10-1 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI
THE BANKING LAWS (AMENDMENT) ACT, 2025
1ඈඈൿ
[15th April,@
An Act further to amend the Reserve Bank of India Act, 1934, the
Banking Regulation Act, 1949, the State Bank of India Act, 1955,
the Banking Companies (Acquisition and Transfer of Undertakings)
Act, 1970 and the Banking Companies (Acquisition and Transfer of
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CHAPTER I
PRELIMINARY
1 (1) This Act may be called the Banking Laws (Amendment) Act, 202
(2) It shall come into force on such date as the Central Government may, by
notification in the Official Gazette, appoint:
Short title and
FRPPHQFHPHQW
BE it enacted by Parliament in the Seventy-sixth Year of the Republic
of India as follows:—
Extra No. 10
©
The Gujarat Government Gazette
EXTRAORDINARY
PUBLISHED BY AUTHORITY
Vol. LXVI ]
THURSDAY, JUNE 26, 2025 / ASHADHA 5, 1947
Separate paging is given to this Part in order that it may be filed as a Separate Compilation.
PART - VI
Acts of Parliament and Ordinances promulgated by the President
LEGISLATIVE AND PARLIAMENTARY AFFAIRS DEPARTMENT
Sachivalaya, Gandhinagar, 26th June, 2025
No. RPB/Act-16/2025/E:- The Following Act of Parliament is republished for general information:-
Government of India
Ministry of Law and Justice
Legislative Department
New Delhi, the 15th April, 2025/Chaitra 15, 1947 (Saka)
The following Act of Parliament has received the assent of the President on the 15th April, 2025 is
hereby published for general information:-
VI- Ex.-10
10-1
10-2 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI
Amendment of
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Provided that different dates may be appointed for different provisions of this
Act, and any reference in any such provision to the commencement of this Act, shall
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CHAPTER II
AMENDMENT TO THE RESERVE BANK OF INDIA ACT, 1934
2 ,QWKH5HVHUYH%DQNRI,QGLD$FW LQVHFWLRQ—
(a) in sub-section (1), in the Explanation, for clause (b), the following
clause shall be substituted, namely:—
‘(b) “fortnight” means the period from the first day to the fifteenth
day of each calendar month or sixteenth day to the last day of each
calendar month, both days inclusive;’;
(b) in sub-section (2),—
(i) in the long line,—
(A) for the words “each alternate Friday”, the words “the last
day of each fortnight” shall be substituted;
(B) for the words “seven days”, the words “five days” shall
be substituted;
(ii) in the second proviso,—
(A) for the words “such alternate Friday”, the words “the last
day of any such fortnight” shall be substituted;
(B) for the words “that Friday”, the words “the last day of
that fortnight” shall be substituted;
(iii) the third proviso shall be omitted;
(c) sub-section (2AVKDOOEHRPLWWHG
CHAPTER III
AMENDMENTS TO THE BANKING REGULATION ACT, 1949
3 ,QWKH%DQNLQJ5HJXODWLRQ$FW KHUHDIWHULQWKLVChapter referred to
as the Banking Regulation Act of 1949), in section 5, in clause (ne), in
sub-clause (i), for the words “five lakhs of rupees”, the words “two crore rupees or
such other amount as may be notified in the Official Gazette by the Central
Government” shall be substituted.
4 ,QWKH%DQNLQJ5HJXODWLRQ$FWRI LQVHFWLRQ$LQVXE-section (2A),
in clause (i), after the words “eight years”, the words “and ten years in case of
a co-operative bank” shall bHLQVHUWHG
5 ,QWKH%DQNLQJ5HJXODWLRQ$FWRI LQVHFWLRQLQVXE-section (3),
after the words “Reserve Bank”, the following shall be inserted, namely:—
“or the director of a central co-operative bank elected to the Board of the
state co-operative bank in which he is a member”.
6 ,QWKH%DQNLQJ5HJXODWLRQ$FWRI LQVHFWLRQ—
(a) in sub-section (1),—
(i) for the words “last Friday”, the words “last day” shall be substituted;
(ii) for the words “alternate Fridays”, the words “the last day of the
fortnight” shall be substituted;
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PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 10-3
(iii) for the words “such Fridays or if any such Friday”, the words
“the last day of the fortnight or if the last day of any such fortnight” shall
be substituted;
(b) in the Explanation, for clause (b), the following clause shall be
substituted, namely:—
‘(b) “fortnight” shall mean the period from the first day to the
fifteenth day of each calendar month or sixteenth day to the last day of
each calendar month, both days inclusive;’.
7 ,QWKH%DQNLQJ5HJXODWLRQ$FWRI LQVHFWLRQ—
(a) in sub-section (2A), for the word “Friday”, the word “day” shall be
substituted;
(b) in sub-section (3), for the words “each alternate Friday during the
month, or if any such Friday”, the words “the last day of each fortnight during
the month, or if the last day of any such fortnight” shall be substituted;
(c) in sub-section (4),—
(i) in clause (a), for the words “any alternate Friday or, if such
Friday”, the words “the last day of any fortnight or, if the last day of any
such fortnight” shall be substituted;
(ii) for clause (b), the following clause shall be substituted, namely:—
“(b) if the default occurs again on the last day of the next
succeeding fortnight, or, if the last day of such fortnight is a public
holiday, on the preceding working day, and continues on the last
day of the succeeding fortnights or preceding working days, as the
case may be, the rate of penal interest shall be increased to a rate
RI ILYH SHU FHQW SHU DQQXP DERYH the bank rate on each such
shortfall in respect of last day of that fortnight and last day of each
succeeding fortnight or preceding working day, if last day of such
fortnight is a public holiday, on which the default continues.”;
(d) in sub-section (7),—
(i) for the words “next succeeding alternate Friday, or if such
Friday is a public holiday”, the words “last day of the next succeeding
fortnight, or if the last day of such fortnight is a public holiday” shall be
substituted;
(ii) for the words “subsequent alternate Friday”, the words “last
day of every subsequent fortnight” shall be substituted.
8 ,QWKH%DQNLQJ5HJXODWLRQ$FWRI LQVHFWLRQ—
(a) in sub-section (1), for the words “last Friday of every quarter or, if
that Friday”, the words “last day of every quarter or, if that day” shall be
substituted;
(b) in sub-section (2), for the words “last Friday of the previous quarter,
or, if that Friday”, the words “last day of the previous quarter, or, if that day”
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9 ,QWKH%DQking Regulation Act of 1949, in section 27, in sub-section (1), for
the words “last Friday of every month or if that Friday”, the words “last day of every
month, or, if that day” shall be substituted.
10 ,QWKH%DQNLQJ5HJXODWLRQ$FWRI LQVHFWLRQ5ZA,—
(a) in sub-section (1), for the words “one person”, the words “one or
more persons not exceeding four, either successively or simultaneously” shall
be substituted;
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10-4 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI
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(b) after sub-section (1), the following sub-sections shall be inserted,
namely:—
“(1A) Where the nomination is made successively in favour of
more than one person under sub-section (1), the nomination shall be
effective only in favour of one person in the order of priority specified
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(1B) Where the nomination is made simultaneously in favour of
more than one person under sub-section (1), the nomination shall be
effective in favour of all such persons in proportion to which it is
declared, and the following terms and conditions shall apply, namely:—
(a) the nomination shall not be made in favour of more than
four persons;
(b) the nomination shall explicitly state the proportion of
amount of deposit in percentage in favour of each nominee;
(c) the nomination shall be made in respect of the whole
amount of deposit;
(d) if any nominee dies before receiving deposit from the
banking company, the nomination in respect of such nominee
alone shall become ineffective and the amount of deposit
purported to be nominated in favour of deceased nominee shall be
treated as if nomination had not been made in respect of that
portion of deposit,
and any nomination which does not comply with any of the terms and
conditions specified in clauses (a) to (c), shall be invalid, as if nomination had
not been made by the depositor or all the depositors together, as the case may
be.”.
11 In the Banking Regulation Act of 1949, in section 45ZC, in sub-section (1),
for the words “one person”, the words “one or more persons not exceeding four,
successively,” shall be substituted.
12 ,QWKH%DQNLQJ5HJXODWLRQ$FWRI LQVHFWLRQ=(IRU sub-section (1),
the following sub-section shall be substituted, namely:—
“(1) Where one or more individuals hire a locker from a banking
company, whether such locker is located in the safe deposit vault of such
banking company or elsewhere, the individual or, as the case may be, all the
individuals together, may nominate one or more persons not exceeding four,
successively, to whom, in the event of the death of the sole hirer or the death
of all the hirers, the banking company may give access to the locker and liberty
to remove the contents of the locker.”.
13 ,QWKH%DQNLQJ5HJXODWLRQ$FWRI DIWHUVHFWLRQ=)WKHIROORZLQJ
section shall be inserted, namely:––
“45ZG. (1) Where the nomination is made in favour of more than one
person successively under sub-section (1) of section 45ZA or sub-section (1)
of section 45ZC or sub-section (1) of section 45ZE, the nomination shall be
effective only in favour of one person in the following order of priority,
namely:––
(a) nomination of the first nominee shall be effective if that
nominee survives the person or persons who made the nomination;
(b) nomination of the second nominee shall become effective only
after the death of the first nominee;
PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 10-5
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(c) nomination of any nominee lower in the order of nomination
shall become effective only after the death of all the nominees whose
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(2) Where the order of nomination is not mentioned, persons shall be
deemed to have been nominated in the order in which their names appear in
the nominatLRQ
(3) The provisions of this section shall not apply to the nominations
made simultaneously in favour of more than one person under sub-section (1)
of section 45ZA.”.
14 ,QWKH%DQNLQJ5HJXODWLRQ$FWRI LQVHFWLRQ—
(a) in clause (c), for sub-clause (ii), the following sub-clause shall be
substituted, namely:—
“(ii) clause (nb) shall be omitted;”;
(b) in clause (j) relating to substitution of section 18, in sub-section (1),—
(i) for the words “last Friday”, the words “last day” shall be
substituted;
(ii) for the words “alternate Friday”, the words “the last day of the
fortnight” shall be substituted;
(iii) for the words “such Fridays or if any such Friday”, the words
“the last day of the fortnight or if the last day of any such fortnight” shall
be substituted;
(iv) in the Explanation, for clause (b), the following clause shall be
substituted, namely:—
‘(b) “fortnight” shall mean the period from the first day to
the fifteenth day of each calendar month or sixteenth day to the last
day of each calendar month, both days inclusive;’.
CHAPTER IV
AMENDMENTS TO THE STATE BANK OF INDIA ACT, 1955
15 ,QWKH6WDWH%DQNRI,QGLD$FW LQVHFWLRQ$—
(a) in the marginal heading, for the word “dividend”, the word “money”
shall be substituted;
(b) for sub-section (3), the following sub-sections shall be substituted,
namely:—
“(3) The State Bank shall transfer, in accordance with the rules
made under section 124 of the Companies Act, 2013, to the Investor
Education and Protection Fund established under section 125 of the
said Act,—
(i) any money which remains unpaid or unclaimed for a
period of seven years from the date of its transfer in the Unpaid
Dividend Account of the State Bank;
(ii) all shares in respect of which dividend has not been paid
or claimed for a period of seven consecutive years, along with a
statement thereof containing the details specified in the said rules;
(iii) any interest or redemption amount upon any bond issued
by the State Bank which remain unpaid or unclaimed for a period
of seven years from the date such interest or such redemption
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Amendment of
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10-6 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI
Amendment of
section 41.
Amendment of
section 10.
Amendment of
section 10B.
(4) Any person whose shares or unclaimed or unpaid money has
been transferred to the Investor Education and Protection Fund under
sub-section (3), shall be entitled to claim the transfer or refund from the
said Fund, in accordance with the rules made under section 124 and
section 125 of the Companies Act, 2013.
(5) The money transferred under sub-section (3) to the Investor
Education and Protection Fund shall be utilised for the purposes and in
the manner specified in section 125 of the Companies Act, 2013.”.
. In the State Bank of India Act, 1955, in section 41,—
(a) in sub-section (1), for the words and figures “section 226 of the
Companies Act, 1956”, the words and figures “section 141 of the Companies
Act, 2013” shall be substituted;
(b) for sub-section (2), the following sub-section shall be substituted,
namely:—
“(2) The auditors shall receive such remuneration as the State Bank
may fix.”.
CHAPTER V
AMENDMENTS TO THE BANKING COMPANIES
(ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970
. In the Banking Companies (Acquisition and Transfer of Undertakings)
Act, 1970 (hereafter in this Chapter referred to as the Act of 1970), in section 10, in
sub-section (2),—
(a) for the words and figures “section 226 of the Companies Act, 1956”, the
words and figures “section 141 of the Companies Act, 2013” shall be substituted;
(b) for the words “Reserve Bank may fix in consultation with the Central
Government”, the words “corresponding new bank may fix” shall be substituted.
. In the Act of 1970, in section 10B,—
(a) in the marginal heading, for the words “dividend to Unpaid Dividend
Account”, the word “money” shall be substituted;
(b) for sub-section (3), the following sub-sections shall be substituted,
namely:—
“(3) The corresponding new bank shall transfer, in accordance
with the rules made under section 124 of the Companies Act, 2013, to
the Investor Education and Protection Fund established under section 125
of the said Act,—
(i) any money which remains unpaid or unclaimed for a
period of seven years from the date of its transfer in the Unpaid
Dividend Account of the corresponding new bank;
(ii) all shares in respect of which dividend has not been paid
or claimed for a period of seven consecutive years, along with a
statement thereof containing the details specified in the said rules;
(iii) any interest or redemption amount upon any bond issued
by the corresponding new bank which remain unpaid or unclaimed
for a period of seven years from the date such interest or such
redemption amount became due for payment.
(3A) Any person whose shares or unclaimed or unpaid money has
been transferred to the Investor Education and Protection Fund under
sub-section (3), shall be entitled to claim the transfer or refund from the
said Fund, in accordance with the rules made under section 124 and
section 125 of the Companies Act, 2013.”;
(c) in sub-section (4), for the words, figures and letter “section 205C of
the Companies Act, 1956”, the words and figures “section 125 of the
Companies Act, 2013” shall be substituted.
18 of 2013.
18 of 2013.
23 of 1955.
1 of 1956.
18 of 2013.
5 of 1970.
1 of 1956.
18 of 2013.
18 of 2013.
18 of 2013.
1 of 1956.
18 of 2013.
Government Central Press, Gandhinagar.
PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 10-7
40 of 1980.
1 of 1956.
18 of 2013.
18 of 2013.
18 of 2013.
1 of 1956.
18 of 2013.
CHAPTER VI
AMENDMENTS TO THE BANKING COMPANIES
(ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980
. In the Banking Companies (Acquisition and Transfer of Undertakings)
Act, 1980 (hereafter in this Chapter referred to as the Act of 1980), in section 10, in
sub-section (2),––
(a) for the words and figures “section 226 of the Companies Act, 1956”, the
words and figures “section 141 of the Companies Act, 2013” shall be substituted;
(b) for the words “Reserve Bank may fix in consultation with the Central
Government”, the words “corresponding new bank may fix” shall be substituted.
. In the Act of 1980, in section 10B,—
(a) in the marginal heading, for the words “dividend to Unpaid Dividend
Account”, the word “money” shall be substituted;
(b) for sub-section (3), the following sub-sections shall be substituted,
namely:—
“(3) The corresponding new bank shall transfer, in accordance
with the rules made under section 124 of the Companies Act, 2013, to
the Investor Education and Protection Fund established under
section 125 of the said Act,—
(i) any money which remains unpaid or unclaimed for a
period of seven years from the date of its transfer in the Unpaid
Dividend Account of the corresponding new bank;
(ii) all shares in respect of which dividend has not been paid
or claimed for a period of seven consecutive years, along with a
statement thereof containing the details specified in the said rules;
(iii) any interest or redemption amount upon any bond issued
by the corresponding new bank which remain unpaid or unclaimed
for a period of seven years from the date such interest or such
redemption amount became due for payment.
(3A) Any person whose shares or unclaimed or unpaid money has
been transferred to the Investor Education and Protection Fund under
sub-section (3), shall be entitled to claim the transfer or refund from the
said Fund, in accordance with the rules made under section 124 and
section 125 of the Companies Act, 2013.”;
(c) in sub-section (4), for the words, figures and letter “section 205C of
the Companies Act, 1956”, the words and figures “section 125 of the Companies
Act, 2013” shall be substituted.
Amendment of
section 10.
Amendment of
section 10B.
Sd/-
DR. RAJIV MANI,
Secretary to the Government of India.
By order and in the name of the Governor of Gujarat,
Sd/-
K. M. LALA,
Secretary to Government.
----------
Signed by:BHOLUSINGH G THAKUR
Date: 2025.07.04 21:01:25 +05:30
Reason: Validate Document
Location: Government Central Press,
Gandhinagar
Signature Not Verified