New Delhi, Dec 4, 2025

The new Banking Laws (Amendment) Act, 2025, notified recently by the government, is a step towards strengthening governance standards in the banking sector by ensuring uniformity in reporting by banks to the Reserve Bank of India, along with improved audit quality in public sector banks, an official statement said.

The act also enhances depositor and investor protection by promoting customer convenience through improved nomination facilities, according to the official explainer.

A huge amount lies across banks, as unclaimed deposits, often because no nominee was recorded. The new rules are targeted to cut this delay by ensuring smoother claim settlements and faster access for families.

Depositors can now nominate up to four persons for their bank accounts via eit

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