New Delhi, Oct. 23 -- The key provisions relating to nomination under the Banking Laws (Amendment) Act, 2025, will come into effect from November 1, an official statement said today.
There are multiple features of this provision, including multiple nominations, nominations for deposit accounts, nominations for articles in safe custody or safety lockers, simultaneous nomination, and successive nominations.
These provisions will give depositors the flexibility to make nominations as per their preference. It will also ensure uniformity, transparency, and efficiency in claim settlement across the Banking System.
The government earlier notified that the provisions contained in Sections 10,11,12 and 13 of the Banking Laws (Amendment) Act, 2025...