The Winter Session of Parliament commenced today, November 25, 2024, with key legislative discussions, including the Banking Laws (Amendment) Bill, 2024. The session, running until December 20, includes 16 bills for consideration.
Union Finance Minister Nirmala Sitharaman is set to table the Banking Laws (Amendment) Bill, which proposes amendments to major legislations such as the Reserve Bank of India Act, 1934, and the Banking Regulation Act, 1949.
The bill aims to improve governance in Urban Cooperative Banks (UCBs) by increasing the number of nominees per bank account to four and revising tenure rules for directors. It seeks to enhance depositor protection, strengthen public bank audits, and standardize reporting to the Reserve Bank of India.