<h1>Banking Laws (Amendment) Bill, 2024: Nominate Up to Four, Redefines 'Substantial Interest', Extends Director Tenure</h1> Parliament has passed the Banking Laws (Amendment) Bill, 2024, allowing bank account holders to nominate up to four individuals. The bill redefines 'substantial interest' in a bank, increasing the limit from Rs 5 lakh to Rs 2 crore. It also extends the tenure of directors in cooperative banks from 8 to 10 years and grants banks more freedom in auditor remuneration. Finance Minister emphasized the government's commitment to addressing non-performing assets and highlighted public sector banks' record profits. The amendment also changes regulatory reporting dates and permits simultaneous nominations for cash and deposits.