Mumbai, March 27 -- Parliament has passed the Banking Laws (Amendment) Bill 2024, with the Rajya Sabha approving it Wednesday, following its passage in the Lok Sabha in December 2024. The bill introduces significant changes to banking regulations by amending the Reserve Bank of India Act 1934, the Banking Regulation Act 1949, the State Bank of India Act 1955, and other banking laws.

One of the key provisions of the bill is the increase in the number of nominees per bank account from one to four, offering more flexibility to account holders. It also redefines substantial interest for directorships, raising the threshold from Rs 5 lakh to Rs 2 crore, and grants banks the authority to determine auditor remuneration. The amendments aim to en...