RBI relaxes rules on current account opening after deadline ends
Mumbai: The Reserve Bank of India on Thursday eased some of the requirements of its current account guidelines for banks issued last year, allowing them to open credit facilities for state-run companies without any restrictions. According to the revised rules released by RBI, banks can open current accounts of all financial institutions, including NABARD, National Housing Bank, Exim Bank and SIDBI, without any restriction. Under the new rules, RBI allowed banks to open collection accounts provided the funds deposited in such accounts will be remitted within two working days to the cash credit or overdraft account. According to the original guidelines, borrowers with ₹5 crore- ₹50 crore were also allowed to open current accounts with any bank.
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