Lok Sabha clears amended banking legislation following changes by upper house | Today News
New Delhi: The Lok Sabha on Wednesday cleared the Banking Laws (Amendment) Bill, 2024, which aims to strengthen governance standards in the sector and ensure better protection for depositors and investors.The legislation, which includes amendments made by the Rajya Sabha, will now be sent to the President for final approval before becoming a law.The bill also aims to improve consistency in reporting by banks to the Reserve Bank of India (RBI), enhance audit quality in public sector banks, and increase the framework of directors other than the chairperson and full-time directors in cooperative banks.The legislation also introduces more than 20 amendments to bring changes in the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1978.The major amendmentsOne major change proposed through the...