The notification dated September 10 appoints October 1, 2026 as the date on which provisions of the Act will come into force, the finance ministry said in a statement on Friday.
The Act adopts a technology-neutral approach by recognising banking records maintained in physical, electronic, digital, virtual, cloud-based and other contemporary forms, it said.
It also provides for simplified and standardised certification of banking records, including through manual, digital or electronic signatures.
Greater clarity has also been provided on the summoning of bank officials where the bank is not a party to the proceedings, with a "special cause" to be recorded in writing by the court for such summoning, it said.
Further, the Centre may extend provisions to specified financial sector entities or classes of entities, allowing the framework to cater to the evolving financial landscape, it said.
These reforms reflect the government's continued commitment to modernising laws in line with technological advancements and evolving economic needs, promoting ease of doing business and strengthening a modern and efficient financial system, it said.
