The key provisions relating to nomination under the Banking Laws (Amendment) Act, 2025, will come into effect from the 1st of next month. The Ministry of Finance, in a statement, said that the provisions will give depositors the flexibility to make nominations as per their preference, allowing the Customers to nominate up to four persons, simplifying claim settlement for depositors and their nominees.
The act aims to strengthen governance standards in the banking sector, ensure uniformity in reporting by banks to the Reserve Bank of India, enhance depositor and improve audit quality in public sector banks.
