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The Banking Laws (Amendment) Bill, 2024, introduced in the Lok Sabha on August 9, 2024, aims to modernize India’s banking framework by amending multiple laws, including the Reserve Bank of India Act, 1934; Banking Regulation Act, 1949; State Bank of India Act, 1955; and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980. The Bill’s primary goal is to enhance regulatory oversight, strengthen governance, protect depositors, and simplify banking practices for the benefit of all stakeholders
The Bill targets critical areas to adapt the banking sector to evolving financial realities:
Similar measures for unclaimed dividends and bond payments were introduced, harmonizing with other financial regulations under the Companies Act
The Bill emphasizes improving bank audits and the independence of auditors. Additionally, banks have been granted greater discretion in determining auditor remuneration, reducing bureaucratic hurdles.
Some concerns about potential overreach in defining “substantial interest” and fears of privatization have been raised. Opposition parties argue that the amendments could lead to consolidation of power in large banking entities.
The Banking Laws (Amendment) Bill, 2024, represents a pivotal step in modernizing India’s banking infrastructure. For UPSC aspirants, understanding its provisions offers insights into financial governance and public policy’s dynamic interplay with economic development
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