AIM -
* TO STRENGTHEN GOVERNANCE STANDARDS, IMPROVE DEPOSITORS PROTECTION AND RAISE AUDIT QUALITY ACROSS INDIAN BANKING SECTOR.
* PUBLIC SECTOR BANK (PSB) WILL NOW BE ALLOWED TO TRANSFER UNCLAIMED SHARES, INTEREST AMOUNT, AND BOND REDEMPTION PRICEEDS, TO THE INVESTOR EDUCATION AND PROTECTION FUND ( IEPF)
* TO ALIGN WITH 97TH CONSTRUCTION AMENDMENT ( THE TENURES OF DIRECTOR EXCLUDING CHAIRPERSON AND WHOLE TIME DIRECTOR IN COOPERATIVE BANKS HAS BEEN INCREASE FROM 8 YEARS TO 10 YEARS.
WHAT LAW OFFERS -
* IT CONTAINS TOTAL 19 AMENDMENTS ACROSS 5 LEGISLATION.
+: The Reserve Bank of India Act 1934
+: The Banking Regulation Act 1949
+: The State Bank of India Act 1955
+: The Banking Companies ( Acquisition And Transfer Of Undertaking ) Act 1970 & 1980
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