Question
With reference to the Banking Laws (Amendment) Act,
2025, consider the following statements: 1. The Act redefines the threshold for āsubstantial interestā in banks from ā¹5 lakh to ā¹2 crore. 2. In cooperative banks, the maximum tenure for directors (other than chairperson and whole-time directors) has been raised from 8 years to 10 years, in line with the 97th Constitutional Amendment. 3. Public Sector Banks (PSBs) are now allowed to transfer unclaimed shares and interest to the Investor Education and Protection Fund (IEPF), aligning with Companies Act provisions. Which of the above statements is/are correct?Solution
ā¢ Statement 1 ā Correct: Ā The Act updates the definition of āsubstantial interestā, raising the threshold from the old ā¹5 lakh (1968 provision) to ā¹2 crore, reflecting current economic realities. ā¢ Statement 2 ā Correct: Ā For cooperative banks, the maximum tenure for directors (excluding chairperson and whole-time directors) is now 10 years, up from 8, aligning with the 97th Constitutional Amendment, which strengthened cooperative governance. ā¢ Statement 3 ā Correct: Ā PSBs can now transfer unclaimed shares and interest to the Investor Education and Protection Fund (IEPF), aligning their practice with that of companies governed under the Companies Act.
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