Section 13(45ZG) in The Banking Laws (Amendment) Act, 2025
(“45ZG. (1)Priority of successive nomination.Where the nomination is made in favour of more than one person successively under sub-section (1) of section 45ZA or sub-section (1) of section 45ZC or sub-section (1) of section 45ZE, the nomination shall be effective only in favour of one person in the following order of priority, namely:––(a)nomination of the first nominee shall be effective if that nominee survives the person or persons who made the nomination;(b)nomination of the second nominee shall become effective only after the death of the first nominee;(c)nomination of any nominee lower in the order of nomination shall become effective only after the death of all the nominees whose names are higher in the order of nomination.
