Starting November 1, bank customers will be able to nominate up to four individuals for their accounts, according to a new rule announced by the Ministry of Finance on Thursday.
The decision aims to make the claim settlement process smoother, more transparent, and uniform across all banks in the country.
The change will come into effect under the Banking Laws (Amendment) Act, 2025, which was notified on April 15, 2025. The Act includes 19 amendments across five key legislations — the Reserve Bank of India Act, 1934; Banking Regulation Act, 1949; State Bank of India
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