Section 12 in The Banking Laws (Amendment) Act, 2025
12. Amendment of section 45ZE.
In the Banking Regulation Act of 1949, in section 45ZE, forsub-section (1), the following sub-section shall be substituted, namely:—“(1) Where one or more individuals hire a locker from a banking company, whether such locker is located in the safe deposit vault of such banking company or elsewhere, the individual or, as the case may be, all the individuals together, may nominate one or more persons not exceeding four, successively, to whom, in the event of the death of the sole hirer or the death of all the hirers, the banking company may give access to the locker and liberty to remove the contents of the locker.”.
