The Banking Laws (Amendment) Bill 2024 was introduced in the Lok Sabha today by Union Minister of State for Finance, Pankaj Choudhary. This bill seeks to amend several significant banking laws to modernize and enhance the regulatory framework of the banking sector. The amendments proposed include changes to the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980. The bill aims to streamline banking operations and align them with contemporary financial practices, reflecting the government’s commitment to improving the efficiency and effectiveness of banking regulations.