Lok Sabha passes Banking Laws Bill allowing 4 account nominees

Lok Sabha on Tuesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees in their accounts. The Bill also proposes change related to redefining 'substantial interest' for directorships, which could increase to ₹2 crore instead of the current limit of ₹5 lakh. The Bill was approved by a voice vote.