President Accords Assent to the Banking Laws (Amendment) Act, 2025, Amending Key Provisions of Major Banking Laws
- Blog|News|FEMA & Banking|
- < 1 minute
- By Chetan Kulasri
- |
- Last Updated on 17 April, 2025
Latest from Taxmann
Act No. 16 of 2025; Dated: 15.04.2025
The President has accorded assent to the Banking Laws (Amendment) Act, 2025, which amended 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. As per the amended Section 42 of the RBI Act, scheduled banks must maintain their cash reserves with the Reserve Bank. The term “fortnight” was defined as 1st–15th or 16th–end of the month.
Click Here To Read The Full Updates
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
CA | CS | CMA
