Key provisions relating to Bank nomination to come into force from November 1
Key Provisions relating to Nomination under the Banking Laws (Amendment) Act, 2025 will come into effect from November 1.
Key Provisions relating to Nomination under the Banking Laws (Amendment) Act, 2025 will come into effect from November 1.
The threshold for "substantial interest" has been increased from Rs 5 lakh to Rs 2 crore, a limit that had remained unchanged since 1968. This amendment aims to modernise the definition of substantial interest in line with current economic conditions.
Union Finance Minister, Nirmala Sitharaman, moved the Banking Laws (Amendment) Bill in the Lok Sabha on Tuesday. She said the changes proposed through the Bill will strengthen governance in the sector and enhance customer convenience.
After repeated adjournments and protests since the beginning of the session on November 25, both Houses of Parliament will meet on Friday.
