Q. With reference to the Banking Laws (Amendment) Bill 2024, consider the following statements:
1.It eliminates the nominee system in bank accounts.
2.It strengthens governance and regulatory oversight in India’s banking sector.
Which of the statement(s) given above is/are correct?
Answer: B
Notes:
Explanations –
Statement 1 is incorrect. The Bill does not eliminate the nominee system; instead, it allows account holders to appoint up to four nominees for their accounts, lockers, and fixed deposits, enhancing flexibility and convenience.
Statement 2 is correct. The Bill introduces reforms to improve governance standards, enhance depositor protection, streamline reporting to the Reserve Bank of India (RBI), and strengthen audit quality in public sector banks.
Source: The Hindu
Discover more from Free UPSC IAS Preparation Syllabus and Materials For Aspirants
Subscribe to get the latest posts sent to your email.
