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Finance Minister Nirmala Sitharaman moves Banking Laws Amendment Bill, says will strengthen governance

The proposed amendments seek to increase the tenure of directors other than the chairperson and full-time directors in cooperative banks from eight years to ten years.

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Finance Minister Nirmala Sitharaman moves Banking Laws Amendment Bill, says will strengthen governance

Union Finance Minister Nirmala Sitharaman today said that the Banking Laws (Amendment) Bill will strengthen governance in the Indian banking sector besides enhancing consumer’s and customer’s convenience with respect to nominations and protection of investors.

The Finance Minister moved the Banking Laws (Amendment) Bill, 2024, for consideration and passing in Lok Sabha. The aforesaid bill seeks to improve governance standards and provide consistency in reporting by banks to the Reserve Bank of India. Furthermore, the amendments will also ensure better protection for depositors and investors and will also improve the quality of services in the public sector banks.

After the bill is passed, the Banking Regulation Act will allow up to four nominees for depositors. This will include provisions for simultaneous and successive nominations, offering greater flexibility and convenience for depositors and their legal heirs, especially concerning deposits, articles, safe custody and safety lockers.

Reports stated that the proposed amendments seek to increase the tenure of directors other than the chairperson and full-time directors in cooperative banks from eight years to ten years. Altogether 19 amendments are proposed in the Banking Laws Amendment Bill 2024. In order to ensure consistency in reporting by banks, the bill provides for reporting to RBI on the last day of every fortnight instead of Fridays.

Under the aegis RBI Act, scheduled banks must maintain a certain level of average daily balance with the RBI as cash reserves. This average daily balance is based on the average of the balances held by banks at the closing of business of each day of a fortnight.

Notably, a fortnight is defined as the period from Saturday to the second following Friday (including both days). The said Bill changes the definition of a fortnight to the period from the first day to the fifteenth day of each month or the sixteenth day to the last day of each month. Additionally, the bill also changes this definition under the Banking Regulation Act where non-scheduled banks are required to maintain cash reserves.

The bill further redefines substantial interest in a company, currently it refers to holding shares of over Rs 5 lakh rupees or 10 per cent of the paid up capital whichever is less, this has been proposed to be hiked to Rs 2 crore. The Centre is also empowered to alter the amount through a notification.

The proposed bill also allows a director of a central cooperative bank to serve on the board of a state cooperative bank. At present, directors can hold positions in only one institution and not more.

The structure of the cooperative bank necessitates this as unless a person is elected to one layer of the cooperative, they can’t get into the next layer and as a result, they will necessarily have to hold a position at more than one place.

The said bill also provides that any person whose shares or unclaimed/unpaid money is transferred to the Investor Education and Protection Fund (IEPF), he can claim the transfer or refund. At present, if money in any account remains unpaid or unclaimed for seven years, it is transferred to the IEPF.

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Illegal immigration from India to US drops 69% from 2023 peak, says US data

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Fears of harsh treatment, including internment, and tough border legislations under the Donald Trump administration seem to have brought down illegal immigration from India to the United States by almost 69 per cent from the peak recorded in 2023, according to the latest data released by US Customs and Border Protection (CBP). The figures indicate a significant decline in irregular migration through the US land borders.

Trump and his Make America Great Again (MAGA) support base have advocated tougher measures against illegal immigrants such as roving Immigration and Customs Enforcement (ICE) personnel who have picked up immigrants and detain them in camps. ICE personnel have killed several Americans too in the mindless drive against immigrants.

CBP data, which follows the US fiscal year (October to September), shows authorities recorded 20,614 encounters with Indian migrants between October 2025 and May 2026. During the corresponding period in FY2023, when illegal migration from India reached its highest level, the number of encounters stood at 67,212. The latest figures are also lower than the nearly 29,000 encounters recorded during the same period in FY2025.

The sharpest decline has been recorded along the US-Mexico border, where encounters involving Indian migrants fell by nearly 99 per cent, from 30,109 during the October-May period of FY2023 to 417 in FY2026. At the US-Canada border, encounters dropped to 2,250, marking a 91 per cent decline from the comparable period in FY2024.

Migration experts said the decline comes amid tighter US immigration measures, stricter border enforcement and reduced expectations of securing asylum through illegal entry routes. Experts also noted that the high financial cost and risks associated with irregular migration have discouraged many prospective migrants from attempting the journey.

Despite the decline, Indian nationals continue to account for a significant share of migrants intercepted at US land borders, says CBP. Officials from both India and the United States have repeatedly urged people to avoid illegal migration routes and instead use authorised visa and immigration channels.

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Supreme Court urges Centre to reconsider introducing third language for CBSE Class 9

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Supreme Court

The Supreme Court on Thursday orally urged the Centre and the Central Board of Secondary Education (CBSE) to reconsider the introduction of the compulsory third language policy for Class 9, observing that the move could place an unnecessary academic burden on children.

During a hearing of petitions challenging the policy, the bench of Justice B.V. Nagarathna and Justice R. Mahadevan remarked that introducing a new language at the Class 9 level may create additional stress for students and suggested that, if such a policy is necessary, it would be more appropriate to begin it from Class 6, when children have more time to adapt. The court, however, did not pass any interim order staying the policy.

The petitions challenge the CBSE’s three-language policy introduced under the New Education Policy 2020. Under the revised framework, students entering Class 9 are required to study three languages, with at least two being Indian languages. The petitioners argued that the sudden implementation has created difficulties for students, schools and teachers, particularly due to the availability of textbooks, qualified language teachers and the increased academic workload.

During the hearing, the Supreme Court sought responses from the Union Government and the CBSE on the concerns raised in the petitions. The Bench emphasised that while learning languages is valuable, educational reforms should be implemented in a manner that does not place avoidable pressure on students.

The matter will be heard again after the Centre and the CBSE file their replies. The outcome of the case is expected to influence the implementation of the three-language policy in CBSE-affiliated schools across the country, particularly for students entering Class 9 in the current academic session.

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Bank holiday today: Banks closed in Odisha, Uttarakhand and Manipur on July 16 for regional festivals; check details

Banks will remain closed in Odisha, Uttarakhand and Manipur on July 16 for regional festivals, while banking operations continue normally in the rest of India. Here’s the complete holiday schedule.

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Rath Yatra

India’s banking services will remain partially affected on Thursday, July 16, as banks in select states are closed to observe regional festivals, according to the Reserve Bank of India’s (RBI) holiday calendar for the financial year 2026-27.

Customers in most parts of the country can continue to access banking services as usual, while branches in Odisha, Uttarakhand and Manipur will remain shut for local celebrations.

Banks closed today in these states

Banks will remain closed on July 16 in the following states:

  • Odisha – Rath Yatra
  • Uttarakhand – Harela
  • Manipur – Kang festival

Apart from these states, bank branches across the rest of India are expected to function normally.

How does RBI decide bank holidays?

The Reserve Bank of India prepares a state-wise holiday calendar covering national, religious and regional occasions. Since several festivals are celebrated only in specific states, bank holidays may differ from one region to another.

In addition to these notified holidays, banks across the country remain closed on the second and fourth Saturdays of every month, as well as on all Sundays.

When is the next bank holiday?

According to the RBI’s holiday schedule, the next notified bank holiday falls on July 17, 2026, in Sikkim to mark the Death Anniversary of U Tirot Singh.

Customers are advised to check the holiday schedule applicable to their respective state before planning a visit to a bank branch.

Will online banking services remain available?

Although physical bank branches may remain closed in the affected states, customers can continue using digital banking services. Mobile banking, internet banking, UPI transactions, ATM withdrawals and other online banking facilities are expected to remain available, enabling uninterrupted access to essential financial services.

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