• The Banking Laws Amendment Bill, 2024 which was passed by the Rajya Sabha by a voice vote.
  • The new banking laws allow a bank account holder to have up to four nominees, including simultaneous nominations for cash and fixed deposits.
  • The bill also seeks to increase the tenure of the directors (excluding the chairman and whole-time director) in cooperative banks from eight years to 10 years.
  • Now a director of a central cooperative bank can serve on the board of a state cooperative bank.