Skip to content
Free updates Login
SSCBankingNABARD / RBI

Banking Laws (Amendment) Act 2025: Nomination Provisions

25 October 20251 min read
BANKING & FINANCEBanking Laws(Amendment) Act2025: NominationProvisions25 October 2025safalsetu.com

Why in the news

The Finance Ministry fixed November 1, 2025 as the start date for the Act’s nomination rules.

Key facts

  • Implemented through Sections 10-13.
  • Depositors choose their nominees; more than one is allowed.
  • Covers safe custody articles and locker contents.
  • Benefits: transparent claim settlement, fewer heir disputes, uniform rules across banking products.

Background

The provisions aim at flexibility, transparency and efficiency when depositors’ claims are settled.

Exam angle

  • Effective date: November 1, 2025.
  • Sections: 10 to 13 of the amended Act; nodal ministry: Finance.

Test yourself

1. From which date do the nomination provisions of the Banking Laws (Amendment) Act, 2025 take effect?

The Finance Ministry set November 1, 2025.

2. Which sections of the amended banking laws implement the nomination provisions?

Sections 10, 11, 12 and 13 are being brought into force.

3. Besides deposit accounts, nomination now extends to which items held with banks?

Nomination covers articles in safe custody and safety locker contents.

This topic is part of Daily Current Affairs 23 October 2025 (15 topics).

All topics of the dayDay quizOctober 2025

Read more