04-12-2024
09:30 AM
The Banking Laws Amendment Bill, 2024 was introduced in the Lok Sabha on August 9, 2024. The amendment bill amends Reserve bank of India Act, 1934, Banking Regulation ACT, 1949 and State Bank of India Act, 1970 and Banking Companies (Acquisition and Transfer of Undertakings Act, 1980.
Banking Laws Amendment Bill 2024 has the following key features-
The new Banking Law Amending Bill 2024 was introduced for the following benefits:
The Banking Amendment bill should focus on addressing the root causes of economic challenges while ensuring that the banking sector thrives towards financial stability.
Q1. What are the new rules for banking in 2024?
Ans. The 2024 banking amendments focus on enhanced regulatory compliance, governance improvements, and customer protection.
Q2. What is the RBI Amendment Act 2024?
Ans. The RBI Amendment Act 2024 updates statutory reporting requirements and redefines financial thresholds to align with current economic conditions
Q3. What is banking law in India?
Ans. Banking law in India governs the operations of banks through acts like the RBI Act, 1934, and the Banking Regulation Act, 1949, ensuring financial stability and depositor protection.
Q4. What is the Banking Regulation Act amendment?
Ans. The 2024 amendment includes redefining "substantial interest" in banking, updated tenure for co-operative bank directors, and expanded provisions for unclaimed dividends
Q5. What is the banking law of UPSC?
Ans. Banking laws are significant for UPSC, covering topics like the Banking Regulation Act, RBI functions, and financial reforms relevant to governance and the economy.
Q6. What is the Banking Amendment Bill 2024?
Ans. The Banking Laws (Amendment) Bill 2024 strengthens regulatory frameworks, governance, and customer convenience while aligning banking practices with economic realities
Q7. Who is the father of banking law?
Ans. M. Narasimham is the founder of banking law in India.
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