A bill seeking to provide for four nominees by a bank account holder was introduced in the Lok Sabha on Friday to ensure better protection of depositors and enhance customer convenience.Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers etc.
As per the provision of the bill, a bank account holder can nominate up to four persons.
The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, thus safeguarding investors’ interests.