The government recently placed Banking Laws Amendment Bill 2024 in parliament which proposed for up to four nominees for bank account holders, redefining “substantial interest” for directorships, which could increase to Rs. 2 crore instead of the current limit of Rs. 5 lakh, to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from eight years to 10 years, allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank, greater freedom to banks in deciding the remuneration to be paid to statutory auditors, redefine the reporting dates for banks for regulatory compliance to the 15^th and last day of every month instead of the second and fourth Fridays, strengthen governance in the banking sector and enhance customer convenience with respect to nomination and protection of investors among other significant changes.

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