Finance Ministry Notifies Jan Vishwas Act Amendments for RBI, LIC, Insurance and PFRDA Laws from 23rd June 2026

The Central Government has brought into force select provisions of the Jan Vishwas (Amendment of Provisions) Act, 2026, impacting several major financial sector laws, including those governing the Reserve Bank of India (RBI), Life Insurance Corporation (LIC), general insurance companies, and pension regulators. The notifications were issued by the Ministry of Finance on June 22, 2026, and become effective from June 23, 2026.

Four Financial Sector Laws Covered

Through separate notifications, the Department of Financial Services has notified the commencement of provisions relating to specific entries in the Schedule of the Jan Vishwas (Amendment of Provisions) Act, 2026.

The amendments coming into force from June 23, 2026 relate to:

1. Reserve Bank of India Act, 1934 (Serial No. 7 of the Schedule)
2. Life Insurance Corporation Act, 1956 (Serial No. 20 of the Schedule)
3. General Insurance Business (Nationalisation) Act, 1972 (Serial No. 38 of the Schedule)
4. Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013 (Serial No. 68 of the Schedule)

The notifications have been issued under Section 1(2) of the Jan Vishwas (Amendment of Provisions) Act, 2026, empowering the Central Government to appoint dates for the enforcement of various provisions of the Act.

What is the Jan Vishwas Act?

The Jan Vishwas legislative framework is aimed at improving the ease of doing business by decriminalising and rationalising compliance requirements across a wide range of laws. The commencement of these provisions signals the government's continued effort to modernise the regulatory environment and reduce the burden of minor procedural violations through a more trust-based governance approach.

With the latest notifications, the amendments relating to the RBI, LIC, general insurance, and pension sectors will now become operational from June 23, 2026, paving the way for implementation of the revised compliance and enforcement framework under the respective laws.

Official Notifications

The Ministry of Finance issued four separate notifications bearing numbers S.O. 3301(E), S.O. 3302(E), S.O. 3303(E), and S.O. 3304(E) on June 22, 2026, confirming the commencement date for the relevant provisions. All notifications were signed by Hari Har Mishra, Additional Secretary, Department of Financial Services.

Click here to access the notification