The key provisions relating to nomination under the Banking Laws Amendment Act will come into effect from 1st of the next month. The Ministry of Finance, in a statement said that the provisions will give depositors the flexibility to make nominations as per their preference, allowing the Customers to nominate up to four persons, simplifying claim settlement for depositors and their nominees. The act aims to strengthen governance standards in the banking sector, ensure uniformity in reporting by banks to the Reserve Bank of India, enhance depositor and improve audit quality in public sector banks.