Banking Laws Amendment Act 2025

The legislature has enacted the THE BANKING LAWS (AMENDMENT) ACT, 2025 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 Undertakings) Act, 1980. The amendment provides that the State Bank shall transfer to the Investor Education and Protection Fund 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 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 and 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 amount became due for payment.