Finance Minister attended the meeting of the Board of Directors of RBI, said - Changes in banking law are necessary

Union Finance Minister Nirmala Sitharaman on Saturday stressed the need for banks to focus on 'core banking'. The Finance Minister made this remark in the meeting of the members of the Central Board of Directors of the Reserve Bank of India. The meeting was held after the Lok Sabha passed the Finance Bill after the Union Budget 2024-25 and some amendments introduced by the government in Parliament.

During the meeting, Sitharaman stressed the need for banks to prioritize their important business and said, "Both RBI and the government want banks to focus on core banking."

Union Finance Minister Nirmala Sitharaman said, "There are many reasons for the amendments that we are bringing in the banking law. It has been pending for some time, it has been awaited for a long time. There are also some changes proposed in it with respect to the cooperative sector banking sector. People will get the facility to nominate more than one person in their accounts. This is a customer-friendly move because I think it is important for customers to have this option and also to ensure that the nominee does not face any difficulty in claiming later."

Reserve Bank of India (RBI) Governor Shaktikanta Das said, 'The issue of nomination has been pending for a long time and this change will improve ease of doing business. As far as unclaimed deposits are concerned, last year we had a special campaign under which we advised every bank that every branch should actively work on its own in the matter of unclaimed deposits. Special steps should be taken to identify the top ten unclaimed deposits and reach out to such persons in person. The progress has been satisfactory."