New banking laws for nomination facilities for deposit accounts, lockers to kick in from Nov 1
NEW DELHI: The key provisions relating to nomination under the Banking Laws (Amendment) Act, 2025 will come into effect from November 1 this year, the Finance Ministry announced on Thursday.
NEW DELHI: The key provisions relating to nomination under the Banking Laws (Amendment) Act, 2025 will come into effect from November 1 this year, the Finance Ministry announced on Thursday.
The provisions that will kick in from next month relate to nomination facilities in respect of deposit accounts, articles kept in safe custody, and the contents of safety lockers maintained with banks.
The Act, which was notified on 15th April 2025, contains a total of 19 amendments across five legislations -- the Reserve Bank of India Act, 1934, Banking Regulation Act, 1949, State Bank of India Act, 1955 and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980.
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