Union Finance Minister Nirmala Sitharaman introduced the Banking Laws (Amendment) Bill, 2024 in the Lok Sabha, proposing significant changes to key banking regulations. The bill aims to increase the number of nominees per bank account, redefine ‘substantial interest’ for directorships, grant banks more flexibility in auditor pay, and adjust regulatory reporting dates. The bill also seeks to amend several laws, including the Reserve Bank of India Act and the Banking Regulation Act.