unveils New Banking Bill: Key Changes Explained

Parliamentary Session: Key proposals include expanding bank nominee limits and revising carrier responsibilities for sea freight.

Parliament Session on Banking reforms
Parliament Session on Banking reforms

As Parliament begins its Budget Session on Friday, Union Finance Minister Nirmala Sitharaman will introduce several new Bills, including the Banking Laws Amendment Bill, 2024, on the floor of the House. The Bill will seek to amend key legislations like the Reserve Bank of India Act, the Banking Regulation Act, and the State Bank of India Act, amongst others, in the Lok Sabha. The Finance Minister will also move amendments to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies Acquisition and Transfer of Undertakings Act, 1980.

Banking Bill: New Nominees & Rules

According to the PTI report, one of the major proposals in the bill is to increase the number of nominees that can be provided for a bank account from the present one to four. This move will give much more flexibility and choices for the account holders.

---Advertisement---

The Bill also revises the definition of ‘substantial interest’ for bank directorship by increasing the threshold from Rs 5 lakh to Rs 2 crore, updating a limit that has remained unchanged for about 60 years.

The Bill aims to give banks additional powers to determine the remuneration for statutory auditors, making financial management more flexible. It also aimed to amend the reporting schedule of regulatory compliance from the present second and fourth Fridays of every month to the 15th and last day of every month, respectively.

---Advertisement---

Also Read: ISIS Terrorist Rizwan Ali Arrested In Delhi With Arms Ahead Of Independence Day

New Maritime Bill

According to the revised Lok Sabha business schedule, the Union Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, shall move a bill to determine the responsibilities, liabilities, rights, and immunities of carriers in connection with the carriage of goods by sea. It shall further provide that the right of suit and liability under a bill of lading shall pass to the consignee or endorsee therein named upon and by the transfer of property in the goods concerned, either by endorsement or consignment.

Parliament’s Agenda: New Bills & Changes

A Bill for amendments in the Railways Act, 1989, will be introduced by Union Railway Minister Ashwini Vaishnaw. The Union Civil Aviation Minister, Rammohan Naidu Kinjarapu, will move a bill to regulate all aspects relating to the design, manufacture, maintenance of aircraft, and other matters connected therewith or incidental thereto. Union Minister Arjun Ram Meghwal will move a Bill to reserve seats for Scheduled Tribes in the Legislative Assembly of Goa under Article 332 of the Constitution. This measure aims to ensure effective democratic participation following the inclusion of certain communities in the Scheduled Tribes list.

Union Minister of Parliamentary Affairs Kiren Rijiju and a Congress MP will move a motion in the Lok Sabha for agreement with the Third Report of the Business Advisory Committee, presented on August 8, 2024. The agenda also includes the tabling of papers by various ministers, including Prataprao Jadhav, Pankaj Chaudhary, Anupriya Patel, Shantanu Thakur, and Savitri Thakur.

Also Read: PM Modi Changes Profile Pic To Tricolour On X, Instagram; Seeks Participation In ‘Har Ghar Tiranga’ Campaign

HISTORY

Written By

Swechchha Singh


Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

Related Story

Live News

---Advertisement---


live

India vs Australia, 2nd Test Day 2 LIVE Updates: Hosts Way Ahead Visitors Towards End Of Second Day

Dec 07, 2024
India vs Australia, 2nd Test Day 2 LIVE Updates
  • 17:05 (IST) 7 Dec 2024

    IND vs AUS 2nd Test LIVE: Hosts End Day's Play On A High

  • 16:45 (IST) 7 Dec 2024

    IND vs AUS 2nd Test LIVE: Half Of Indian Team Back In the Hut

  • 16:23 (IST) 7 Dec 2024

    IND vs AUS 2nd Test LIVE: Mitchell Starc Cleans Up Shubman Gill

N24 Shorts Logo

SHORTS

Virat Kohli and RCB
Sports

IPL 2025: Will RCB Hand Over Captaincy To Rajat Patidar Instead Of Virat Kohli? | Check Details

The star batter Virat Kohli has been the obvious choice for leadership in IPL 2025, whereas Rajat Patidar is also in contention to become the skipper of the side.

View All Shorts

---Advertisement---

Trending