New Delhi, March 26 -- Parliament on Wednesday approved the Banking Laws (Amendment) Bill, which will bring major changes in banking regulations in the country.

Union Finance Minister Nirmala Sitharaman on Wednesday moved the Banking Laws (Amendment) Bill 2024 in the Lok Sabha.

Through the bill, the government seeks to improve governance standards and ensure consistency in banks' reporting to the Reserve Bank of India.

The amendments will also ensure better protection for depositors and investors and improve the quality of services in public sector banks.

The proposed amendments seek to increase the tenure of directors other than the chairperson and full-time directors in cooperative banks from eight years to ten years.

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