{"id":355214,"date":"2025-08-01T10:00:31","date_gmt":"2025-08-01T04:30:31","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=355214"},"modified":"2025-08-01T10:20:24","modified_gmt":"2025-08-01T04:50:24","slug":"provisions-of-banking-laws-amendment-act-2025-notified","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/01\/provisions-of-banking-laws-amendment-act-2025-notified\/","title":{"rendered":"Provisions of Banking Laws (Amendment) Act, 2025 notified"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 29-7-2025, the <span style=\"font-weight: bold;\">Ministry of Finance<\/span> appointed 1-8-2025 as the date on which certain provisions of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002666292\" target=\"_blank\" rel=\"noopener\">Banking Laws (Amendment) Act, 2025<\/a> will come into force.<\/p>\n<h3>The amendments in the following sections of the following Acts which were brought vide <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002666292\" target=\"_blank\" rel=\"noopener\">Banking Laws (Amendment) Act, 2025<\/a> notified:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p style=\"font-weight: bold;\">In <a href=\"http:\/\/www.scconline.com\/DocumentLink\/1Y93e8oe\" target=\"_blank\" rel=\"noopener\">Banking Regulation Act, 1949<\/a>:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Section 5 relating to <span style=\"font-weight: bold;\">Interpretation;<\/span><\/li>\n<li>Section 10-A relating to <span style=\"font-weight: bold;\">Board of directors to include persons with professional or other experience;<\/span><\/li>\n<li>Section 16 relating to <span style=\"font-weight: bold;\">Prohibition of common directors;<\/span><\/li>\n<li>Section 38-A relating to <span style=\"font-weight: bold;\">Court Liquidator;<\/span><\/li>\n<li>Section 41 relating to <span style=\"font-weight: bold;\">Preliminary report by official liquidator;<\/span><\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">In <a href=\"http:\/\/www.scconline.com\/DocumentLink\/00avI8W2\" target=\"_blank\" rel=\"noopener\">Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970<\/a>:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Section 10 relating to <span style=\"font-weight: bold;\">Closure of accounts and disposal of profits;<\/span><\/li>\n<li>Section 10-B relating to <span style=\"font-weight: bold;\">Transfer of unpaid or unclaimed money:<\/span><\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">In <a href=\"http:\/\/www.scconline.com\/DocumentLink\/g3mHii2h\" target=\"_blank\" rel=\"noopener\">Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980<\/a>:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Section 10 relating to <span style=\"font-weight: bold;\">Closure of accounts and disposal of profits;<\/span><\/li>\n<li>Section 10-B relating to <span style=\"font-weight: bold;\">Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3>The above-mentioned provisions which are brought into force aims to:<\/h3>\n<ul style=\"list-style-type: disc;\">\n<li>Redefine the threshold of \u2018substantial interest\u2019 from \u20b95 lakh to \u20b92 crore, revising a limit that has remained unchanged since 1968;<\/li>\n<li>Align director tenures in cooperative banks with the 97th Constitutional Amendment by increasing the maximum tenure from 8 years to 10 years (excluding the chairperson and whole-time director);<\/li>\n<li><span style=\"font-weight: bold;\">Public sector banks (\u2018PSBs\u2019)<\/span> will now be permitted to transfer unclaimed shares, interest, and bond redemption amounts to the <span style=\"font-weight: bold;\">Investor Education and Protection Fund<\/span>, bringing them in line with practices followed by companies under the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/A5aqjfDv\" target=\"_blank\" rel=\"noopener\"><span class=\"Hyperlink\" style=\"font-weight: bold;\">Companies Act, 2013<\/span><\/a>.<\/li>\n<li>The amendments also empower <span style=\"font-weight: bold;\">PSBs<\/span> to offer<span style=\"font-weight: bold;\"> remuneration to statutory auditors<\/span>, facilitating the engagement of high-quality audit professionals and enhancing audit standards.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002666292\" target=\"_blank\" rel=\"noopener\">Banking Laws (Amendment) Act, 2025<\/a>:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>This Act brought amendments in 5 legislations:\n<ul style=\"list-style-type: disc;\">\n<li><a href=\"http:\/\/www.scconline.com\/DocumentLink\/2Qrc25Io\" target=\"_blank\" rel=\"noopener\">Reserve Bank of India Act, 1934<\/a>;<\/li>\n<li><a href=\"http:\/\/www.scconline.com\/DocumentLink\/1Y93e8oe\" target=\"_blank\" rel=\"noopener\">Banking Regulation Act, 1949<\/a>;<\/li>\n<li><a href=\"http:\/\/www.scconline.com\/DocumentLink\/6u6e5uxB\" target=\"_blank\" rel=\"noopener\">State Bank of India Act, 1955<\/a>;<\/li>\n<li><a href=\"http:\/\/www.scconline.com\/DocumentLink\/00avI8W2\" target=\"_blank\" rel=\"noopener\">Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970<\/a>:<\/li>\n<li><a href=\"http:\/\/www.scconline.com\/DocumentLink\/g3mHii2h\" target=\"_blank\" rel=\"noopener\">Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980<\/a>:<\/li>\n<\/ul>\n<\/li>\n<li>The <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002666292\" target=\"_blank\" rel=\"noopener\">Banking Laws (Amendment) Act, 2025<\/a> aimed to improve governance standards in the banking sector, ensure enhanced protection for depositors and investors, improve audit quality in public sector banks, and increase the tenure of directors (other than the chairperson and whole-time directors) in cooperative banks.<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">The implementation of these provisions marks a significant step towards strengthening the legal, regulatory, and governance framework of the Indian Banking Sector.<\/p>\n","protected":false},"author":67515,"featured_media":355229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[86406,86405,56157,50054,41116,57392,86407,2824,58098,86403,86404],"class_list":["post-355214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-banking-companies-acquisition-and-transfer-of-undertakings-act-1980","tag-banking-companies-act-acquisition-and-transfer-of-undertakings-1970","tag-banking-laws","tag-banking-regulation-act-1949","tag-banking-sector","tag-enforcement-date","tag-enforcement-of-amendments","tag-Ministry_of_Finance","tag-mof","tag-reserve-bank-of-india-act-1934","tag-state-bank-of-india-act-1955"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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Banking Regulation (Amendment) Ordinance, 2017 promulgated for resolution of stressed assets","author":"Saba","date":"May 6, 2017","format":false,"excerpt":"The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the Banking Regulation Act, 1949 enables the Union Government to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/03\/rashtrapatibhawan.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/03\/rashtrapatibhawan.jpg?resize=350%2C200&ssl=1 1x, 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The Banking Regulation (Amendment) Bill, 2020 will amend the Banking Regulation Act, 1949 and the Act will be called the Banking Regulation (Amendment) Act, 2020. Why were amendments needed under the Banking Regulation Act, 1949? 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The Banking Regulation (Amendment) Act, 2020 The Banking Regulation (Amendment) Act, 2020 will replace the Banking Regulation (Amendment) Ordinance, 2020. 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The Ordinance seeks to protect the interests\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7210,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/05\/28\/repealing-and-amending-second-act-2015\/","url_meta":{"origin":355214,"position":5},"title":"Repealing and Amending (Second) Act, 2015","author":"Sucheta","date":"May 28, 2015","format":false,"excerpt":"The Repealing and Amending (Second) Act, 2015 received the assent of the President on 14.05.2015. The objective of the Act is to repeal the enactments which have ceased to be in force or have become obsolete or the retention of which as separate Acts is unnecessary OR correct\/ amend the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/355214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=355214"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/355214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/355229"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=355214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=355214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=355214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}