Opening of Current Accounts by banks - Need for discipline

Last updated: 12 August 2020

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This Reserve Bank of India circular, dated August 6, 2020, outlines revised instructions for banks on opening current accounts. It clarifies rules for customers who have availed credit facilities like cash credit or overdraft, introducing escrow mechanisms for larger borrowers and specifying conditions for opening accounts based on the bank's exposure to the borrower. The document is crucial for all scheduled commercial banks and payments banks to ensure compliance and maintain financial discipline.

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Contains the new norms introduced by ICAI for opening of current accounts #pdf

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Submitted by CA Amrita Chattopadhyay · Posted 12 August 2020 · Other files by CA Amrita Chattopadhyay · Report

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