Banking Laws Amendment Bill 2024 – Earlier that day, FM Nirmala Sitharaman introduced the Banking Law (Amendment) in Lok Sabha, emphasizing that the proposed modification aims to improve customer facilities.
Finance Minister Nirmala Sitharaman on Tuesday emphasized the strength of the Indian banking sector, emphasizing that public sectors are managed effectively and does not depend on government funding. In his address in Lok Sabha, he said that all public sectors are profitable, with a total profit of Rs 85, 520 crores in the first half of the running fiscal year.
Banking Laws Amendment Bill 2024
“The bank works professionally today. Healthy metrics so that they can go to the market and earn bonds, earn loans and manage their company accordingly,” said FM Sitharaman in Lok Sabha.
How Banking Laws (amendment) Bill Helps Bank Account Holders To Add More Nominees
Finance Minister has recorded a landscape that has grown from the banking sector since 2014, emphasizing the positive changes seen over the last decade. He emphasized that Indian banks are now administered by professionalism, the development of which the country must be proud. Further, he mentioned that the bank is no longer dependent on the government for re -capitalization, as they have shown the ability to earn capital freely and issuing obligations.
He added: “Look and the world has lost its bank, where the regulatory system is strong, the Bank Bank failed.
The finance minister also discussed the scheme of the new Prime Minister Vidyalakshmi, which offers a loan of up to Rs 7.5 lakhs with a 75%credit guarantee. In addition, students of households with income of up to Rs 8 can receive loans over Rs 7.5 LAKH for higher education, with a 3% interest rate subsidy for a loan of up to Rs 10 Lakh. A full interest grant will be given to those with an annual income of up to Rs 4.5 Lakh.
Earlier that day, Sitharaman introduced the bank (amendment) bill in Lok Sabha, emphasizing that the proposed modification aims to improve customer facilities. The minister emphasized that a total of 19 amendments are submitted to update various acts including the Indian Reserve Bank Act, 1934, the Bank Regulation Act, 1949, the Bank Negara India Act, 1955, the banking company (acquisition and transfer of The business action), 1970, and the Banking Companies Act (acquisition and transfer of businesses), 1980.
The Lok Sabha On Tuesday Passed The Banking Laws (amendment) Bill, 2024, Which Allows Bank Account Holders To Have Up To Four Nominees In Their Accounts. The Bill Piloted By Finance Minister
“The proposed amendments will strengthen control in the banking sector and improve customer facilities regarding investor appointment and protection,” Sitharaman said. The main point of the government introduces bank laws (amendment), 2024 aimed to increase the election for candidates by bank account to four, of the existing ones, among others.
With the aim of making major changes to the key banking regulations, the Minister of Finance Nirmala Sitharaman introduced the Banking Law (Amendment), 2024 in Lok Sabha during a parliamentary session on Friday.
1) The bill aims to increase the option for candidates by bank account to four of the existing ones, among others.
2) Another amendment involves redefining the ‘substantial importance’ for the director, who has the possibility of raising the threshold of the current 5 lakhs, fixed almost 60 years ago, to ₹ 2 crore.
ᯓᡣ𐭩❁ On X: “for The Words “seven Days”, The Words “#five_days” Shall Be Substituted As Per The Amendment To The Reserve Bank Of India Act, 1934 Under Banking Laws Amendment Bill 2024
3) In addition, the bill aims to provide more flexibility of the bank in determining wages for the legal auditors.
4) It also proposes to change the regulatory reporting date for the bank to the last and last of each month, replacing the second and fourth Friday.
5) Approved by the Union Cabinet on Friday, the bill aims to modify multiple laws, including the Indian Reserve Bank Act, 1934, The Bank Regulation Act, 1949, The Indian Bank Act, 1955, and the Banking Company (acquisition and delivery Act) act 1970 and 1980.
On Wednesday Lok Sabha cleared the tax proposal presented on the Union budget for the FY25 along with the amendments proposed by FM Sitharaman, including recovery of inflation adjustments to the benefit of real estate.
Banking Laws (amendment) Bill, 2024 Passed In Lok Sabha
He said the amendments were brought to the financial bill as the government of the National Democratic Alliance (NDA) after a comprehensive practice of negotiation across the country after delivering the union budget, so that the budget reflects the aspirations of ordinary people.
The minister proposed in his response to a discussion of the financial bill in the room that when the long -term capital capital of the land or building obtained before the 23rd % without indexing as well as below the old scheme of 20 % with indexing and can pay less taxes than the two.
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