Banking Amendment Act Nominee Rule Change
The Banking Laws (Amendment) Act, which was notified in April 2025, introduced a significant modification to the rules concerning bank account nominations.
Understanding the Nominee Rule Change
The primary change brought about by this amendment relates to the number of nominees an account holder can designate.
- Prior to the amendment, rules varied, often allowing only one nominee or having specific conditions.
- The Banking Laws (Amendment) Act, 2025, explicitly allows bank account holders to nominate up to four individuals.
This change aims to provide more flexibility and clarity in the nomination process, simplifying the procedure for beneficiaries upon the account holder's death.
Key Change Summary
The core change is the expansion of the nomination limit:
- Allowed up to four nominees
This aligns with the correct answer provided, reflecting the updated regulation.
Important Questions from Banking
The base financial year for the calculation of the all India Index of Industrial Production (IIP) is:
Which two entities collaborated to launch the FIRST EA₹N Credit Card?
Consider the following statements:
1. Union Bank of India has become the first Indian bank to integrate Clari5's National Cybercrime Reporting Portal.
2. This integration aims to improve fraud prevention and complaint management.
3. The system was developed solely by the Reserve Bank of India.
Mark the correct statement from the above using the codes given below:
Consider the following statements:
1. Union Bank of India has become the first Indian bank to integrate Clari5's National Cybercrime Reporting Portal.
2. This integration aims to improve fraud prevention and complaint management.
3. The system was developed solely by the Reserve Bank of India.
Mark the correct statement from the above using the codes given below:
What is the primary objective of the renewed partnership between SBI Payments and Pine Labs?
