Amendments to The Banking Laws Act: In the RBI Act the definition of “fortnight” has been revised to adjust reporting timelines from alternate Fridays to the last day of each fortnight.
— In the Banking Regulation Act, updates include enhanced monetary thresholds for capital requirements, extended tenure for directors in cooperative banks, and revised procedures for statutory returns and reserve maintenance. It also introduces detailed provisions for multiple and simultaneous nominations for deposits and lockers, with specific conditions and rules for validity and succession.
— The amendments to the State Bank of India Act mandate unclaimed dividends, shares, and bond proceeds be transferred to the Investor Education and Protection Fund after seven years, aligning it with the Companies Act, 2013. Similar provisions are included for nationalised banks under the 1970 and 1980 Acts. (Min of Law Notification Dated 15/04/2025)