banking laws amendment act 2025
New Banking Law Allows Up To 4 Nominees In Bank Accounts Starting November 1, 2025: Complete Guide
Oct 23, 2025 07:09 pm CST
Starting November 1, 2025, Indian bank customers can designate up to four nominees for their accounts under the new Banking Laws (Amendment) Act 2025. This significant reform aims to streamline claim settlements, provide flexibility in nomination arrangements, and enhance transparency across the banking system. The amendment includes provisions for both simultaneous and successive nominations, detailed share specifications, and improved governance standards for public and cooperative banks.
Multiple Nominees Now Permitted for Bank Accounts and Lockers in India From November 2025
Oct 23, 2025 04:49 pm CST
Starting November 1, 2025, Indian banking customers can nominate up to four individuals for their bank accounts, lockers, and safe custody articles under the new Banking Laws (Amendment) Act. This reform aims to simplify claim settlements, enhance transparency, and improve succession planning across the banking system while strengthening overall governance standards in India's financial sector.